Vanquis rebuilt my credit...do I now close it?

ryantcb

Long story short I had an average credit rating. I got a Vanquis card to improve this and a year later Vanquis have upped by limit twice and my Bank has offered me an increase on my personal loan and a credit card.
My first question is as Vanquis is a credit repair card and it has obviously done its job. Do I now close the account and take my banks credit card with lower APR?
Or keep the vanquis and not take the lower APR card from my bank?
OR Keep the vanquis get the banks credit card and have both?

*I dont need a credit card just the history of it on my file. at present my Vanquis has £1000 limit and I use £360 every month and also pay £360 every month. This is to get the credit rolling.

Thanks for replies

wearside_2

Always try to pay off Credit Cards be they Vanquis or Bank ones:)

ryantcb

wearside wrote: »

Always try to pay off Credit Cards be they Vanquis or Bank ones:)

Great advice yeah but just how does that relate to my question?:rotfl:

Consumerist

While you are not paying any interest, it doesn't really matter which card you use for spending.

To have an additional credit card which you are using and conducting properly will also be helpful for consolidating a better credit record.

When it comes to credit, however, it is wise not to have too much available credit in the form of credit-card limits and bank overdrafts.

I would say that you could accept the additional credit card at this stage and I would further suggest you spend on both and repay both in full each month.

bengalknights

Id say close the vanquis only after you got a mainstream card if you dont need it.

PNPSUKNET

bin vanquis now, if you dont use it they may charge a dormacy fee

Degenerate

Keep it and buy something now and then to avoid dormancy fees. It's best to have at least one spare card.

alfred64

Get rid of the vanquis as soon as possible. You will not want future prospective lenders to know about a low grade card such as this. Many associate it with customer having payment/credit problems, even if these are way back.

jonny1983_2

alfred64 wrote: »

Get rid of the vanquis as soon as possible. You will not want future prospective lenders to know about a low grade card such as this. Many associate it with customer having payment/credit problems, even if these are way back.

what an absolute load of rubbish

mrtaximan

Hi,I will have completed my 6 years this month and intend to cancel my Vanquis card then.It has been a very good tool to build up a good credit file.But i now intend to get a mainstream card and a full bank account.Also please remember that Vanquis will not do balance transfer so you must clear it in full before you cancel.

Mark:)

wearside_2

ryantcb wrote: »

Great advice yeah but just how does that relate to my question?:rotfl:

I was under the impression that Vanquis charged a higher rate of interest than other Credit Card providers:eek: as it was a card for people with a bad credit history. If it has a higher rate of interest then the question you asked is answered in their terms and conditions:D