New Credit Card account and impact on Credit Rating

modder25

Hi all,


I currently have a credit card with Vanquis and have had for many years now, no missed payments and a £3000 limit with a £40 balance.


I am thinking of closing this card down as there are no benefits with Vanquis and I have recently done a credit matcher with Experian and a few came up that have lots of benefits when used and a lot lower interest rates.


If I were to close this credit card down and apply for a new credit card will this affect my rating at all?


The reason I ask this is because I am looking to buy a car in a few weeks and will need to part finance it.


Thanks for reading.

Dobbibill

If you are looking to make a large purchase on your CC then you should really be looking for a card that has a 0% purchase offer on it.

How would you manage if you cancelled your Vanquis CC and were then refused for a new CC?

Try for the other card 1st before cancelling your Vanquis CC just in case you are refused.

Do you have a different form of finance to use if you are declined the card you would prefer?

HTH

DB

modder25

Hi DB,

Thank you for your reply. I would apply first and hopefully be accepted for a 0% card and then on acceptance I would close down the Vanquis.

If all else fails then I would stick with Vanquis. I only really ever use it for fuel purchases. I would use it more if it offered benefits like some others do.

I do have money in the bank but I am trying to save as much as I can so that I can get on the property ladder.

Thanks again for your reply.