Should I keep my Capital One progress card open?

hannah4101

Hi all

After three years of trying I've finally managed to get my finances under control and have shifted my Vanquis and Capital One card debts over to a Barclaycard BT card (yes.. even the Vanquis!!).

I've closed the Vanquis account (nothing gave me more pleasure!!) but is it worth me keeping the Capital one account open? I wanted to apply for a 0% on spending CC and thought if I kept the C.O account open and spent a little on it each month (and then paid it off by DD) then it would show I have higher percentage of unused credit which would make me look my favourable? Any thoughts on this????

Hope the above makes sense!

pompeyred

If the closure increases your ratio of available/used credit to be higher than 50% it might do more harm than good. If you're planning on not spending on it anyway and don't want to apply for another card, then I'd probably keep it open but only long enough to bring you in under the 50% ratio or if you plan on applying for another card (allow enough time from closing for the CRA update to show it).

You-kip

pompeyred wrote: »

If the closure increases your ratio of available/used credit to be higher than 50% it might do more harm than good. If you're planning on not spending on it anyway and don't want to apply for another card, then I'd probably keep it open but only long enough to bring you in under the 50% ratio or if you plan on applying for another card (allow enough time from closing for the CRA update to show it).

I'd personally take no notice of this Ratio thingy as its more of a forum rumour rather then facts.
My missis recently got over 5k limit with barclaycard and her ratio was 76% and many others on the forum have also squashed these tales.

izools

Yes I've found that Barclaycard aren't so strict with this either. A friend of mine was approved for a £8,400 limit on a Barclaycard with a 99% Debt to Limit ratio and my OH around the 75% figure approved for a £6,200 limit more recently.

I wouldn't assume that all credit card companies are this lenient however, I know for a fact MBNA for example, aren't. One of their own underwriters told me this themselves the last time I applied - the application was referred, I was asked to call them, so I did, at which point the person I spoke to manually reviewed my application and advised that because of a) multiple accounts opened in the last 12 months and b) too higher credit utilisation he wouldn't be approving the application.

The_Corrupt_Banker

It will come down to whether you fancy getting of Capital One's cashback cards. If you have the Progress and you've used it will, you'll have no problem getting the Classic Extra (0.5% cashback and no forex fee). If you're position has really improved, you might even be able to get the Aspire World (varying cashback and no forex fee). However, it seems right now you can only have one Capital One card at once, so you'll need to cancel the Progress.

Not fussed about cashback? May as well keep the Progress.

Maestro.

You-kip wrote: »

I'd personally take no notice of this Ratio thingy as its more of a forum rumour rather then facts.
My missis recently got over 5k limit with barclaycard and her ratio was 76% and many others on the forum have also squashed these tales.

Agreed with this. I actually closed one of my cards recently based on what was said here, and then read several tales afterwards in other threads of how closing a credit card is an apparently "terrible" thing to do.

Ps... star-fire?

Zorz_2

The_Corrupt_Banker wrote: »

It will come down to whether you fancy getting of Capital One's cashback cards. If you have the Progress and you've used it will, you'll have no problem getting the Classic Extra (0.5% cashback and no forex fee).

Who said that? It has 2.75% fee!

OllyM

Zorz wrote: »

Who said that? It has 2.75% fee!

Capital One.

From here: http://www.capitalone.co.uk/creditcards/classic-extra-credit-card.jsf

Pay no fees on purchases in foreign currencies

Non-sterling transaction fee 0.00%

hannah4101

Thanks for your replies!

I was actually looking at getting the M&S 0% for 15 months on spending (I did the MSE soft search and I had 60% approval chance!) My current percentage of used credit is only 12% atm because it is showing that I have paid off my Vanquis card. Is now my best opportunity to apply??

I don't handle rejection very well haha

Zorz_2

OllyM wrote: »

Capital One.

From here: http://www.capitalone.co.uk/creditcards/classic-extra-credit-card.jsf

OK, that's definitely weird. I do have the same card and my last statement says "Non-sterling transaction fee 2.75%"