What to do with 2nd credit card

modder25

Hi all,


I have had a credit card with Vanquis since 2006, never missed a payment and currently don't owe anything to it and have a £3000.00 credit limit.


However, this card has no benefits at all so I have just applied for the Santander 123 credit card which has been accepted with a £5k limit at 0% for 23 months.


I am wondering whether I should now close the vanquish account down or should I keep it open as it is a long running account and might look more beneficial on my credit report?


Also just checked my credit report on Experian once this morning with a score of 963 and now I have just applied for the credit card it is now 922... not sure why it would go down but hey ho I got the card... I know the scores are useless anyway from reading these threads.


Any help on what I should do would be appreciated.


Many Thanks

MNM2903

due to the interest rates etc on the vanquis cards i would cut it up and close the account. Its not going to benefit you atall.

CLAPTON

depends

if you are the type of person that doesn't use cash and buys everything on a CC then keep the card as a back up and use it occasionally to keep it current

obviously pay all CCs in full every month to avoid interest charges

modder25

Thank you for your replies.


I think I will close it down, I just didn't know if closing it down after such a long period would have an effect on my credit report.


I am not in any need to use a credit card for all of my spending hence there being no balance on my current credit card, but with the new credit card offering incentives and 0% for 23 months I know if I needed something then I can have that as a back up instead of the Vanquis that as a high interest rate.

MisterBaxter

They will close is down if it goes unused for any length of time; they've recently closed mine. I think I went 6 months without using it; they gave me a months notice that they would close it if not used and a month later notified me that they had closed it.

Now shows on my credit file as a closed account. I suspect that it was probably easier than phoning them and have them try to talk me in to keeping the account open.

modder25

MisterBaxter wrote: »

They will close is down if it goes unused for any length of time; they've recently closed mine. I think I went 6 months without using it; they gave me a months notice that they would close it if not used and a month later notified me that they had closed it.

Now shows on my credit file as a closed account. I suspect that it was probably easier than phoning them and have them try to talk me in to keeping the account open.

Hi MisterBaxter,


Thank you for your reply.


Do you know if this has affected your ability to obtain any further credit with it being closed?


I only ask as I am leasing a car soon and want my file to look as good as possible.


Many Thanks