Should I close these accounts?

polkadot

I couldnt find a spot that appeared to be specifically for catalogue accounts-so please let me know if Ive posted in the wrong place please? I dont post in this section often.

I have 2 catalogue accounts-one with Studio and the other with Classic Confidence.They were the first kind of "Credit account" that I had after moving back to the UK four years(ish) ago.

I paid off both balances in August last year-£164 on studio and £120 odd on CC.I used the Clasic Confidence a few months ago for a new swimsuit and paid it back the following month.

At the time I considered closing them but DH suggested leave them open a bit longer as they were really all I had as a credit footprint aside from council tax-which went in to my name when we moved to this house.I couldnt even get a phone contract on my name.

Today (another conversation) DH was able to transfer my phone contract into my name (I passed the credit check)...so I got to thinking about the catalogue accounts-since I paid them off I have suddenly been given ridiculous limits on both-I currently have £1200.00 available on Studio and £800.00 on CC.I stay home with the children and DH is on an annual of £33000.00. £2000 for us is a monthly paycheck!Is it time to close these accounts?

And if I do,is the phone contract enough to work towards a decent credit record.Buying a house is still a bit of a pipe dream for us-but its not something thats left the cards.I dont really understand how building a good credit record works here,but wouldnt having that much available be impacting my record negatively?Wouldnt a "for example" Tesco (or other) credit card benefit me more where I could pay grocery money into it each month and use it to build up points?And how would I maximise my chances of getting one of these?

Please forgive the length-I really want to make the right decision.

bengalknights

I would say close them and maybe instead look towards something like a vanquis or capital one card to build your credit history up.

polkadot

Thank you-so after having a credit check done today,what is a reasonable time to wait before doing another (ie.apply for another card)?

chanz4

capital one wont mind, right away

bengalknights

Usually 3-6 months between applications

izools

Capital one **PROGRESS** from what you've said, you're better than Classic. I was approved for Progress with six defaults and a discharged bankruptcy order on my credit file so you should be a shoe-in.

Two to three applications in a six month period is acceptable; apply right away

polkadot

Thanks for all the responses-I forgot where I had posted this and then couldnt find it.

ETA:I phoned yesterday to close the Studio account and have just completed an application for a capital one progress (thanks Izools),despite what you had said I was still somewhat doubtful I would

be approved-but I was!!!Im not clear at the moment what my credit limit will be as there was something in the documentation that kept referring to £1200 or your credit limit,but it did say to expect

a card to arrive within 7-10 days.My first ever credit card (and Im 32),my DH seemed a little put out as he's never been approved without being sent in branch (I did tell him not to take it personally and

that I had been told it was an easy one to get).I plan to use it for the monthly shop...if I were to say go shopping for say £50 groceries and then come home and transfer £50 from my current account directly

to the capital one on the same day-would this be considered good management or are there other tricks I need to learn?Blimey I hope I can do MSE proud.