More than one credit credit

jimbo_ltfc

Opinions needed. After clearing two credit card balances. I have felt they have been a burden and an easy way to spend money I haven’t had. Saying that is it wise to keep one for emergencies or for credit rating? 

prettyandfluffy

You could get one and request a low credit limit or even freeze it via the app so that using it requires more thought and steps.  I think you've made the mental adjustment that will stop you spending money you can't afford to repay.

cymruchris

Hard to say without knowing more of your circumstances.

If you're 25, will be getting a mortgage at some point, and have some big financial commitments in the years ahead - yes it's sensible to have an active, well-managed credit card or two (or three). Well-managed means spend and pay in full every month without fail. 

A pattern of good credit history will help future financial applications when it comes to things like mortgages, mobile phone contracts etc. to ensure you get the better deals.

If you're 70 years old, mortgage is paid, savings now in the bank and a decent pension, then you might not need a credit card - but still useful for purchases where you might need S75 protection.

So there's no clearcut answer.

There are benefits to having credit cards, if as above, they are well managed. 

PRAISETHESUN

If having the cards is a temptation to spend beyond your means, then I'd get rid of them. Otherwise I'd personally just leave them as is - use them only for planned purchases and pay them off in full each month.

ebodman1985

Good on you for getting rid of them. It's hard! I'm in the process at the moment. Can you get rid of one of them and use the other for planned purchases? If you have the discipline (which it sounds like you do), having one should be enough to manage your credit rating while enjoying the convenience of sensible credit card use.