Do I cancel my card before I get another?

Cheetah

Little history:
Got a Natwest World Card at the moment and have about £500-£1500 going through it per month. I've had it for about 3 years and have never paid a penny interest/charges as it is paid off every month. Credit limit is £3200. Everything I ever buy, if it can be paid for by card - has been, even if I have the cash on me!

Now:
I have just finished university and have sorted out a job so I thought it would be a good time to sort myself out with a decent bank account and a cashback credit card rather than points so have been looking at the Capital One card and First Direct bank account.

So my question is - should I cancel my current card before I apply to increase my chances of getting accepted? Or not bother?

Plxply

Lenders look at your available credit to income, depending on how much you earn it could potentially harm your chances. However it would be a good idea to keep the current card open as I doubt a new lender will supply you with nearly a high credit limit.

emzieslou

My only question would be what if you close it down and you are rejected for the capital one card anyway. In which case you wouldn't have a credit card at all. Maybe not close the card but reduce the limit down to say £1500 or however much you usually use it and then wait 30 days to apply for the cap one card.

Cheetah

Plxply wrote: »

Lenders look at your available credit to income, depending on how much you earn it could potentially harm your chances. However it would be a good idea to keep the current card open as I doubt a new lender will supply you with nearly a high credit limit.

Hmm...food for thought. Well I have no idea what Natwest think my income is as it was pittance (practically) for most of the time I've had the card. When I applied for the card I was earning about 12K/annum.

I will have a decent wage and my credit score should be decent I expect so maybe i'll just leave it and apply for the new card.