Help with credit score

[VaseFromMars]

Hi,

I have had a balance of over £1000 on my simply
be account for while. Stupidly
let it get so high. Never missed a payment but with an apr of 59.9% the £100 a month I’ve been paying has barely touched the balance. My credit rating is low but trying to improve it.

So I’ve managed to scrimp the money together and paid of the £1015 balance in one go last night. Such a relief. My available credit is now £1200. I’m not sure if it’s best to leave it (and not use it) or close it, i‘M
not sure which would look better on my credit report?

Any help would be great thanks!

Oh also I know it won’t have any effect on my credit report straight away

Well done for clearing.

Best thing for your credit score is to get a credit just one with a small limit is fine, set up a direct debit to pay it in full every month and make a few purchases on it every month.

I’d keep the sinplybe account open for a while not using it (thereby demonstrating you can have access to credit without feeling the urge to use it) or using it a little bit and paying it in full every month. Again set up a direct debit to pay in full to avoid getting into a trap.

if you already have cards in good standing, ignore the above and just close the sinplybe account.

I totally disagree with this advice. Close credit accounts you don’t need. Don’t leave it open to ‘show you don’t feel the urge’ - that’s not a thing, and having credit you’re not using isn’t actually good for your score.

% credit utilisation is a thing.

It is actually good to leave open your access to credit. You get extra 'points' for having access to credit that you don't use - its shows you are not a man spender.