Should I cancel a credit card with bad credit scoring?

geordie_ben

I currently have a Virgin Credit Card with a limit of £3000 with a balance of £0

Due to my terrible ways with money its ended up being at 34.9%

I am in two minds whether to cancel the account so I can re-apply for another MBNA card when my credit scoring is much better so I can make use of the introductory offers (like virgins balance transfer at the moment), or should I keep in open and just use in case I want to use any existing customer offers in case I dont get as much next time I apply?

Also, will it be better for my credit rating getting rid of it anyway?

Robert_Sterling

Full marks for not blameing anyone but yourself for your current situation.

I would be inclined to close it down and try elsewhere.

CLAPTON

depends upon your general financial situation... do you have any debts? any other crdit cards? and CCJs? employed ? etc.

Brian_The_Lion

I wouldnt close the account just yet... not for a few months anyway... it's bad enough trying to get credit at it is at the moment... It might be worth keeping it open just so you have £3k for a "rainy day"

geordie_ben

I do have debts else where, an overdraft of £500 and around £6000 debt which has been transferred out of my name but that i still pay for. i dont have any CCJ's and I am currently employed

clio

You can have more than 1 mbna card so if you were to re-apply they could move that credit limit over onto new card as well. So you'd be on a better apr as a new customer, then close card down my fellow toon army fan. Keep them fingers crossed for survival.\0/

Innocent_Guy

Leave the card open just so that you keep getting the green 0's. You can still apply for an MBNA card I think that you can have 4 in total

fairydiamond

I would cancel the card. MBNA aren't great from my experience.

Innocent_Guy

fairydiamond wrote: »

I would cancel the card. MBNA aren't great from my experience.

Only prob is OP may not get accepted for another