Old Credit Card

OliverJames85

Hi Guys,

This is my first post, so first let me introduce myself, my names Oliver,a 26 year old guy from London, work in advertising..and pretty cautious when it comes to my finances/credit cards.

I have been using a Barclaycard classic for about 4/5 years, Barclaycard refused to upgrade me as i was a "current customer" to a platinum card with the lower interest,so i have taken a Lloyds Platinum card at 17.9 rather then the 19.9 i had through Barclays..
I do usually pay off in full every month, but for occational larger purchases i may pay off over several months, e.g. a 1500 pounds laptop i paid 500 a month for 3 months.
For every day spending i use an American Express Gold Card (No way im paying 450 a year for the Plat !)
Now i have recieved my Lloyds card, do i cancel the barclaycard, or do i keep this and make occasional small spends ? e.g. 10 quid a month or so, which is best for my credit score (My last check with Experian was around 980 i believe) I will be using the lloyds card for all spending where AMEX is not accepted and paying off in full each month..I just like to keep a credit card active for my score.

THanks In Advance,

Oli

BugsyBrowne

You can be declared bankrupt and have a score of 980 on experians imaginary scores.

OliverJames85

OK..thats not the main question though, i know my credit score is good due to being accepted by American Express, they are quite picky with their charge cards.
THe question was relating to whether it is better to keep the 2 CCs or cancel one ?

Regards,

LewisMeau500

Hi Oliver,

I would cancel the Barclaycard. That way in the future you can apply again should you need to. That's unless your going to the Olympics (Visa accepted only)

Also I can't understand why with such a good credit score you would go to Lloyds TSB when there are cards with 9.9% APR rates or even 12 month 0% purchases followed by 12.9% APR.

It kind of sounds like the word platinum made it better? They could call it the Prestige Elite Mastercard, it's still got a 17.9% rate and no rewards programme.

I'd keep the Lloyds card for a year and then switch to a card with a much lower rate and some kind of loyalty programme. Eg. Nationwide Select / Capital One Aspire