Credit card

Bigdebt · 28 April 2018 at 1:42PM

Hi there, I have just applied for a 0% card from tesco in which I’m pleased about as I’ve been working hard to get my credit cleaned up !
Anyway it’s goung to clear £1900 off my Barclay card and leave £500 which I will pay in full. My question is do I shut down the Barclay card (had it 3-4 years) or close down the new tesco card once I’ve paid it full ? I have 4 cards aqua almost paid which I’m Defo closing 1 Santander with a limit of £1000 and the the Barclay card and tesco one. I want 1 card in use mainly for booking my holidays with. What does it do to your rating if you have £10000 in available credit ?
Thank you sorry for the waffle!

[Deleted User] · 28 April 2018 at 2:27PM

You don't have a rating, but you do have credit files that lenders will look at.

I would keep a minimum of three cards to show that you are trusted, as long as you are clearing in full each month.

The only reason to close them would be if you income is very low in comparison to your very low limits.

Bigdebt · 28 April 2018 at 4:41PM

Yes sorry I!!!8217;m aware of no rating, just wondered if it looked like I was trusted with £10,000 worth of credit available! I!!!8217;ve cut the aqua card up anyway hat has £4K credit limited and getting that paid off within the next 2 months esp with apr at 54% now !!
Thanks for your help I will keep the other 3 open.

maxximus75 · 28 April 2018 at 5:52PM

I agree.

Keep them open as they help with your debt to available ratio.

Set-up each card to be paid in full by direct debit. Rotate the cards each month or two and make a purchase you would otherwise pay cash for.

That will keep the accounts ticking over and continuing towards your credit history.

If you feel you would be tempted to use the accounts then cut up the cards.

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