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    • mad-dan
    • By mad-dan 13th Jun 17, 9:37 PM
    • 5Posts
    • 0Thanks
    cancelling credit card, or not???
    • #1
    • 13th Jun 17, 9:37 PM
    cancelling credit card, or not??? 13th Jun 17 at 9:37 PM
    Not sure if I'm asking in the correct place or not, and this may be a bit of a long winded post, but i've searched and cant find a answer to anyone in my circumstances.

    OK, i had a very poor credit rating and needed to improve it, so I applied for vanquis card and was accepted, I used the card and kept my payments up and slowly watched my credit score improve, my current credit limit is 2250 (from 500 starting)

    So I applied for a aqua card as it was still a poor credit score card, but had a better rate, i was now using both cards and making my payments on time.. (current limit 1500 up from 600)

    Eventually my score looked good enough to apply for a bank lone (which is all I wanted anyway) I asked my bank and was accepted.

    a few weeks ago I received a phone call from my bank asking me to call in, spoke to an adviser who told me when I applied for my lone, they noticed I had a vanquis card with a rubbish interest rate, and asked if I would like one of their cards to transfer my balance onto, so I said yes, and they gave me one with a 3600 limit

    so my vanquis card now has a zero balance (600 on my aqua and 800 on my HSBC card)
    In a few months time when I've cleared my card balance I will be looking to apply for car finance and I'm wondering if I would be best closing my vanquish account seen as I will never be using it again, or should I just leave it open.

    I'm just after finding out which would have the best impact on my credit score, lots of available credit that isnt been used, or an extra closed account that was settled in full.

    sorry for the long post, hoping someone can offer some advice please.

Page 1
    • zx81
    • By zx81 13th Jun 17, 9:45 PM
    • 16,855 Posts
    • 17,873 Thanks
    • #2
    • 13th Jun 17, 9:45 PM
    • #2
    • 13th Jun 17, 9:45 PM
    Always have at least a couple of cards. The Vanquis limit won't be causing you any harm. But if you're a happy with just the two, then close it.

    Ignore any impact on your score either way. That will fluctuate more in line with the weather than your credit worthiness You're just looking to present yourself as a safe bet to other lenders.
    • mad-dan
    • By mad-dan 13th Jun 17, 9:53 PM
    • 5 Posts
    • 0 Thanks
    • #3
    • 13th Jun 17, 9:53 PM
    • #3
    • 13th Jun 17, 9:53 PM
    yeh the aqua and vanquis were just an attempt to repair a couple of defaults from 6 or so years ago following a unexpected redundancy, which are now no longer showing on my report.

    I set-up a direct debit for the minimum payment amount just to make sure i never missed a payment, but then always paid extra, most months clearing the balance, and they seem to of done the job.

    My hsbc card actually has a decent rate, so i'm happy with that, the aqua rate is pants, but a mile better than the vanquis, if leaving the vanquis card active wont have any negative effect, i'm happy to just leave it open, it could be handy if i ever need to flea the country lol..

    Thanks for the speedy response.
    • Chrysalis
    • By Chrysalis 14th Jun 17, 7:34 AM
    • 2,214 Posts
    • 1,056 Thanks
    • #4
    • 14th Jun 17, 7:34 AM
    • #4
    • 14th Jun 17, 7:34 AM
    the vanquis is your oldest card so I would keep it, as its the longest credit financial relationship on your credit file.

    if you dont need the aqua then by all means cancel that.

    also not to mention even sub prime credit cards give you 0% interest when paid before end of next statement.
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