Do I close my credit card account?

I have been trying to repair my credit file, and got a Vanquis card at a stupid APR, I used it for petrol and then cleared it so it never got a large balance, however they kept upping the limit to £3.5k.

I have now got a Barclaycard with a slightly better APR which I will use instead, my question is what do I do with the Vanquis card, is it better to close it so I have another "settled" on my file, or leave it open with £3.5K showing as available to me as I read somewhere its good to have a lot of credit offered but not taken.

TIA

Replies

  • sourcratessourcrates Forumite
    26.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Hi,
    Its a card with a stupid APR, i would close it, why do you care so much what your credit file may look like ?

    Are you looking to take further borrowing ?
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • Pixie5740Pixie5740 Forumite
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    Close the account down. Firstly, the APR is ridiculous and secondly, having lots of available credit showing on your file is a negative factor.
  • sourcrates wrote: »
    Hi,
    Its a card with a stupid APR, i would close it, why do you care so much what your credit file may look like ?

    Are you looking to take further borrowing ?

    Alas things are never that simple, I have no intention to borrow again, I don't need to as my finances are now sorted and I have savings etc (I learnt half the battle was getting out of debt, the other half has been staying that way) however like most people I have a mortgage so would be looking to remortgage that at some point, and then upgrade to a bigger house
  • Pixie5740 wrote: »
    Close the account down. Firstly, the APR is ridiculous and secondly, having lots of available credit showing on your file is a negative factor.

    Thanks thats what I wanted clarifying
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