close sub prime cards?

stef787

I have currently a Capital one card (£250 limit, opened 18 months ago) and Luma card (£1500, opened 6 months) which are both paid in full every month and today I have been accepted for a MBNA card with a £2500 limit!

I understand that MBNA is a not sub-prime card, so would it be better to close the capital one or Luma accounts or use it until I build some history with the MBNA card?

Thanks!

thebritishbloke

As they don't really offer any benefits, and if you don't have any use for more than one credit card, I'd close them down and just keep the MBNA.

E.g. I have uses for more than one credit card as one is with my main bank and used solely for fuel, one is my day-to-day cashback card, one has 0% cash/foreign transaction fees etc.

Tazer1

stef787 wrote: »

I have currently a Capital one card (£250 limit, opened 18 months ago) and Luma card (£1500, opened 6 months) which are both paid in full every month and today I have been accepted for a MBNA card with a £2500 limit!

I understand that MBNA is a not sub-prime card, so would it be better to close the capital one or Luma accounts or use it until I build some history with the MBNA card?

Thanks!

Hi,
Which Particular MBNA CC did you apply for?

Im looking to do the same. I personally would close my Cap1 and Vanquis after a few months as i wont need them or the credit.

Thanks

stef787

I applied for the MBNA Low Rate Credit Card (6%), but they offered me the same card with 11.9% after the eligibility check. I was quite surprised that it has been accepted as I still have two defaults on my credit file.

Tazer1

stef787 wrote: »

I applied for the MBNA Low Rate Credit Card (6%), but they offered me the same card with 11.9% after the eligibility check. I was quite surprised that it has been accepted as I still have two defaults on my credit file.

Thanks
Thats good news, as i thought MBNA were one of the hardest to get. Now you can make a change over to prime cards now :T

DalePie

Nope, you now have a prime card with a reasonable limit.

Cancel your sub prime cards right away, they've done their job! :beer:

B19JON

I would be inclined to go with what the above have all said. Close Cap1 and Luma. They have served their purpose, or maybe keep the cap1 and see if they can upgrade you to their " Classic Extra" card which offers some cashback.

I only keep my MBNA card active as they are always offering some kind of Money/Balance transfer which always comes in handy at some stage.