Helen’s Helpful Hints #1

Revolving Credit – Get Rid of What You Don’t Use

Hand holding a blue credit card

Having credit cards, store cards, online credit accounts is great, but do you know what a mortgage lender sees? Someone who can run up a lot of debt very quickly or someone who isn’t good at managing their finances.

It’s OK to have them, but if you’re not using them get rid of them! Close down that PayPal Credit account, the Next Directory account and reduce your credit card limit to a reasonable amount for you.

There’s nothing wrong with using them and paying them off regularly, but do you really need the ability to spend £1500 at New Look in one go? If you don’t, then it’s time to reduce the limit, or get rid of it all together!

I recommend that you sign up to Check My File and make use of their 30-day free trial to see what credit accounts you have open. It’s £14.99 a month after the free trial to keep tabs on what Equifax, Experian and TransUnion are saying about you all on one report!

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