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  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 9th Apr 18, 10:06 PM
    • 2,363Posts
    • 10,546Thanks
    A Frayed Knot
    Best Solution for Next Step
    • #1
    • 9th Apr 18, 10:06 PM
    Best Solution for Next Step 9th Apr 18 at 10:06 PM
    Hi, looking for advice re my next step.

    I have a c/c - my 1st and only, almost maxed out, (2000) all money lying in wait in bank account until 0% runs out in Dec this year.

    I had ideas of using the cash then replacing some each month till Dec, then paying c/c off in full, but not sure if this is the right thing to do,
    Should I be paying more than the minimum amount each month? in order to keep my credit rating good, in case I decided to apply to up my limit, or in case I applied for another card in the future.

    What is best ?
    Many thanks
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

Page 1
    • Ben8282
    • By Ben8282 10th Apr 18, 2:12 AM
    • 2,281 Posts
    • 1,016 Thanks
    Ben8282
    • #2
    • 10th Apr 18, 2:12 AM
    • #2
    • 10th Apr 18, 2:12 AM
    Having only one credit card used almost up to it's limit is not good even at 0%. You will find further applications very difficult until you repay a substantial portion of it.
    As for if you should spend the cash or not, only you know if you will have both the ability and willpower to actually replace the cash prior to expiry of the 0% promotion.
    • A Frayed Knot
    • By A Frayed Knot 10th Apr 18, 6:35 AM
    • 2,363 Posts
    • 10,546 Thanks
    A Frayed Knot
    • #3
    • 10th Apr 18, 6:35 AM
    • #3
    • 10th Apr 18, 6:35 AM
    Would only apply for another 1 after 1st cleared off. Just wondering if being near the limit would harm my credit in any way, if so could pay off half just now and use the other half, no problems replacing it before due date.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • Ben8282
    • By Ben8282 10th Apr 18, 7:46 AM
    • 2,281 Posts
    • 1,016 Thanks
    Ben8282
    • #4
    • 10th Apr 18, 7:46 AM
    • #4
    • 10th Apr 18, 7:46 AM
    Just wondering if being near the limit would harm my credit in any way.
    Originally posted by A Frayed Knot
    .
    Shall we just say that it won't help your credit. It is not a positive factor. How harmful it may be will depend on the overall state of your credit files and what you intend to apply for.
    • Nebulous2
    • By Nebulous2 14th Apr 18, 8:31 AM
    • 1,868 Posts
    • 1,123 Thanks
    Nebulous2
    • #5
    • 14th Apr 18, 8:31 AM
    • #5
    • 14th Apr 18, 8:31 AM
    Depending on the company, you may get a limit increase if you pay off a few big chunks. I have a long-term MBNA money transfer card, which was pretty close to its limit. I paid it down to about 30% utilisation in several lumps and they've just given me a 50% increase in my limit.
    • Fireflyaway
    • By Fireflyaway 14th Apr 18, 8:41 AM
    • 1,734 Posts
    • 1,884 Thanks
    Fireflyaway
    • #6
    • 14th Apr 18, 8:41 AM
    • #6
    • 14th Apr 18, 8:41 AM
    I know when I checked that being near the limit is viewed as a negative factor on my credit report. It gives the impression you can't afford to pay it and are relying on credit. I
    Are you trying to improve you credit or just have a card because you want one? If it's the first then pay it off a chunk at time or in full. Then make regular purchases but always pay off in full. If it's the second, get rid of it! Why would anyone need 2 or 3 or 4 credit cards?
    • zx81
    • By zx81 14th Apr 18, 1:48 PM
    • 16,807 Posts
    • 17,814 Thanks
    zx81
    • #7
    • 14th Apr 18, 1:48 PM
    • #7
    • 14th Apr 18, 1:48 PM
    Why would anyone need 2 or 3 or 4 credit cards?
    Originally posted by Fireflyaway
    To avoid looking maxed out
    To keep BTs and your purchases separate
    To improve how lenders view you
    To take advantage of the different benefits of different cards.
    To have a back up in the event of non acceptance of issue failure.
    To be seen as having other options and therefore avoid reprices.
    • fwor
    • By fwor 15th Apr 18, 1:31 AM
    • 5,993 Posts
    • 4,049 Thanks
    fwor
    • #8
    • 15th Apr 18, 1:31 AM
    • #8
    • 15th Apr 18, 1:31 AM
    <spam removal post>
    • msallen
    • By msallen 15th Apr 18, 7:03 AM
    • 805 Posts
    • 890 Thanks
    msallen
    • #9
    • 15th Apr 18, 7:03 AM
    • #9
    • 15th Apr 18, 7:03 AM
    Why would anyone need 2 or 3 or 4 credit cards?
    Originally posted by Fireflyaway
    You are aware this is the Stoozing board are you?
    • nic_c
    • By nic_c 15th Apr 18, 8:22 AM
    • 1,450 Posts
    • 793 Thanks
    nic_c
    You are aware this is the Stoozing board are you?
    Originally posted by msallen


    Though to be fair he may have come from the newest post link under Credit Card forum as this is a sub board.
    • Dan83
    • By Dan83 15th Apr 18, 8:23 AM
    • 646 Posts
    • 259 Thanks
    Dan83
    Late October/early November apply for a new credit card with a 0% balance transfer fee and 0% interest period. If you get accepted great, transfer it over, if not pay your current balance off. Simple
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