Approved for Lloyds TSB Platinum Credit Card despite CPD. What should I do ?

PhenoM

Hi

I called up Lloyds today to get a new debit card as the current one's chip stopped working. After taking down the request, the guy told me I was eligible for a credit card. I was really surprised since I never had any offers whatsoever, and I did ask on a couple of occasions. I've been in the country for 1.5 years.

So I said yes, and he transferred me to the credit card department, and I was given a choice of either the Platinum card, or the Avios card. I chose the Platinum card, and the guy took me through the whole process, told me a credit check would be done and finally told me I was approved with a GBP 2000 limit. But she said Lloyds could not verify my identity and I had to go into the branch with my id.

So I went in today, and spoke to the manager there. He pulled up my account and told me any id verification wasn't required since I'm already a customer. But we got talking and he showed me the full internal details about my account.

My risk score with Lloyds is 1, which he said is really good and contributed towards my 17.9% APR. Then there was another score beside my mortgage eligibility, which is a G. I then saw a Credit Policy Decline on there, to be reviewed on the 14th of March. I was really shocked since I thought the only reason I got the card was because the CPD fell off. But he said it does not matter since I was now approved for a card and the branch can always appeal the CPD anyway.

So I signed the documents in the branch and then left, but not before he persuaded me to transfer a couple of direct debits back to Lloyds from First Direct, saying it will help to get the CPD marker off.

I've just checked my Lloyds account and the platinum credit card with a GBP 2000 limit is already showing up with the card number. I's also checked my Experian, Equifax and Callcredit and there is no check on there. What do you think I should do with my existing C(r)ap 1 and Aqua card. I do have a 16 month 0% balance transfer on the LTSB card, but I have 0 balance on my card and GBP 170 on my Aqua. The Cap1 is 11 months old and the Aqua around 8 months.

1. Will it look bad if I cancel the Cap1 and Aqua after running them for less than a year ?

2. Should I keep them open without using them at all ?

3. Should I cancel the Cap1 (who have never given me a limit increase) and just stick with Aqua (who increased my limit recently) ?

Also, the guy told me my limit on LTSB will be reviewed every 3-6 months. Is that correct ? What should I do to keep getting the increases ?

Sorry for the long post, but I wanted to be thorough. Would really appreciate your views.

Thanks a ton

thegoodman

Only you can answer your questions

simax

Well, all I can say is well done - you achieved the impossible. I closed my account yesterday after 4 years with them and they offered me jack. Back to NW and now got Platinum Visa with them (and cheque book which LTSB said I wasn't worthy of)

PhenoM

Guess I was lucky there, since I've run the account as usual. Actually, even less now that I use First Direct regularly, and have also transferred all my direct debits to FD, to get the joining bonus.

LTSB never offered me anything either, not even an account upgrade. And upon joining FD, they gave me an OD and offered me a credit card.

I was actually going to apply for a Sygma card in a couple of weeks once my Cap1 was a year old lol. Now if I only knew what to do with the remaining cards.