Closing an Aqua Credit Card

DeloresK

I have had an Aqua credit card for some time, and as I have rebuilt my credit score I have applied and been accepted for a card with a better rate. Is it better for my credit score to keep the Aqua card open, or to close the account?

Dobbibill

Why not keep it, use it occasionally for day to day things, pay off in full.
If you pay off in full the interest rate should be of no impact.

Always handy to have a back up........not always a good idea to put all your eggs in one basket.

wiseonesomeofthetime

I would keep it, as the previous poster suggested.

I closed a credit card account that I was not using and it adversely affected my credit score as it increased the % of credit utilised on remaining cards.

Remember though, credit score is just a number, a guide, not the be all and end all as each provider will also have their own criteria for applicants, not just a 'score'.

Creditcruncher2016

When you apply for credit, lenders will use the data available in your credit report to determine whether to accept your credit application. If you have insufficient data available, lenders may not have enough information to be confident you can make all repayments on time.

If the average age of your accounts is high, this shows lenders stability in the way you have managed your accounts. The greater the amount of data available to lenders, the more confident a lender can be in their lending decision. If your accounts are managed well, this may increase your chances of being accepted for credit.

onthefencepost

I'd keep it open and spend a few quid a month and pay it off in full.

I'm now using Tesco's foundation card, i've had my Aqua for over a year its a valuable credit history - id keep it open.