Will closing a credit card improve my credit score?

Pam1010

I recently opened a new credit card with Marbles to help me build my credit score. However, I have found credit agencies are now penalising me for having this credit card as the £800 limit is too low and I have since lost points on my credit score because of this. Marbles have refused to increase the limit. Would my score improve if I close this card? The negative on my account is that my credit limit is low, so if close the credit card then this will not be a problem anymore? I have had the card since last year and the negative has not changed regarding credit limit.
Please help...

[Deleted User]

The score is just a pretend one. No one sees it and it has no meaning. Ignore it.

Use the card and clear in full each month.

Pam1010

What do banks or other lenders look for when they credit score you? I thought it was the credit score?

[Deleted User]

They look at your credit history. Ie how you hand!e credit. They cannot see your credit score.

Have a look at your thread of last year, where we covered this in some detail.

https://forums.moneysavingexpert.com/discussion/5458000

cjmillsnun

Banks and other lenders credit score you with their own criteria. This is made up of:-

The information on your credit file.
Any information they may have about previous dealings they have had with you.
The information you put on your application form.

They then put this together to come up with their own score. It will be nothing like the score you see from the agencies.

It would actually do you good to use it and pay it off in full each month. Lenders like to see you using credit responsibly.

Pam1010

Thanks guys

forgotmyname

I know that buying something expensive and paying it off in full when the statement arrives lowered my "SCORE".

Luckily as mentioned above the only person that will see the "SCORE" is me and that credit agencies computer.

MABLE

I tried a while ago for a card and the eligibility checker powered by Capital One said my score through Equifax was too low. So they must surely see some score. Remember snoozing can affect your ability to obtain further credit.

cjmillsnun

They don't see a score.

They compile their own based on information in your credit file, details on your application and information they have from previous dealings with you.