Close low limit credit cards ?

dazzaofdagenham

Good afternoon.

Back in 2012 when my credit file was in tatters.....couple of CCJ and defaults, cr3dit was hard to come by. However I managed to get a capital one Luma card with a limit of 200 pounds.

Now more than 6 years later the card is still at 200 pounds, never missed a payment...always paid extra and had regular use....my credit file shows all green for this card...capital one refuse to increase limit.

Now recently I have managed to get a Aqua card ( 2 credit limit increases in a year ) and a amazon card ( reeently had a limit increase )....also a Vanquis card at 4K limit.

My credit file is all but clean, couple of defaults on closed and paid off accounts...but other than that all is good.

Would it be beneficial to me and my improving credit file to close down the luma card .?

P.s.....please note I haven’t mentioned credit score once...

Advice much appreciated

[Deleted User]

It won't make much difference to your file either way. But if you don't need it, you may as well close it.

davethorp

Have you tried applying for another capital one card? Going through their quick check wont affect your credit rating.

Might find that they approve you for a new card with a higher limit and you can then merge the two cards to get a card with an even higher limit. In my experience capital one have been unwilling to increase my limit on an existing card but have been willing to open a second card for me. I can then merge the credit limits onto the card that!!!8217;s been open the longest, wait a few months and then rinse and repeat.

If the quick check doesn!!!8217;t approve you for a new card then yeah you may as well close the luma card down based on the limits you have elsewhere

destroycarthage

I'd say to keep it open, shred the card, and just never use it. Especially since cap one luma doesn't have an annual fee.

System

It doesn't seem to have any perks nor do you need it anymore.

I'd say it's served it's purpose (credit rebuilding) and should be closed.

dazzaofdagenham

Another way of looking at it is..

Is this card with such a low limit hurting my credit file.....had card for 6 years and stuck at 200 pounds.

A4445

I don’t think it makes any difference, I have a card with a £400 limit and it hasnt stopped me getting any new cards.

Have you thought of getting a second CapitalOne Card and consolidating the limits?

Ben8282

Don't cancel the card for the moment. It is your longest held card and will look good or average account age.
Why they won't increase the limit I don't know. You could try setting up a full balance direct debit and using the card almost up to it's limit every month and see what happens over the next few months.
I would not be incline to make a second application to a provider who refuses to increase a £200 limit after 6 years. The idea of merging credit limits is ok but merging a £200 limit would be a bit pointless.

dazzaofdagenham

I do use the card regular......min amount set up by direct debit....but always pay extra each month.

Think over the 6 years I!!!8217;ve paid about 80 pounds in interest, as a comment above as put....this is my longest serving card and lots of green symbols on credit file....so that!!!8217;s gotta be good ?

But if I was a creditor....I would think....he!!!8217;s had the card for 6 years and no sign of a credit limit increase at all......so is there someth8ng wrong ?

I!!!8217;ve had my first increase on my amazon card from 500 to 1400 pounds and had 2 increases on my aqua card from 900 to 1800 to 2800

And if also had my vanquis for several years and have a limit of 4K.....

So maybe it!!!8217;s time to close the luma card....it!!!8217;s served it!!!8217;s purpose.....but I!!!8217;m am kinda a loyal person and just looking for your opinions.

[Deleted User]

Always clear in full, not just minimum plus a bit extra.

[Deleted User]

Do you have a normal Cap One card?

They may be able to consolidate the limits on a Luma and Cap One card