Aqua & Capital one

[Deleted User]

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I currently have 3 credit cards

Aqua - Credit limit £1850 Balance £0 had this card for 4 years
Capital one - Credit limit £2500 Balance £0 had this card for 3 years
Sainsbury's - Credit limit £3000 Balance £260 had this card 2 months

I'm wondering if I should cancel the two I no longer use, both were taken out when I had a very poor credit history due to default and a payment plan when I could no longer afford to cover my debts.

I know unused credit cards are not really an issue but I did wonder if given that they are both aimed at people with a poor credit history this could be a problem?

I no longer have any other debts and all defaults have now gone from my records.

Many thanks Cher

NewToTheUkAgain

They should be good to keep for your credit history as lenders cannot see who they are with, just the limits and payment history.

However if your income is low, then maybe consider closing one and seek a new one on a better deal.

[Deleted User]

Keep them.

Lenders don’t see that they’re credit builder cards.

System

NewToTheUkAgain wrote: »

They should be good to keep for your credit history as lenders cannot see who they are with, just the limits and payment history.

Yes they can and do.

They cannot see the product you have, but they absolutely can see the lender.

P.S. Dont close them. They are good long standing accounts that help boost your credit worthyness.

NewToTheUkAgain

They cannot see who the lender is. What a load of tosh

PRAISETHESUN

Lenders don't care if it is a sub-prime card, they just care about the balance, limit and repayment history. If you have a good history in that regard then I wouldn't worry - I'd actually recommend keeping them open as having a few long-standing accounts is actually seen positively by most lenders.

NewToTheUkAgain

Agreed to keep the accounts. Plus if you pay in full each month which is advisable then the APR is really irrelevant.

Willing2Learn

If it were me, I would use all three cards during a calendar month and then pay off the balances in full each month. That way, you are continually building more and more positive credit account history in your credit files.

A4445

beany_bot wrote: »

Yes they can and do.

They cannot see the product you have, but they absolutely can see the lender.

P.S. Dont close them. They are good long standing accounts that help boost your credit worthyness.

This isn’t correct I see credit reports at work. It only states credit card it definitely does not say the lender.

System

A4445 wrote: »

This isn’t correct I see credit reports at work. It only states credit card it definitely does not say the lender.

Ahh OK. my bad. I was under the impression it did. Interesting to know.

[Deleted User]

Thanks everyone that's really helpful.
I will look at spending a little each Month on each of them and set up a direct debit to clear them :beer: