Close Vanquis card or keep for backup?

Legacy_user
Legacy_user Posts: 0 Newbie
in Credit cards
Hiya, I have a Vanquis card since 2014 (my first credit card) with a £500 limit (think I’m due for an increase soon though as I’ve been clearing my card in full, and managing it well compared to the last few years I’ve had it...) Anyway, I’ve had a Capital One classic since 2016 (£200 limit) which I merged with the ocean card I had prior (also £200 limit) so closing the ocean card and making my limit £400. Today I was approved for a Capital One platinum card with a limit of £1250 at 26.40 apr which I merged with my classic card , making it a limit of £1650 at 26.40 apr. Is it advisable closing the Vanquis card, even though it’s the card I’ve had for longest? I’m aware it’s the highest interest... so I’m thinking of just keeping it ? May see what happens in the next few month in terms of an increase
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Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    You have very small limits and a thin file. Keep it for now.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    I agree . Thank you. No harm in keeping it :)
  • T-G-C
    T-G-C Posts: 591 Forumite
    First Post
    How come the limits are so small, when the accounts have been opened for 2 years, have you been maxing them out month by month or defaulting? I opened a Vanquis account in August 2017 and was increased from £250 to £1000 within 8 months. Capital One were more reluctant, however I opened 3 cards and merged them, totaling a £600 limit. Still small, but I only turned 18 in July last year, so I've made good progress. I am genuinely interested in the lack of increases, perhaps you were simply unlucky?
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Heya. Those were just the limits I was offered really. I haven’t defaulted no, but they had been maxed out for a large period yes. I’ve noticed now that I’ve started paying down certain debts significantly that I’ve been getting more offers on cards... which makes sense. I do kinda say in my OP that I’ve been managing my card/s better. Although say that I did have an Aqua and Marbles card previously and received an increase with Marbles quite early on, however , a few months after both aqua and marbles said they’d be increasing my interest rate, so I paid off and closed them. So I think it’s a mixture of luck and management? But things are generally picking up for me and my finances and my credit file and I think it’s set to stay that way now it’s more of a priority for me now and I’ve had my LBM :)
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Sweetcake wrote: »
    Yeah, I've read that that can happen with Vanquis... that's weird... So what did you do in the end, and what do you think I should do? Tbh I was always intending to keep the card, regardless, unless they send me a letter increasing my interest rate.

    I've read the world is flat. Who'd have thought...

    You shouldn't believe everything you read, especially when it's written by someone who's relying on vague memories of something from several years ago that didn't happen.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    SnowTiger wrote: »
    I've read the world is flat. Who'd have thought...

    You shouldn't believe everything you read, especially when it's written by someone who's relying on vague memories of something from several years ago that didn't happen.


    Erm relax. I simply stated, I've read a few cases where that's happened with people, nowhere did I say that was going to influence my choice, which I've already made my mind up about if you read properly. Bye now. Stop looking for trouble.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    I’ve decided I will be closing the Vanquis.
  • Craig1981
    Craig1981 Posts: 769 Forumite
    First Anniversary
    myself and my wife have had Vanquis since 2011 and Aqua since 2012 - limites £3k and £4k. we have not used them over the last 2 years. every 6 months or so a small purchase and paid in full immediately to keep it active.

    never have i paid any random £1 charges for inactivity for any of the cards. Aqua do advise that after 4 months of no use, card becomes dormant (not inactive), and from month 7 without use, they would start to decrease your limit.

    if you owe nothing on vanquis, i would leave it open and only use it once every 4-5 months to keep it active, as ZX81 has also suggested. there is no harm in doing so, and then becomes a long standing creditor on your file
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Haha I keep changing my mind, but I’ll be keeping it. But won’t the available credit I have affect how much I can borrow when it’s time for a mortgage?
  • jimbo26
    jimbo26 Posts: 954 Forumite
    Name Dropper First Post First Anniversary
    Sweetcake wrote: »
    Haha I keep changing my mind, but I’ll be keeping it. But won’t the available credit I have affect how much I can borrow when it’s time for a mortgage?

    I don't think an extra £500 available credit will make a huge difference, if any at all.
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