Advice Needed

Moneywise96

Hello,

I turned 18 5 months ago and have been trying to build up my credit file.

I currently have:
Nationwide - £600 overdraft - Balance - £0
A Barclaycard Initial - £250 limit - open 4 months - Balance £0
A Aqua Advance - £100 limit - open 4 months - Balance £0
Next Directory - £1000 limit - open 5 months - Balance £0
Lloyds Bank Platinum - £500 limit - open 2 months - Balance £100
Tesco sim only contract

I today applied for a capital one card so I could close the Aqua card as the interest is 49.9% & was hoping to move to a better card. I was only offered a secured card with a £200 deposit I just wanted some advice on if I'm going the right way to improving my score or not? Also should I pay the deposit and have the capital one card?

Is there anything else I could do to be improving this anymore than what I am?

[Deleted User]

If you already have 'normal' cards, then there is no point in getting a secured card.

Are you using at least one of the card regularly and paying off in full each time?

You've built up a number of accounts in just 5 months. The rapidly increasing amount of credit could count against you. Do you really need a grand's worth of Next merchandise?

bengal-stripe

None of your cards has been open for more than four months. It's not the number of cards in your wallet that counts, but the way you use them. It takes time to establish a good track records.

By all means, dump the Aqua, but use your the Barclaycard and Lloyds card wisely. In a few months these cards might increase your limit. In a year's time you are in a good position to apply for another card (preferably one that offers cash-back).

Moneywise96

Brilliant thanks for the comments guys, Diddnt apply for the secure card applied for the cash back one but was only offered secured.

No don't need a £1000 next limit it was just increased to that?

leeroy2009

out of all your cards keep the Barclaycard at least, put some spending on it and pay it in full, you may find a upgrade to a platinum Barclaycard, a lowering of the apr and much higher credit limits without having to apply for a new card, as they will often upgrade you when you phone up to ask.


this will also keep you in good stead for additional barclaycards in the future


and yes kill off that horrid aqua card - you don't need it and you will also get a nice settled account marker on your credit file.