1 credit card or 2?

Legacy_user

Hiya, I have 2 credit cards which I have had for a few years now. One since 2014 and one since 2016, both credit builders. The one since 2014 is Vanquis and has a 0 balance, the other one Capital one card which has a balance on, and I use slightly more often. I’m thinking of closing the latter when I have paid it in full, because I feel like essentially the more credit cards I have the more I pay out every month (regardless of whether paid in full or not). Has anyone closed their credit card/s for this reason, and is there really a need to have more than 1? When essentially you are essentially paying more money out having more than 1?

DCFC79

If you do close 1 make it the Capital One.
Lenders like to see stability.

System

Yep I did say that!!!8217;s the one I!!!8217;d be closing. What makes you agree?

[Deleted User]

I'd aim for three or four, so you have back ups in case of failure and non acceptance, and for the various benefits.

You don't pay more just because you have more than one card.

safestored4

I am not one of the experts here on credit cards so won’t comment about the cards you have.

However as a matter of principle I have two, each of which are paid off in full each month. Given the frequency with which bank systems go down or the chance that your account gets hacked and the bank picks this up and freezes the account (which hapened to me with Barclaycard) I think its wise to have a backup for use if necessary.

System

Yes regarding the last two comments above, I agree and did think about this. I!!!8217;ll keep them open actually , and continue to use them as I do now. Thank you

Sarah7

Those are both starter cards; you could consider trading one up for something with better benefits, e.g. cashback/rewards if you always pay cards off in full, or 0% interest if you don't.

tastyhog

as they are starter cards shouldn't you be in a position to 'trade up' to a more mainstream card by now? if not i'd maybe look at some of the other higher rate cards and get a couple more well managed accounts on your file.

Dobbibill

If you use them as you would use your debit card, you shouldn't pay more.

Minimum of 2 in case of IT issues.

Mainstream lenders may consider you now you've had a subprime card for a while.

pcoventry

Prime lenders wouldn't touch me when I had a vanquis card - when I shut it boom straight onto Barclaycard Platinum.

sassy_one

pcoventry wrote: »

Prime lenders wouldn't touch me when I had a vanquis card - when I shut it boom straight onto Barclaycard Platinum.

Wouldn't have anything to do with your Vanquis card, shutting it in this case.

Lenders never see who your accounts are with, and as such it wouldn't of been anything to do with whom you had a credit card with.

I suspect more that you had too much available credit.