We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Close Sub Prime Card?
GavL
Posts: 43 Forumite
in Credit cards
Hoping for some advise as toying with what to do.
Vanquis card taken out a few years ago as a 'credit builder' card - £3500 limit and no balance. As credit improved, my eligibility for 'high street' cards got better.
As well as Vanquis, I now have a Barclaycard Platimum with no balance and £1200 limit, and an M&S credit card with £5500 limit and £900 balance (interest free, was a BT offer).
I know that having available credit and not using is good for credit file, but is the sub prime element of the card a factor? Should I cancel Vanquis? I currently have it set up on pay in full DD for small monthly purchasing. Same as Barclaycard.
TIA
Vanquis card taken out a few years ago as a 'credit builder' card - £3500 limit and no balance. As credit improved, my eligibility for 'high street' cards got better.
As well as Vanquis, I now have a Barclaycard Platimum with no balance and £1200 limit, and an M&S credit card with £5500 limit and £900 balance (interest free, was a BT offer).
I know that having available credit and not using is good for credit file, but is the sub prime element of the card a factor? Should I cancel Vanquis? I currently have it set up on pay in full DD for small monthly purchasing. Same as Barclaycard.
TIA
0
Comments
-
If you only have the three, keep it.0
-
Lenders don't care about who you hold a card with (ie. sub-prime or not) only the limits and how well you manage the accounts. Personally, I'd keep it open and keep using it as you (presumably) have been to make a few small monthly purchases and pay it off in full.0
-
Yes, just the 3. Great, thanks. I don't intend to apply for anything anytime soon, I just wasn't sure if it was a factor as and when I do.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards