Changing cards & effect on my credit score...

bails247

Thought I'd ask for a bit of advice about changing credit cards...

Along with a Lloyds TSB card which I'm happy with I've also got a Vanquis card (£3000 limit) and Capital One card (£1500 limit) but due to their high interest rates want to close these two accounts and get a new credit card. I have now managed to pay both cards off in full. I had some financial problems several years ago but my credit rating is improving. Which of the following two options do you think would be more successful in increasing my credit score and chance of being accepted for a card with a decent credit limit and low %APR:

A) Closing both of the old accounts before applying for the new one (fewer active credit accounts on my file but higher % credit usage).

Keep the accounts open until I've applied, and hopefully been accepted for, the new card (more active credit accounts but lower % credit usage).

Thanks...

izools

What happens if you pop your details in here:

www.moneysupermarket.com/credit-cards/smart-search ?

(IMHO you're best to have the accounts open when you apply and close them after being approved, the limtis aren't high enough to have a detrimental effect unless you're on a really low income)

chanz4

clsoe the two high intrest ones, wait a month and apply for a flybe or silver card from creation.