is it best to get a credit card with your bank?

Crystal_Pixie

Quick background, 4 defaults all coming off this year after divorce. I have had a capital one credit card for the past 2 years and used it regularly and paid it off in full every month.


I have been accepted for an reasonable MBNA card with 4.9% APR for 5 years which is a step forward but with a small credit limit.


Would it be better to apply for a credit card with the Bank I have my salary and savings with? I don't know if they take into account salary and check to see spending etc?


My intention is to get rid of the capital one card and have 2 cards - MBNA and a another to rebuild my credit.

[Deleted User]

It's often easier to get one from your own bank - though generally not the best card available.

Why are you planning to lose the Cap One card? You'll lose a lot of history.

mrmagooooooo

As ZX81 has pointed out. Keep the Capital one card as that has got history which other lenders will look for.

Personally i would wait until them defaults fall off your credit file then i see no reason with your Capital One history along with the MNBA card history why you wouldn't get a mainstream card with a decent credit limit (obviously dependent on other factors, income etc.)

Crystal_Pixie

Thanks for the replies.


No I have no plans to apply for another card at this point - just a bit of forward planning for when my defaults come off.


After 6 years of being a "financial persona non grata" I am very nervous about applying for anything new.


My concern is that I didn't want to appear to have to much open credit (even if I didn't use it) as I would like to get a new car next year (saving hard for the deposit). So I wondered if it was better to cancel Capital one seeing as I am never going to use it again?

[Deleted User]

The best plan would be to keep it and use it, at least occasionally.