Time to get a new credit card?

Stigy

After some advice if I may? I have held a Vanquis credit card for about 3-years now and have gone from a limit of £250 to £1,000 within the first year, however I believe I need a credit limit of over £1,000 to help my credit record? I pay off my Vanquis card, in full each month and on average use 10% of my available limit. I only got this card to help my credit scoring and it's obviously working.

Experian have the fact that I have access to only £1,000 revolving credit on a single card as a negative factor. I have two CCJs, both of which are satisfied and due to drop off my credit file next year. Any other debt or defaults I did have are gone from my file due to their age, therefore the only clear problem with my file is the CCJs.

I have just done the QuickCheck with Capital One and they've said I'll 100% be accepted for their Platinum card and the only credit limit they advertise is between £2,000 and £12,000. If I've researched this correctly, this should aid my credit file, but I don't want to take the plunge if it'll have the opposite effect on me. My plan would be to pay off the Vanquis card in full and clear it, then close the account, meaning I also have another closed account under my belt, closed within the terms & conditions of the card.

I appreciate that any new credit initially has a negative affect on you, but that's not my concern.

So my questions:


1. Although they say I'll 100% be accepted, is this actually the case?

2. Does more than £1,000 revolving credit actually have a positive affect on a person on a single card, if only spending £100 or so a month and paying it off in full each month?

3. Am I correct in my research as to what would improve my credit score? (Higher limit, Close unused account etc.).

Thanks in advance for any advice!

Edit: For inför, I'd stay with Vanquis if they offered me another limit increase, but after 2-years they haven't done, and I'm told I can't ask for one?

[Deleted User]

Having a second card is generally a good idea. Use both occasionally, one regularly, and clear in full each month.

Ignore the Experian score and tips. Your credit limits are not the key issue and there is no magic number to reach. Just use the cards sensibly.

Stigy

Deleted_User wrote: »

Having a second card is generally a good idea. Use both occasionally, one regularly, and clear in full each month.

Ignore the Experian score and tips. Your credit limits are not the key issue and there is no magic number to reach. Just use the cards sensibly.

Thanks for your prompt reply! On further research in to the card they say I'll be accepted for, it's a balance plus card, which is for people with excellent credit history apparently, hence the credit limit. Taking what you've said in to account, is my credit score really that unimportant? The reason I ask is that with two CCJs, surely they can't see my history as excellent, satisfied or not?

[Deleted User]

Lenders see the data on your file. They don't see any score that Experian gives you, as it is meaningless. Lenders will rate you themselves, against their own criteria. Admittedly, a CCJ doesn't look good, but some lenders will still take a chance on you - it's not a one size fits all answer that Experian would have you believe.

Cap One have a range of cards, which means they have the ability to offer you something else, if you don't meet the criteria for any given card.

Stigy

Deleted_User wrote: »

Lenders see the data on your file. They don't see any score that Experian gives you, as it is meaningless. Lenders will rate you themselves, against their own criteria. Admittedly, a CCJ doesn't look good, but some lenders will still take a chance on you - it's not a one size fits all answer that Experian would have you believe.

Cap One have a range of cards, which means they have the ability to offer you something else, if you don't meet the criteria for any given card.

Thanks again. I've been monitoring my file on Experian for several years now and understand what you mean. However that's not to say they haven't been helpful, as without even a guide I'd have been lost in sorting my debts out. I initially went with the top three CRAs (Experian, Equifax and CallCredit) but in the end cancelled and just remained with Experian as the service I found to be the best overall.

I have just applied for and been accepted for the Capital One card I mentioned with an initial limit of £2,000 which I'm happy about (I can only assume they looked favourably at the 3-years of Vanquis without any missed payments, rather than the CCJs?....Though I'm not sure how as it seems it's a computer that checks these things as it takes a few seconds?). I will take on board what you suggested about having both cards running side by side as i can see how this could be a positive factor.

Thanks again for all the advice, I appreciate it!