Well maintained Vanquish card not good for credit rating ?

Medic999

Don't have great credit rating as about 1.5 - 2 years ago i did have a few payday loans et.

They're all paid off now. I still owe a couple of 100 on my 2 other cards i have, vanquish and capital one.

Also had a barcleycard one, but paid that one off in full a few months ago.

Despite having owed at least 300, - 400, on that vanquish card for a long time i have allways been paying bits off (use 100, pay back an extra 150, etc).

A couple of months ago Vanquish increased my limit from 500, to £ 1000, and last month from £ 1000, to £ 1750, and now this week they've upgraded my card to a gold card.

I'm selling some performance parts of my car at the moment so i will be paying off my full balance on all cards within the next 2 weeks. So then i'll be completely debt free.

Next month the girlfriend and i want to go to the bank to see what mortgage we can get together. We currently live in her flat, on which she has a mortgage just in her name and i just pay her, but we'd like to move and want a mortgage together.

She said though that once i've paid off my vanquish card i should close the account, as having a vanquish card will lower my credit rating as everyone can get that card.
Whilst i thought that having a card that i've been paying off on and managing well, and that has recently upgraded my limit and account type (to gold) would be a good thing.

So just wondering who is right. Should i keep the vanquish once i've paid it off, or close the account ?
My other card (capital one) only has a £ 500, limit so i did like the idea of having a card with a bit more on it in case of emergency, but not if it doesn't work in my advantage when looking for a mortgage.

guesswho2000

Just keep it - any other lender won't know that it's a Vanquis card, just that its a credit card. Closing it will, I doubt, have no effect on your creditworthiness whatsoever.

If it had a small limit, say £250-£500, it may appear more sub prime, but with a £1,750 limit, any lender looking at your file won't know the difference, it may as well be an Amex Platinum for all they know!

You-kip

As above no lender would know you have a Bentley card.

Medic999

Thanks for the replies folks. I shall keep the card for a little bit longer then.