Changing Credit Cards

ThatGingerOne

Sorry new here so don't know if I'm posting in the right place!

I finished uni this year and got my first credit card in september. Since then I pay it in full every month, have registered on the electoral roll and my credit score has gone up by over 70 points!
Because my credit score was so low (no credit history) I could only get a vaquis card with a 59.9%APR. I have now been pre-approved for a master card with a 29.7%APR.

I was thinking about getting the mastercard and closing the vaquis but I have a few questions:

A) Will it be better for my credit file to have a lower APR credit card on it?
Will my score go down by opening and closing credit like this when I've only had the original card for 4 months?
C) The only info on my credit file to improve my score is to increase my credit limit. Is it better to increase the credit limit on the 59.9% card or get a card with the same credit limit for a 29.7% card?

Thanks for reading!

[Deleted User]

You didn’t get the MasterCard because of your score. You got it because you have built some credit HISTORY since getting the Vanquis card.

To answer your points:

A. It doesn’t matter as it’s not seen by lenders

B. As point A - lenders do not see, care or use the made up CRA scores or ratings

C. Ignore advise on improving the score as per point B

ThatGingerOne

Thanks for the reply, I had 0 credit history before the vaqhis card which is why the APR is so high and I'm glad using it has built this history to the point I can now be pre-approved for better cards.

Do you think keeping a low credit limit is best then? It's the only advice from clear score to increase it as it makes me look more trustworthy.

[Deleted User]

If you're offered credit limit increases, accept them.

[Deleted User]

Yes keep it and keep using it as it adds to your account history and longevity.

So long as you pay it off in full each month after the statement then you pay no interest so it’s irrelevant

Willing2Learn

I agree with Gary. Just spend on your card for all things that are within your normal planned monthly budget (things like groceries and travel costs). That way, you are always able to pay the balance due in full when the statement arrives. You will then be building a history of positive account management on your credit file(s).

ThatGingerOne

Thanks for the advice, I think I'll stick with the original card and increase my credit limit when offered.

Ben8282

If you only got the card in September just how many months history is currently showing in your credit files? You have had at the very most 4 statements ,,,,
If you are repaying in full each month then the APR is completely unimportant as you do not pay interest/.
The words 'pre-approved' mean absolutely nothing.