Credit rebuilding going well - Should I apply for another card?

The_Offside_Rule

Good evening all,

As title really.

Could anyone please advise whether I should apply for another credit card?

I have had a Vanquis since 23/01/2013 and have done a good job of managing it, but only have a £150 limit which I'd like increased.

I've also just completed a Cashplus CreditBuiilder.

I have defaults with the youngest one being two year old.

So, would it be advisable to open a new credit card account?

Thanks to all in advance.

PaulW922

If it is just to rebuild your credit it cant do any harm, provided you manage it well. However I'd suggest you need to go for a card that you are likely to get and a recent (ish) default makes it tricky. Try using a card matching service such as the MSE one.. I am afraid that your defaults will always be a problem no matter how well you manage other credit though.

I guess if I don't say this someone else will - don't borrow money you cant afford just to get some green dots at the credit agency though.

The_Offside_Rule

Thanks Paul.

I have just tried the MSE eligibility checker and it thinks that I have a 90% chance of acceptance with the 'Aqua Reward'.

If I apply for this and get accepted, should I keep my Vanquis open?

Thanks again.

SeduLOUs

To be honest the Aqua card is crap. What are your chances with the Barclaycard Initial? It's still a sub-prime card but it's 29.9% compared to Aqua's 49.9%.

Barclaycard also offer normal credit cards so if you can start building a relationship with them it might open the door to you upgrading it to a 'proper' credit card in the future.

suicidebob

rdf1988 wrote: »

Thanks Paul.

I have just tried the MSE eligibility checker and it thinks that I have a 90% chance of acceptance with the 'Aqua Reward'.

If I apply for this and get accepted, should I keep my Vanquis open?

Thanks again.

You're thinking about this too much. You get a credit card, you pay it off. You've recently had major issues with debt, so I would think 1 card will probably suffice for your needs.