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  • FIRST POST
    • Picard91
    • By Picard91 7th Aug 18, 9:25 AM
    • 32Posts
    • 22Thanks
    Picard91
    What to do once Debt Free..
    • #1
    • 7th Aug 18, 9:25 AM
    What to do once Debt Free.. 7th Aug 18 at 9:25 AM
    So I had two Credit Cards that have both now been paid off.

    Best thing to do? I was just going to close the accounts but people have said to keep them active to show Credit on my score?

    All the offers like 0% Purchase Fees, Currency conversion etc have now expired, so do I try re-negotiate? Close the account, get a new, what Will affect my score and what wont?

    I am wanting to get a mortgage within the next 8 months as well so I want as little impact as possible.. but also the best benefits from a Credit Card... \

    sorry for so many questions but its always great to get advice.
Page 1
    • zx81
    • By zx81 7th Aug 18, 9:28 AM
    • 19,649 Posts
    • 21,026 Thanks
    zx81
    • #2
    • 7th Aug 18, 9:28 AM
    • #2
    • 7th Aug 18, 9:28 AM
    Your aim should be to build a good credit history.

    The easiest way to do that is to use a card or two regularly and clear in full each month. You don't need 0% deals to do that.

    Ignore your credit score entirely. It's not a reflection of credit worthiness and will upset you as it plummets while you build good history.
    Last edited by zx81; 07-08-2018 at 9:34 AM.
    • Willing2Learn
    • By Willing2Learn 7th Aug 18, 9:31 AM
    • 1,830 Posts
    • 1,411 Thanks
    Willing2Learn
    • #3
    • 7th Aug 18, 9:31 AM
    • #3
    • 7th Aug 18, 9:31 AM
    Just spend freely on both cards. I mean, doing your normal groceries shopping, clothes etc. Just do the stuff you would do ordinarily.
    Stick to your normal budget. Then every time a statement comes, pay off each card in full.


    Edit: Well done on paying those debts down
    Last edited by Willing2Learn; 07-08-2018 at 9:38 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

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    • Dobbibill
    • By Dobbibill 7th Aug 18, 10:26 PM
    • 3,418 Posts
    • 4,444 Thanks
    Dobbibill
    • #4
    • 7th Aug 18, 10:26 PM
    • #4
    • 7th Aug 18, 10:26 PM
    If you pay off in full and on time when each statement is produced there is no requirement as you *won't pay interest.


    Use for groceries or travel costs - this will evidence that you are capable of managing credit responsibly.

    *assuming you only use for purchases which are not processed as cash nor any gambling transaction, foreign currency etc.
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