Cancelling credit cards, bad for credit?

cts_casemod

When I originally applied for credit cards, I was successful with Aqua and received a phone call from vanquis a few weeks later saying they too, accepted.

Fast forward to present...

My experience with Vanquis has not been very positive. Calls to them are always very lengthy as they try to sell this or that. Similarly, they call me home from time to time to sell 'additional services' and mail me with proposals for 'partners' which I told them I wasn't interested.

All in all, the credit increases have been lesser than aqua and the interest rate is higher, so I'm thinking in closing the account and keep a single c. card from aqua. The concern I have is: Will this impact my credit score? Ironically it is now a few points lower than when I started (20 points out of 900 or so) which I dont quite see reason for.

Any advice welcome.

[Deleted User]

It depends on your circumstances. Could be good or bad. If you have limited credit history, then perhaps keep it. It's always useful to have at least two cards.

Either way, ignore your score, as that doesn't have any bearing on how lenders will view you.

Dobbibill

You need to opt out of marketing.

If you pay off in full each month then the interest rate shouldn't concern you.

The benefit is that while it is showing on your CR, it is making you look like you can maintain credit for a length of time.

If you were to get a different card in the future, then maybe consider closing it so you still have a regular card and a spare card as suggested by zx81 but for the moment, I wouldn't be too bothered.

Ignore the score issued by the CRAs. Only you and them see it. Any lender will just grab the data your CR, like ER, payment history, length of credit accounts etc etc.

Brightonfan

cts_casemod wrote: »

When I originally applied for credit cards, I was successful with Aqua and received a phone call from vanquis a few weeks later saying they too, accepted.

Fast forward to present...

My experience with Vanquis has not been very positive. Calls to them are always very lengthy as they try to sell this or that. Similarly, they call me home from time to time to sell 'additional services' and mail me with proposals for 'partners' which I told them I wasn't interested.

All in all, the credit increases have been lesser than aqua and the interest rate is higher, so I'm thinking in closing the account and keep a single c. card from aqua. The concern I have is: Will this impact my credit score? Ironically it is now a few points lower than when I started (20 points out of 900 or so) which I dont quite see reason for.

Any advice welcome.

I had all that with Vanquis. Horrible companny that i dumped quickly