cutch

iTrader: (1)

I am paying off all my debt and i am now regularly checking my experian report, I have paid off nearly 8 grand with two different cards and still have fkn loads to go......(dont ask, but i am getting on with it) but should i be closing down my cards when i pay them back or should i keep them going with the limit obviously not being touched, i only ask as on the report it says "amount of availible credit" which is only just over a grand and i have paid loads more than that, i have ben lowering my limits when i pay a lump sum off, should i e doing this or just leaving them noce and high and not using the cards thereby he report can see i have lots of availible credit but dont use it, or is it the other way around, i should get rid of the cards and settle thereby freeing up redit elsewhere?

i dont have a clue about these things and dont want to fk it up, credit score was down to 168 earlier this year now up to 678 and climbing.

craig2016

Yes definately shut them down when paid off to increase your score, and if you have a card with a limit of 7 grand and only have 2 on it, phone them up and reduce it to just above what the balance is.

give it a couple of months and your score will improve

craig2016

in other words yes keep the available credit to a minimum

cutch

iTrader: (1)

I was just about to say how long does it take to start showing up on the report, i paid 4 grand off in one go and it still isnt on there, 1 month ago??

slim20012

i remember reading that you shouldnt close them as it can viewed badly along the lines of you cant afford it hence it was closed not sure where i read it think it was something like that money bloke does a stint on the morning shows

dojj

iTrader: (3)

no need to close the accounts, they'll think you are just strapped for cash

pay off the ones that are charging you the most intrest first and foremost, with smaller payments across the rest of them if you can afford to spend Ł20 odd a month on the others

all you do in regards to the accounts is simply cut the cards up and shread any bits of paper that come through your door offering you more credit so that the account is still "live2 but there is nothing going on other than yuo paying moey to them rather than you taking money out of the account

hope that makes sense

j6kyt

Surely this will show that you are maxed out on your credit score? Surely that if a creditor sees that you have credit still availiable to you from different creditors, although you are not using it, it is better than looking like you need more credit? I would keep them open for now and even use them from time to time but pay the statement off in full, and this will increase your credit score too.

Csm

Fuckin how much debt

Fantastic clearing it

-beefy-

iTrader: (6)

yeah well dont fella, youll be buying a mk 3 shell in no time !!!



drop me a tinkle when u get a mo for a catchup .


beef

cutch

iTrader: (1)

thats exactly what i was thinking!


dojj - already cut them up years ago, never use them, the misus made me find out which ones were teh highest rate and start paying them off first. She's pretty clued up about this stuff as she used to work for barclay but it didnt make any sense to me to lower the limits and close them...

Will phone hopefully this week mate, we have started the tow from cape town so the rigs moving about alot and the phones are shit, i still havent managed to get them to work for me. Only email so far, better weather coming soon. I managed to see the pics tonight on your thread. Its looking fking fantastic, wish i had it mate. Wont be long if i keep going at this rate.

-beefy-

iTrader: (6)

told you youll get your turn when shes done ,

speak soon matey , safe journey bk fella !!!

beef

St3V3_C

I have been told that having cards that dont have a load of debt on them will look good - i.e. you have the opportunity to spend a load, but haven't, making you a good 'risk'

Don't know how true, but makes sense.

craig2016

Some available credit is ok, but If you have too much, ie 4 cards with 5 grand limit on each you have 20 grand of available credit, so this makes you more of a risk, ( because you could be applying for lots of credit with the intention of maxing them all out and fucking off abroad)

Also if you do want to apply for something else, the company you are applying to may think why is he applying for more when he has all that available.

Plus when you close it it comes up account settled, which means you have had a credit account fulfilled the payments and settled it making you less of a risk.

my credit score was 600 a couple of years ago, it now sits at 999, which i believe is as high as it can go. I just keep paying things off and closing them down. and i still have a few grand available if need be.

dojj

iTrader: (3)

listen to your mrs, at least she'll know what state your finances are in

cutch

iTrader: (1)

ok then so maybe keep one with 2 or 3k limit which i should really have just incase things go tits up in one of the scary countries i am in and i will be able to get home! And pay off everything else and cancel the accounts etc.

Does the same go for loans as i still have two to pay off but i heard that it can be bad if you pay them early for some reason?