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Three cards which to cancel as APR has risen on them all :(

scotticus_2
Posts: 3 Newbie
in Credit cards
Hi,
I'm not sure if it is a result of me hardly using credit cards now and paying off large amounts to try and wipe out the debt, but my APR has recently increased on my EGG and VIRGIN cards.
I've never missed a payment on any cards or loans in my life. I currently have 1 loan (currently amounts in brackets0 (£4000) and 3 cards: egg (£400), virgin (£0), barclaycard(£4000)). Reading on here having access to to much credit maybe the cause of my APR increase so I am looking to cancel a card, but I am worried about any negative effect on my credit rating as I am planning to apply to rent a new place soon.
Egg card I've had for the longest time, barclaycard a few years and virgin only 16 months. Would it be best to cancel the virgin card and keep say the egg card due to length of time with the company?
Any advice would be appreciated.
I'm not sure if it is a result of me hardly using credit cards now and paying off large amounts to try and wipe out the debt, but my APR has recently increased on my EGG and VIRGIN cards.
I've never missed a payment on any cards or loans in my life. I currently have 1 loan (currently amounts in brackets0 (£4000) and 3 cards: egg (£400), virgin (£0), barclaycard(£4000)). Reading on here having access to to much credit maybe the cause of my APR increase so I am looking to cancel a card, but I am worried about any negative effect on my credit rating as I am planning to apply to rent a new place soon.
Egg card I've had for the longest time, barclaycard a few years and virgin only 16 months. Would it be best to cancel the virgin card and keep say the egg card due to length of time with the company?
Any advice would be appreciated.
0
Comments
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I would cancel the Virgin card. Reasons being, a) we see more complaints about MBNA / Virgin on these boards than Egg or Barclaycard, b) it's your briefest standing account, and c) as the balance is zero anyway it's least effort.
The only impact this will have on your credit worthiness when you apply for a mortgage is positive, as it shows common sense in regard to not having superfluous credit available to you for no good reason.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Cheers izools0
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