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Should I cancel or keep?
carlyfluck
Posts: 137 Forumite
in Credit cards
Hi everyone,
So I currently have a vanquish card which is 39% with a 0 balance
I have a Tesco card which is 5.9% which will have a 0 balance once the balance has been transferred to my new Barclay card which is 0% for 20 months. The balance of this will be £1250.
My Q is should I ditch the vanquish card? Or will be be better to keep it for my credit file?
Many thanks
So I currently have a vanquish card which is 39% with a 0 balance
I have a Tesco card which is 5.9% which will have a 0 balance once the balance has been transferred to my new Barclay card which is 0% for 20 months. The balance of this will be £1250.
My Q is should I ditch the vanquish card? Or will be be better to keep it for my credit file?
Many thanks
First time buyer- Shared ownership- 13/7 DIP Leeds- soft search- 20/7 told we got house-21/7 instructed solicitor- 27/7 sales memo and full application- 30/7 hard search- 3/8 mortgage declaration sent- 6/8 told valuation complete
13/08 questions from underwriters
17/08 letter to say initial assessment completed.
20/8 Broker says it will be another week until more communication from Leeds.
27/08 Mortgage approved
13/08 questions from underwriters
17/08 letter to say initial assessment completed.
20/8 Broker says it will be another week until more communication from Leeds.
27/08 Mortgage approved
0
Comments
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How long have you had both cards.
A long standing relationship with a provider demonstrates stability.
If you've had Vanquis substantially longer than Tesco and BC then put a little transaction through it occasionally, paying off in full - that way the 39% APR will have no significance.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
You don't have to be the best -
Just be better than you were yesterday.0 -
Depends what you are trying to achieve. If you need a mortgage application etc maybe keep it as I second what Dobbibill says, longer held accounts look good. If not then if this were me I'd get rid of vanquish. I had a vanquish and capital one both with small limits and the fact they had small limits was marked as a negative on my file. Its also easier to have one card. I'm likely to forget to pay or go over limit. Maybe you are more organised?!0
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Fireflyaway wrote: »I had a vanquish and capital one both with small limits and the fact they had small limits was marked as a negative on my file.
Low limits aren't something that will concern lenders though.0
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