Does who you hold a CC with have an impact

in Credit Cards
16 replies 1.1K views
I have to confess to holding a Vanquis card ( which I pay in full every month ) as it was all I could get once I had rehabilitated myself after financial difficulties a number of years ago.

When lenders look at your credit file, do they take into consideration * who * you hold accounts with? Does having a Vanquis card set off alarm bells? 

I ask because I want to apply for a mainstream card again but wonder if I should close the Vanquis card first. 
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  • jonesMUFCforeverjonesMUFCforever Forumite
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    Your credit ''history'' is what potential lenders look at rather than who you have a card with.
    A lot of green ticks against that Vanquis card will hold you in good fettle.
    I would not close your existing card - always handy to have a spare card just in case.
  • FingerbobsFingerbobs Forumite
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    In my experience, it makes no difference at all. I've held a few "poor credit" type cards over the years (Aqua, Capital One, Luma, Marbles) for their perks, some with ridiculously low limits, and have never been refused credit.
  • blue.peterblue.peter Forumite
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    I would not close your existing card - always handy to have a spare card just in case.
    Agreed. Also, it might be helpful to have both a MasterCard and a Visa in your wallet in case one has an IT failure when you want to buy something. Then you've got a backup. I'm not sure, but think that your Vanquis card will be a Visa. If so, I suggest trying to get a MasterCard when you go for your "mainstream" card.

    And if you do keep the Vanquis, it'd be desirable to keep it active by making an occasional purchase on it. If you don't, Vanquis will eventually mark it as "dormant", and, after a while, either cancel it or not renew it.

  • Alex9384Alex9384 Forumite
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    In my experience, it makes no difference at all. I've held a few "poor credit" type cards over the years (Aqua, Capital One, Luma, Marbles) for their perks, some with ridiculously low limits, and have never been refused credit.

    I think it's not only about being approved or declined.  It's also about getting lower APR and higher limits.
    You can be approved for a new product but get a higher APR or a lower limit if your history is "not good enough".
  • funkycreditfunkycredit Forumite
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    A provider cannot see who issues you credit. All they see in the sharing feeds is account type, balance, special rate, payments & limit history. Basically it's unidentifiable. 

    That said, it's not hard to work out if an underwriter sees a card with a £250 limit; that it's a credit builder account whereas a card with a promo rate and higher limit isn't. 
  • edited 29 December 2020 at 3:06PM
    sleepyjonessleepyjones Forumite
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    edited 29 December 2020 at 3:06PM
    How do lenders know if you've had a payday loan then if they can't see who the creditor is?
    Are they listed differently to "normal" loans?
  • adamp87adamp87 Forumite
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    How do lenders know if you've had a payday loan then if they can't see who the creditor is?
    Are they listed differently to "normal" loans?
    If I recall correctly each item on your report has a separate code to identify overdraft/card/loan might be that.

    Alternatively, the amount and length of payment will make it obvious. A proper loan would be for ££££'s across a year or more, a PDL will be £100-£1500 mostly across a few months.
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  • edited 29 December 2020 at 4:39PM
    sleepyjonessleepyjones Forumite
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    edited 29 December 2020 at 4:39PM
    hmm ok,  I had finance recently for a new sofa and paid it all back within 3 months as it was interest free if you pay it back within 15 weeks.  Now I'm wondering if that'll look bad on my file, but not trying to hijack this post,  was just curious.
  • adamp87adamp87 Forumite
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    hmm ok,  I had finance recently for a new sofa and paid it all back within 3 months as it was interest free if you pay it back within 15 weeks.  Now I'm wondering if that'll look bad on my file, but not trying to hijack this post,  was just curious.

    Doing some digging it seems the type of loan is recorded so people would be able to see if a PDL loan was a PDL loan. So no worries there for you
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