Do I close my credit card account? 28 February 2015 at 12:39PM in Debt-free wannabe 4 replies 891 views

MockneyGooner

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

sourcrates

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 ?

Pixie5740

Close the account down. Firstly, the APR is ridiculous and secondly, having lots of available credit showing on your file is a negative factor.

MockneyGooner

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

MockneyGooner

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