What to do with lines of credit

[downnotout]

Currently I have

Littlewoods, open for 4 years, only last 18 months have I had a faultless payment history with it. Limit is 1600, using 450.

Vanquis, I have had this since november, limit is 1000, using variable amounts, mostly paid off in one go, last couple of months i have been paying it down (couple of big urgent purchases) faultless payment history from the day 1.

Cap1, Just applied and accepted, limit is 1500, nothing used as of yet,

whats the best way forward, I am not going to be in a position to get a mortgage for several years, so my thinking is to keep little woods, clear it and not use, let the late payment markers fall off in a few years, then close it. Vanquis pay it off and only use it sparingly, and use the cap 1 for petrol.

[Never-In-Doubt]

Re: What to do with lines of credit

Seems a good idea but don't keep open accounts with high limits open if you're not going to use them as it affects your credit to ratio income and could result in a decline based on affordability as they don't know you're not using it do they?

Close unwanted credit accounts. Best advice

[downnotout]

Re: What to do with lines of credit

Niddy that is what I was kinda thinking, but with late payment markers on the Littlewoods account, i dont want them hanging around 6 years post account closing, and the thing with vanquis and cap 1, do I really need two credit cards? I managed without one for nearly 4 years. How does having accounts open for long periods of time affect things? i have 8 months of perfect credit reporting from vanquis, final question, I have 2 current accounts, 1 with barclays, and the other a cash minder basic account, i have never got around to closing the barclays, does having more than one current account have an effect? cheers.

[Never-In-Doubt]

Re: What to do with lines of credit

Ahh if there's late payments then keep open till the last one drops off THEN close it

The two cards are fine. The catalogue is a waste