Does having "certain cards" look better on file than others?

MrsKrepsly

Might be a stupid question but when companies are checking your credit history, does it look better that you have a mainstream cc rather than the likes of Capital One?

Reason I ask is because in a year or so's time I am hoping to apply for car credit. I have a pretty flawless credit history and am rarely declined when I apply for things (with the exception of egg) despite the fact that I'm not working (full time mature student). Therefore I'm trying to make my credit file as "polished" as possible before I apply (we're talking about asking for around £5k)

The current credit cards I have are Natwest (17%), Capital One Classic (34%), Capital One Progress (26%) and an Argos store card (29%) and a Next store card (26%).

I have just applied for a barclaycard (18%) with the intention of then scrapping both capital one cards.

Am I wasting my time here? do they actually care who you have credit with?

OllyM

MrsKrepsly wrote: »

Might be a stupid question but when companies are checking your credit history, does it look better that you have a mainstream cc rather than the likes of Capital One?

No - other lenders can't even see who you have accounts with. The copy of your credit report that they see will just say 'Credit Card' or 'Current Account'.

boris-the-blade

OllyM wrote: »

No - other lenders can't even see who you have accounts with. The copy of your credit report that they see will just say 'Credit Card' or 'Current Account'.

Thanks, that's interesting to know.

Would lenders interpret having lower credit limits (say £500 or £1k) as an indication that your credit cards are sub-prime?...

Gromitt

No, they (typically) wouldn't care.

James129

But if you have lower credit limit(s), you will definitely going to be perceived as high risk by the lender.

StrangelyBrown

OllyM wrote: »

No - other lenders can't even see who you have accounts with. The copy of your credit report that they see will just say 'Credit Card' or 'Current Account'.

That is indeed very interesting - what's your source?

Anyone know of a way to 'see' your credit report in the format a lender would see it? Like on Facebook, you can click 'view profile as...'

I was a bit sceptical of getting these 'credit-builder' style cards and was going to try for something better, as I assumed lenders would just see them and say "that's all very good, but it's only a stupid Vanquis/Capital One/etc.".
But if they really can't tell, then I'll go for the easiest one to get!

MPH80

I was told recently by a DFS sales man who asked what other credit cards I hold that holding an Amex will result in a better credit score in their credit company's internal systems than visa/mastercard.

Apparently they regard it as harder to get (which is, of course, not entirely true) and thus regard someone with an Amex as more credit worthy.

I personally think that's a load of rubbish - but hey-ho.

M.

Ben8282

Perhaps he is talking about Amex charge cards? If your credit report shows a charge card, it can only be Amex or Diners Club. Perhaps if you are seen to be using/paying off a charge card every month it helps?

nsbarker

it's the credit, not the cards thats important.

KingElvis

Also Capital One do some very good prime cards.

shiny76

StrangelyBrown wrote: »

That is indeed very interesting - what's your source?

I used to work for Equifax, it was certainly the case then!