Just been accepted for a Post Office classic credit card?

williewonder

The limit is only £200 with 34.9 apr. I'm going to do my weekly shopping with it then pay off when statement comes.
I currently have a Vanquis credit card which I believe is around 59.9 apr. I don't use the Vanquis card much and now I have the Post Office credit card I am thinking about cancelling it. Is this a good idea?

I'm hoping to improve my worthiness and be accepted for the Post Office travel credit card and eventually a Nationwide Credit card who I bank with.

Do you think being pre-approved and accepted for a Post Office card (which is basically a Capital One card) is a upgrade from the Vanquis Card and do you think if I continue to manage my finances better I will be accepted for a better card?

Yahoo_Mail

williewonder said:

Do you think being pre-approved and accepted for a Post Office card (which is basically a Capital One card) is a upgrade 

No.

williewonder said:

and do you think if I continue to manage my finances better I will be accepted for a better card?

Probably.

blue.peter

I can't comment on the particular cards that you mention because I'm not familiar with them.

In general, I wouldn't cancel a credit card just because I'm not using it. It's generally thought a good idea to keep one's credit utilisation as low as possible - that is, to use as small a part of your total credit limit as possible. The more cards you have, the higher your total credit limit, and the easier it is to keep your utilisation down. If you pay off credit cards in full each month (which is recommended whenever possible) the interest rate won't matter. You won't be paying any interest. If you do keep the Vanquis card, you might like to keep it ticking over with a small purchase every month or two. Don't forget to pay it off in full each month, though.

Having said that, your phrasing seems to imply that your financial management isn't as good as it might be. If that implies that you'll end up running into debt if you keep the unusued card going, it might not be such a good idea.

You've mentioned an ambition to obtain a couple more credit cards. Don't apply for them too quickly: you'll look deperate for credit, which is counter-productive.

I assume that you're keeping an eye on your credit histories recorded with the various agencies. If not, it's a good idea to do so.

jet01

williewonder said:

The limit is only £200 with 34.9 apr. I'm going to do my weekly shopping with it then pay off when statement comes.
I currently have a Vanquis credit card which I believe is around 59.9 apr. I don't use the Vanquis card much and now I have the Post Office credit card I am thinking about cancelling it. Is this a good idea?

I'm hoping to improve my worthiness and be accepted for the Post Office travel credit card and eventually a Nationwide Credit card who I bank with.

Do you think being pre-approved and accepted for a Post Office card (which is basically a Capital One card) is a upgrade from the Vanquis Card and do you think if I continue to manage my finances better I will be accepted for a better card?

Although it’s rather hard to say if Capital One is an upgrade from Vanquis I personally would much prefer to be a customer of Capital One than Vanquis. Capital One, although not perfect, are a large multinational bank who have now chosen to concentrate on the sub prime market in the UK and they generally treat their customers fairly and behave ethically. Vanquis on the other hand are an wholly owned subsidiary of door step lender Provident Financial who have had several fines for questionable business practices over the years and since the collapse of the pay day loans market have struggled to make a profit. Only recently Vanquis, as you will find by searching previous threads on this board from a few months back, were forced to write off debts on some credit cards due to their unfair lending practices, so I would have little confidence that they would treat me fairly and would not want to be a customer unless they were my only option. 

Also surely an APR of 34.9% is preferable to 34.9% even if your intention now is to pay it off in full each month. And yes, if you manage your account well you will be accepted by more mainstream lenders in the future. However, resist the temptation to start applying for more cards too quickly as this increases the chance of being refused. 

[Deleted User]

jet01 said:

williewonder said:

The limit is only £200 with 34.9 apr. I'm going to do my weekly shopping with it then pay off when statement comes.
I currently have a Vanquis credit card which I believe is around 59.9 apr. I don't use the Vanquis card much and now I have the Post Office credit card I am thinking about cancelling it. Is this a good idea?

I'm hoping to improve my worthiness and be accepted for the Post Office travel credit card and eventually a Nationwide Credit card who I bank with.

Do you think being pre-approved and accepted for a Post Office card (which is basically a Capital One card) is a upgrade from the Vanquis Card and do you think if I continue to manage my finances better I will be accepted for a better card?

Also surely an APR of 34.9% is preferable to 34.9% 

Sounds like much of a muchness.

williewonder

I had email to register account online and was able to do it this morning, it showed me my balance. I'm unable to get online now on Post Office login as button won't process further. This is for Capital One card not Java. Is this normal?