Is an extra credit card good or bad for my credit score?

Grabs39

Okay, so a few Weeks ago I apply for an orange credit card, my application was referred. I gave up hope, got a 0.5% cashback capital one card and use it for a bit, then yesterday out of the blue, I get a latter saying "your new orange credit card pin etc etc".

Now I don't need both I already have a card with a no intrest transfered balance and a card with a large limit but nil balance for emergencies. The orange card has better rewards, so I want that for day to day expenses.

Now should I close the capital one card, or just keep it? Will it show future lenders I have more experience with paying back credit, or say I take too much and borrow Willy nilly?


Many thanks.

Plxply

It depends what your limits are on each card and your income, lenders will often look at your credit availability versus your total income and could potentially decline an application if they feel you have too much available credit.

You mention that you have another card with a high limit and also one with a transfered balance? It would help to provide details on all the cards you have and their limits along with your annual income but by the sounds of it you are approaching the point where lenders will feel you have too much available credit but I can't say that immediately without knowing your financial situation.

Grabs39

I don't know the limit of the orange card yet. The capital one has a £500 limitand will be paid off monthly. The emergency card is a vanquis card with a £1500 limit. The transferred balance ia £350 on a lloyds card with a 500 limit, but this will be paid off in about 3 months.

My income is 14.5k

Thanks