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  • FIRST POST
    • bronzebomber
    • By bronzebomber 14th Jun 19, 4:50 PM
    • 8Posts
    • 2Thanks
    bronzebomber
    Credit Card / Credit Report Advice
    • #1
    • 14th Jun 19, 4:50 PM
    Credit Card / Credit Report Advice 14th Jun 19 at 4:50 PM
    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
Page 1
    • jonesMUFCforever
    • By jonesMUFCforever 14th Jun 19, 5:06 PM
    • 26,106 Posts
    • 13,274 Thanks
    jonesMUFCforever
    • #2
    • 14th Jun 19, 5:06 PM
    • #2
    • 14th Jun 19, 5:06 PM
    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.
    What goes around - comes around
    give lots and you will always receive lots
    • Dobbibill
    • By Dobbibill 14th Jun 19, 7:22 PM
    • 3,799 Posts
    • 5,182 Thanks
    Dobbibill
    • #3
    • 14th Jun 19, 7:22 PM
    • #3
    • 14th Jun 19, 7:22 PM
    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.
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    It's about being better than you were yesterday.
    • bronzebomber
    • By bronzebomber 14th Jun 19, 8:04 PM
    • 8 Posts
    • 2 Thanks
    bronzebomber
    • #4
    • 14th Jun 19, 8:04 PM
    • #4
    • 14th Jun 19, 8:04 PM
    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.
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