Paying off credit card for good

samborastrat

I have had a lloyds tsb platinum card for around 10 years, the bank talked me into it when I was 18 - I have always earnt good money and have enjoyed a good standard of living and therefore been fortunate enough to make strong regular payments off the card. Including owing a massive 15k and paying it off.

The card has now risen back up to the 9k mark over the past 4-5 years.

I use the card regurlar but they recently wrote to me to inform me the interest was rising to an eye watering 28 pc and then on the next day sent me a letter to try to take a 12k loan!!!

This rate rise is for no apparent reason, I have never missed or made a late payment on the card! so this really frustrated me, infact I have banked with lloyds ever since i was 16 and have never been in an overdraft always kept a clean account with them i have had loans from them as well as my mortgage through C+G

I have the money in my current account to pay off the card in one swoop and fell like telling them to stick it where the sun dont shine!

Once its paid do I close the card, does this have any effect on my credit score, currently 998 through experian

Thanks Guys

jonesMUFCforever

Get a new card first would be my advice - or you could find yourself without a card with any decent limit.
If you had the money on an account why on earth have you not paid the card off??

MFWannabe

Martin always advises to pay off debts first before having savings. Or perhaps you could get a 0% card from another lender; some are doing 12 months 0% balance transfer at the moment; that way you could probably keep most of your savings and still have a card running for credit history purpose. Although there will be a balance transfer fee if you choose to do this. Either way then you could close the card account.
As many people on here will tell you Credit scores are meaningless; lenders have there own criteria for lending

samborastrat

Thanks for replies.

I am going to pay off the card, i have another open with virgin which has an 8k limit on so shall i close the lloyds one?

MFWannabe

Yes i would close the lloyds one; as you still have a card open with avaialable credit should you ever need it