2 cards or 1?

spursnuk

I recently applied for an aqua card and was accepted and have recived the card.however in the period i was waiting for the card i was accepted by cap one at a lower rate 34.9 vs 49.9.

Is it best to keep both cards open to improve my credit score or close the Aqua 49.9??

Thanks

Tixy

By improve your credit score - do you mean improve you ability to get mainstream credit in the future?

What other credit accounts do you already have? what is on your credit file that means you are looking at subprime cards - what negatives? or is it a lack of any credit history?

How are you planning to use the cards? Ideally with subprime cards you will repay in full each month and so the APR doesn't then matter.

spursnuk

By improve your credit score - do you mean improve you ability to get mainstream credit in the future? Yes

What other credit accounts do you already have? what is on your credit file that means you are looking at subprime cards - what negatives? or is it a lack of any credit history?
Lack of history in my new address (6months been there) my rating has had defaults on it from bout 3 years ago up until around 8 months ago nothing presently. have an outstanding HP on a car with no missed payments. no other open credit accounts.

How are you planning to use the cards? Ideally with subprime cards you will repay in full each month and so the APR doesn't then matter.
Pay in full each month, mainly as a 'backup' or to make small purchases to improve rating.

The_Boss

spursnuk wrote: »

My rating has had defaults on it from bout 3 years ago up until around 8 months ago nothing presently..

The defaults were only on your file for two and a half years?

spursnuk

oops 6 years ago even. main point being theres nothing on there now

Tixy

I think it will make very little difference in the medium term if you have 1 or 2 cards that you are spending on and paying in full.

The_Boss

Keep both and repay in full. Something tells me that this might not be an option though, in which case pay the minimum on both but pioritise payments to Aqua.

Or just don't run up big bills. You can spend £1 each month, repay and start to build good history.

CBU2004

Keep both, I think cancelling one may appear on your credit report. Providers in future may think you cancelled it because you do not think yourself as responsible.

I say this because I heard before (maybe here) that someone declined a credit increase and it affected their report.

Don't take what I said as whole truth, I could be wrong but IMO keep them both.