Should I Keep My Marbles Card?

debtfreehopeful99

I have a Marbles card from years ago when I was rebuilding my credit score. My score is now fab. Marbles just increased my credit limit to £2600. Even though my score is great and the credit limit isn't really low, I'm still a little concerned that lenders might percieve my Marbles card adversely as it's a known credit builder. I could get a new card and then ditch the Marbles one. However, the flip side is that I know lenders don't like to see average age of accounts being overly young. My plan might upset the balance. So, doing one thing thing to incease my attractiveness to lenders might actually affect it negatively in another way!!!!! If my Marbles card isn't an issue then I do nothing. If it is an issue....then what next? TIA

[Deleted User]

As always, it depends. If you have several other card, you could lose it, but there's little need. Lenders don't see the name of your credit card, so they have no idea it's a 'credit builder card'.

Disregard your fab credit score. It's not a factor in lending and not a reflection of anything useful. It'll drop with any changes you make, but it doesn't mean those changes are bad.

Lenders are looking at how you've managed your credit. The most important thing is to ensure you're clearing all your cards in full each month. Keep them all active to prevent dormancy.

[Deleted User]

You should always have multiple cards in case one goes down, ideally one each of MasterCard, Visa and/or AmEx to cover your bases. As above, other lenders don't see your card brand only that you have a card. You should keep using it and pay off in full every month, even if it's token amounts to keep the card active, regardless of whether you get a "better" card like a cashback one.

Congratulations on your fab score. Unfortunately it's completely worthless as no lender ever sees it, their decision on credit is based on their scoring system that you will never see, using the data on your file - hence keeping an older card active is a good idea.

If Marbles is your only card, getting another like a cashback / rewards one e.g. Nectar for Sainsbury's shoppers and use that for the most part. Ignore any dip in your fictitious score as a result of applying for another one

debtfreehopeful99

Great answers. Thanks guys.

laurajones81

Other banks don’t know the brand of card you have, they just see the bank name (many banks run all sorts of cards).

Personally, I would ditch it as it’s probably at a high APR anyway. You can get better cards now, ditch and switch.

[Deleted User]

laurajones81 said:

Other banks don’t know the brand of card you have, they just see the bank name (many banks run all sorts of cards).

Personally, I would ditch it as it’s probably at a high APR anyway. You can get better cards now, ditch and switch.

APR is irrelevant if using the card properly (spending and paying off in full every month)

Closing cards is rarely a good idea, they show long term stability and help you build a good credit history and having a backup is always good