We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
credit card help please
thefuturesbright_2
Posts: 90 Forumite
in Credit cards
Hello,
I currently have 3 CC
cap1: £500 credit limit
egg: £930 limit
Lloyds: £1000 limit
All have a zero balance however being an idiot in the past i had arrears,late payments etc. so my credit limit is about as credible as the McCanns running a nursery.
I am wondering what to do now i shouldn't need credit for 3 years so should i?
a) close all the accounts
b) close all but one and make a small spend every month on it and pay it off
c) keep all 3 open and make a small spend everymonth and pay it off
d)keep them all
Any advice appreciated thanks
I currently have 3 CC
cap1: £500 credit limit
egg: £930 limit
Lloyds: £1000 limit
All have a zero balance however being an idiot in the past i had arrears,late payments etc. so my credit limit is about as credible as the McCanns running a nursery.
I am wondering what to do now i shouldn't need credit for 3 years so should i?
a) close all the accounts
b) close all but one and make a small spend every month on it and pay it off
c) keep all 3 open and make a small spend everymonth and pay it off
d)keep them all
Any advice appreciated thanks
Signature Removed Forum Team 2
0
Comments
-
thefuturesbright wrote: »Hello,
I currently have 3 CC
cap1: £500 credit limit
egg: £930 limit
Lloyds: £1000 limit
All have a zero balance however being an idiot in the past i had arrears,late payments etc. so my credit limit is about as credible as the McCanns running a nursery.
I am wondering what to do now i shouldn't need credit for 3 years so should i?
a) close all the accounts
b) close all but one and make a small spend every month on it and pay it off
c) keep all 3 open and make a small spend everymonth and pay it off
d)keep them all
Any advice appreciated thanks
I reckon c).
Regards
UNDERGROUND
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
If LTSB is reported to the CRA's, keep this and Egg and use both each month for a small purchase. Close Cap One down.
If LTSB is not reported to the CRA's, close this and keep the other two active by spending (small amounts) every month.
...and for goodness sake, set up a DD and put an end to late payments and their associated charges.0 -
YorkshireBoy wrote: »If LTSB is reported to the CRA's, keep this and Egg and use both each month for a small purchase. Close Cap One down.
If LTSB is not reported to the CRA's, close this and keep the other two active by spending (small amounts) every month.
...and for goodness sake, set up a DD and put an end to late payments and their associated charges.
Thanks but whats "cra's"?
I've now got DD sorted out
ta Signature Removed Forum Team 20 -
Credit reference agencies.thefuturesbright wrote: »Thanks but whats "cra's"?0 -
Nice one,i'll close Cap1 down and keep Egg and Lloyds
thanksSignature Removed Forum Team 20
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards