Improving credit score and cancelling credit cards

maru1926

How long do I need keep using my cards (am paying in full and on time) till I'll be approved for a decent card? The cards I have at the moment are Aqua 49.9% and Vanquis 54.9% (awful!) I was rejected for a half decent Barclays one so I figured I still have some work to do.

I'm also wondering, how does it affect my credit score if I cancel a credit card? For example after I've used it to build my score for 2 years.

Thank you!

vishva

According to me if you use wisely credit cards are the best source to build your credit score, I am an ex-employer in tata and i use to drawl a very handsome salary as days pass on one day i went out with friends on party and met with an accident i had taken a personal loan not for my sake i took on his behalf and was not able to pay the emi's my credit score went down and i had left no choose and call up bank people and explained the situation as soon as i started paying my credit score started to increase.

DCFC79

maru1926 wrote: »

How long do I need keep using my cards (am paying in full and on time) till I'll be approved for a decent card? The cards I have at the moment are Aqua 49.9% and Vanquis 54.9% (awful!) I was rejected for a half decent Barclays one so I figured I still have some work to do.

I'm also wondering, how does it affect my credit score if I cancel a credit card? For example after I've used it to build my score for 2 years.

Thank you!

Credit score - not so important

Credit history - more important than the score, its what lenders see.

Keep the card you have had the longest.

PixelPound

You don't say what is on your credit report. Any defaults, CCJ, etc. Behaving good with existing credit cards is good, but they are adverse credit lenders. If there is stuff on your credit report that is scaring off mainstream lenders, then it will probably be just behaving with existing credit until they fall off