Credit Card / Credit Report Advice
bronzebomber
Posts: 9 Forumite
in Credit cards
Hi,
Got a quick question about credit cards and thought someone on here might know this.
My credit report has not been great in recent years and I have a few bad credit - credit cards - vanquis /aqua /cashplus as well as having a barclaycard that I've had for years , they have all been pretty much maxed out for the past couple of years.
I've had a decent bonus from work and have managed to pay all of them off completely I have no intention now of using them again bar the Barclaycard which will have a bit of shopping or fuel put on and paid off in full every month. I was wondering does it look better on my credit report to keep these type of cards open with no balance on them or am I better off closing them completely and just keeping the barclaycard.
Not long purchased a house and due to my bad credit ended up going through Kensington for the mortgage so in the next 2 years I would hopefully like to be able to remortgage to a highstreet bank/building society so trying to improve my report as much as possible by 2021.
Cheers
Got a quick question about credit cards and thought someone on here might know this.
My credit report has not been great in recent years and I have a few bad credit - credit cards - vanquis /aqua /cashplus as well as having a barclaycard that I've had for years , they have all been pretty much maxed out for the past couple of years.
I've had a decent bonus from work and have managed to pay all of them off completely I have no intention now of using them again bar the Barclaycard which will have a bit of shopping or fuel put on and paid off in full every month. I was wondering does it look better on my credit report to keep these type of cards open with no balance on them or am I better off closing them completely and just keeping the barclaycard.
Not long purchased a house and due to my bad credit ended up going through Kensington for the mortgage so in the next 2 years I would hopefully like to be able to remortgage to a highstreet bank/building society so trying to improve my report as much as possible by 2021.
Cheers
0
Comments
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Keep them open 'just in case' a life or death or something more serious occurs.
If your credit rating is a bit flakey the time you may need it would be the time they decline you.
To stop them going dormant use them a couple of times a year - paying them off as soon as you get the statement.0 -
I agree with jones - keep them, use occasionally, pay off in full, repeat.
If you were to close them now it will not state how/why they have been closed - by you or by the CC company so could give the wrong impression.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
cheers for the advice much appreciated , I'll do that then.
I've amended my direct debits on them now so that they will get paid off in full every month rather than the minimum payments which is what I've been doing for the past couple of years .
It's a canny relief to have them cleared , in particular the vanquis one as the interest rate on it is absolutely extortionate.0
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