Hi All,
Looking at settling all outstandings with my credit card and closing it for good. I know the "Just have financial discipline" speech but at some point I have to be honest with myself, I lack financial discipline in terms of Credit Cards, so this month I will pay it off and close it for good. I will be exhausting all my savings but it is what it is. Two questions from my side :
1) Will closing my card negatively affect my credit score
2) Will closing then re-opening with a lower limit R 500 max help?
3) Are there any beneficial reasons that you know of apart from credit score? I am on FNB
4) What else can I do to improve my credit score now that I will not have a credit card.
Please excuse if I sound clueless, looking for and will appreciate all advise. I recognise the importance of credit so will do all to improve.
Looking at settling all outstandings with my credit card and closing it for good. I know the "Just have financial discipline" speech but at some point I have to be honest with myself, I lack financial discipline in terms of Credit Cards, so this month I will pay it off and close it for good. I will be exhausting all my savings but it is what it is. Two questions from my side :
1) Will closing my card negatively affect my credit score
2) Will closing then re-opening with a lower limit R 500 max help?
3) Are there any beneficial reasons that you know of apart from credit score? I am on FNB
4) What else can I do to improve my credit score now that I will not have a credit card.
Please excuse if I sound clueless, looking for and will appreciate all advise. I recognise the importance of credit so will do all to improve.