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Do I close my credit card account?
MockneyGooner
Posts: 26 Forumite
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
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
0
Comments
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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 ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Close the account down. Firstly, the APR is ridiculous and secondly, having lots of available credit showing on your file is a negative factor.0
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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 house0 -
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