should I close my credit card accout

sharlow

I have just paid off my vanquis credit card using another balance transfer credit card. Should I know close my vanquis account? would it have affect on my credit rating if i do close it or keep it open?

bigadaj

Will make little difference.

If you have two or more alternative cards then consider closing it, if not may be better to keep it.

Dobbibill

sharlow wrote: »

I have just paid off my vanquis credit card using another balance transfer credit card.

That's not paying it off - that's moving the debt.

Should I know close my vanquis account? would it have affect on my credit rating if i do close it or keep it open?

Your credit rating is just the opinion of the CRA - it doesn't determine future lending neither is it shared with lenders.

It's generally a good idea to have long standing accounts to evidence a history of responsibly managed credit.

Whatever you decide, please address the reason the debt became too large to pay off in full and needed to be moved to another card via a BT. You don't want to spend years repeating this process.

If you decide to keep it - use it for a small amount each month - pay off in full - repeat.

chattychappy

Dobbibill wrote: »

That's not paying it off - that's moving the debt.

The new card sent the monies to Vanquis. So it is "paying it off". It was paid off with more debt. I don't see anything wrong with the way the transaction was expressed. The OP did say he/she had paid off the card, not the debt.

OP: I would keep the card open. It is no bad thing to have some unused credit showing - then you don't look distressed.

BUT, if you think you will tempted to incur more debt by having the card available, then close the account (or at least destroy the card).