Should I close Capital One Card?

letmefree

Hi, I have had a Capital One card for a number of years, with a limit of £2.6k. I am sorting out my finances after years of overspend and I am just about to repay the final few hundred off this card and want to know if people think it is best to close the card or leave it open?

If I leave it open it will show I have access to available credit, but I am not sure if lenders e.g. Nationwide mortgage lenders, see it as a 'bad' card and so it would be better to close it?

I have around £14k on other cards which I am repaying at a rate of about £1k per month, so I will soon have other available funds should I wish and that should show as available to lenders. (£9k on 0% Barclaycard, £2.5k Natwest and £2.4 with Cahoot)

I have to re-mortgage in 10 months so want to get as good a credit rating, in the eyes of lenders, as possible before then.

Any comments appreciated.
Thanks

grumbler

letmefree wrote: »

If I leave it open it will show I have access to available credit, but I am not sure if lenders e.g. Nationwide mortgage lenders, see it as a 'bad' card and so it would be better to close it?

Lenders don't see what card it is.

I have around £14k on other cards which I am repaying at a rate of about £1k per month, so I will soon have other available funds should I wish and that should show as available to lenders. (£9k on 0% Barclaycard, £2.5k Natwest and £2.4 with Cahoot)

I have to re-mortgage in 10 months so want to get as good a credit rating, in the eyes of lenders, as possible before then.

In 10 months it's better to have C1 closed to reduce the available credit amount.

Closing it now may have a negative effect if your (used)/(available) ratio shoots through 50% as a result.