Should I cancel my sub-prime credit cards?

WLITC

I was made bankrupt (BR) almost 6 years ago (its due to fall off my credit file next month) and to rebuild my credit post BR I got myself a Vanquis, Aqua and Capital One card. All were used occasionally simply for credit building purposes and all paid in full each month when used. Now almost 6 years on I have applied and been approved for my first mainstream credit card since the BR. My intention was to apply for a 2nd mainstream card in a few months and then close off all the three sub prime (cards for people with poor credit) cards. However I am also saving and planning to buy in Autumn 2017 so I have been reading the FTB guide on here and once of the things is mentions to improve your chance of getting a mortgage is to close of unused cards but there is a catch and as per this article http://www.moneysavingexpert.com/credit-cards/cancel-unused-cards#creditrating sometimes its not advised to close off old cards you've had for years as lenders like to see good long term financial relationships.

So what to do? Before reading this I had already instructed Aqua to close my account by now I'm thinking I should leave the other two in place? Can lenders see who the specific card issuer is? i.e can they see that I have a sub prime card?

[Deleted User]

Keep at least one until you've built up history on a new one. No one can see the name or type of card.

A4445

WLITC wrote: »

I was made bankrupt (BR) almost 6 years ago (its due to fall off my credit file next month) and to rebuild my credit post BR I got myself a Vanquis, Aqua and Capital One card. All were used occasionally simply for credit building purposes and all paid in full each month when used. Now almost 6 years on I have applied and been approved for my first mainstream credit card since the BR. My intention was to apply for a 2nd mainstream card in a few months and then close off all the three sub prime (cards for people with poor credit) cards. However I am also saving and planning to buy in Autumn 2017 so I have been reading the FTB guide on here and once of the things is mentions to improve your chance of getting a mortgage is to close of unused cards but there is a catch and as per this article http://www.moneysavingexpert.com/credit-cards/cancel-unused-cards#creditrating sometimes its not advised to close off old cards you've had for years as lenders like to see good long term financial relationships.

So what to do? Before reading this I had already instructed Aqua to close my account by now I'm thinking I should leave the other two in place? Can lenders see who the specific card issuer is? i.e can they see that I have a sub prime card?

If you don't mind me asking what "normal" credit card company gave you a card with the bankruptcy still on you credit file? I thought you could only get subprime cards while it was still on file?

WLITC

Deleted_User wrote: »

Keep at least one until you've built up history on a new one. No one can see the name or type of card.

Thanks, makes sense.

A4445 wrote: »

If you don't mind me asking what "normal" credit card company gave you a card with the bankruptcy still on you credit file? I thought you could only get subprime cards while it was still on file?

Nationwide. They allowed me to open a regular bank account last summer. I wasn't using it as my main account but about 2 weeks ago I decided to make the shift to them properly so did the account switching service and a few days later I thought I'd chance it and apply for their Select Credit Card (they only have two, select has cashback and other rewards for customers only) and I got approved with a £2500 credit limit and got offered the representative APR of 15.9% (my sub prime cards are something like 34%+ APR). I have been flawless with my credit for last 6 years so maybe that and a good salary helped.

A4445

I really didn't think you could get any normal credit with a BR on credit file! Maybe your BR came off early?

WLITC

A4445 wrote: »

I really didn't think you could get any normal credit with a BR on credit file! Maybe your BR came off early?

I don't think so, I checked my credit files about 2 weeks back and its still there. Perhaps the fact that its with my bank?

Also, I was just on the Capital One site and they now only seem to do cards, the Credit Builder and the Balance Plus which in the main summary says its for people with an excellent credit rating. Out of curiosity I just completed their eligibility tool and it says I am 100% guaranteed approval for the Balance Plus card. Interesting!

A4445

My bankruptcy came off my credit file last December. I have a BRU that is left on experian only that's there til October this year. I've got one default left that I've had to complain to the ICO to get the date amended. I only started rebuilding last year. I have 2 capital one cards they gave me 1500 limits on each which surprised me!

dumpyboy

WLITC wrote: »

Thanks, makes sense.

Nationwide. They allowed me to open a regular bank account last summer. I wasn't using it as my main account but about 2 weeks ago I decided to make the shift to them properly so did the account switching service and a few days later I thought I'd chance it and apply for their Select Credit Card (they only have two, select has cashback and other rewards for customers only) and I got approved with a £2500 credit limit and got offered the representative APR of 15.9% (my sub prime cards are something like 34%+ APR). I have been flawless with my credit for last 6 years so maybe that and a good salary helped.

Very luckily with nationwide I ve bank with them over 30 years ,had my bank account down graded to basic account after going on dmp plan in 2008 thou not owning them a penny , all the defaults gone still got mbna accounts paid in full but not showing closed( should be after ico up held a complant this month) they will not even let me have an account with a chq book, tried vanquis as suggested on here turned down

A4445

dumpyboy wrote: »

Very luckily with nationwide I ve bank with them over 30 years ,had my bank account down graded to basic account after going on dmp plan in 2008 thou not owning them a penny , all the defaults gone still got mbna accounts paid in full but not showing closed( should be after ico up held a complant this month) they will not even let me have an account with a chq book, tried vanquis as suggested on here turned down

Capital one have an elegabilty checked to see if your likely to be accepted so does barclaycard initial. Failing that you could try a catalog about like JD Williams apparently they give anyone an account but they APR is super ridiculous.