Low Credit Limit Card cancellation

jlherbert44

I'm working through rebuilding my credit score. To cut a long story short, my late wife had some serious health problems in 2013 and stopped working which left us both with CCJs and defaults. Those are now clear for me and I'm slowly rebuilding my score and history. I started off with low limit cards with a limit of £200 on each. I read an article that mentioned this:

The size of the limit itself also affects your score, but not by as much:

A high limit of over £5,000 adds 20 points to your score
A very low limit of less than £250 loses 40 points.

Does this mean that I lose 40 or even 80 points for having 2 low limit cards? Both are now empty and my larger Vanquis and Aqua cards are around 20% utilization.

I wanted to check before I cancelled them as I was worried that by cancelling them my average account age would decrease which can cause an issue.

Willing2Learn

Unfortunately, your source of information is incorrect. Different limits do not effect how you are viewed by lenders. Anyway, a lender does not see your 'credit score'.

What you need to do, is to build a credit file full of evidence that you can successfully manage credit accounts. You can do this by using your credit cards for your normal budgeted monthly costs (such as groceries or travel expenses). Then pay off the card balances in full once you have received the monthly statement.

Edit: And welcome to the forum jlherbert44

[Deleted User]

Your score is made up so it doesn't matter. The points aren't real.

All cards help to build history, so keep them until you have three or four mainstream ones

Ben8282

No doubt you have read this nonsense somewhere, but it is nonsense.
Your score is meaningless. What you need to rebuild is your credit history.
It is correct of course that having higher credit limits looks better than having lower credit limits.
Curious about these cards with lower limits than Vanquis and Aqua. Who are they issued by?

[Deleted User]

Don’t cancel your cards purely on the basis of building a fictitious number.