Improving credit file after BR - can you have too many cards?

woolythoughts

Hi

I was declared BR in March 2012 and discharged MArch 2013. Late 2013 I change my name to my husbands name - which I think was a catalyst in me being as lucky as I was compared to some br as vanquis , who declined me only six weeks previously, accepted me in my married name and by the time my credit file was linked to my old, I'd paid the bill two months running and they let me keep it.

Current situation is:

1. Had one mobile phone contract running all through my BR until late last year when I terminated it
2. Have a full bank account with Barclays (who were my major non HMRC creditor) complete with offline card and £250 overdraft and contactless card - this is the one that surprised me. Never used the overdraft and have no need to.
2. Had a Vanquis credit card since Jan 2014 originally £250 limit and now £1000
3. Have an Aqua card which was originally a £200 limit who have increased my limit twice to now £1900
4. Just been accepted for a capital one card (who had previously rejected me) with a credit limit of £1000.

I use the credit cards to put expenses on until I'm paid by clients and need roughtly 2K a month - which is now covered by the aqua and crapital one cards. I really want to leave vanquis as althought they were nice to me at first, I hate dealing with them. Their website is !!!!!! as is the way you pay them unless its DD and if you have to phone them, they want you to confirm EVERY piece of personal information with them. I did once ask why they needed everything for security and put it to them, it wasnt for security, it was so that they knew everything was up to date should they need to hastle you.

So I'm thinking of closing my vanquis account but am wondering if having three cards used and paid off in full every month will be better long term than just two - the way I see it is more green ticks.

Reason I'm bothered by the way is I'd like in a couple of years time for me and husband to get a joint account once my BR drops off and would like to get a joint and single 123 account so we can max out 60K in instanct ccess at 3%. I know by then there may be other products but thats the current aim.

So, after that long winded explanation, - are three cards better than two?

Tixy

I'd close the vanquis.
No reason for the use of 3 cards to look better to a potential lender than 2 cards.

jamesd

One factor used in credit scoring is the age of credit accounts. It appears that the Vanquis card is significantly older than your other cards, so closing it would significantly reduce the average age.

Tixy

But in a couple of years time the Aqua card at least wouldn't be classed as a new / short held account.
An account held for 2.5 years or so would demonstrate an ability to manage credit responsibly and not indicate someone trying to access a lot of credit in a short space of time.