Lloyds TSB won’t upgrade my cash-card account forever.

Tazer1

I have had my Lloyds TSB cash card account for about 6 years. Now TSB. I transferred my salary and direct debits onto this account about 2 years ago. No missed direct debits, not over drawn or anything. This account has been in good standing.

I’ve always wanted to upgrade this account to at least a classic account. After speaking to afew departments, finally was told that I could not ever upgrade it as I have a marker on my file. This was due to me having another Lloyds TSB account in 2000 which went into default and had to pay the amount left, which they say I did for 4 months then stopped. They then passed it to the debt recovery agency.

They have advised due to this I cannot ever upgrade my account and will have to stick to this cash card account forever. I also have full current account with Barclays, Santander and NatWest for the last 2 years and am thinking of moving everything to either one of them.

Would it be wise of me to close my TSB account and move to another bank I have? As my Lloyds TSB account is the oldest account I have, 6 years. Or should I keep it for the sake of my credit file, as its reporting greens and move to another bank.
Maybe if I close it and reapply after say afew years they may offer me a full classic account?

Any info appreciated.

eskbanker

You must have your own reasons but to the outsider I have to say it seems pretty baffling that you're pining for a Lloyds account that they've said you can't have, when you already have several other full current accounts with other banks! What's the big appeal of the Lloyds classic account?

rb10

When you have a full current account at Santander*, why are you so desperate to have a TSB one too?

If they won't give what you want, just close it.

Some will say it's a good idea to leave it open, as it may help your credit report. My experience is that the age of your current account has very little impact, if any, on credit scoring systems.

* I know you say you've also got Natwest and Barclays accounts, but I'm assuming you wouldn't switch to them, given their poor products...

Tazer1

eskbanker wrote: »

You must have your own reasons but to the outsider I have to say it seems pretty baffling that you're pining for a Lloyds account that they've said you can't have, when you already have several other full current accounts with other banks! What's the big appeal of the Lloyds classic account?

I thought if i could have a classic account then my rating would improve with the bank for future reasons, such as credit card, mortgage or a loan, if i need in the future. Thats the only reason.

The other reason was because its my oldest account, and to close it would probably effect my credit rating.

Tazer1

rb10 wrote: »

When you have a full current account at Santander*, why are you so desperate to have a TSB one too?

If they won't give what you want, just close it.

Some will say it's a good idea to leave it open, as it may help your credit report. My experience is that the age of your current account has very little impact, if any, on credit scoring systems.

* I know you say you've also got Natwest and Barclays accounts, but I'm assuming you wouldn't switch to them, given their poor products...

As the reason given above, to improve my rating for the future with the bank. As all of my family bank with TSB and have credit cards and loans/mortgages with them. Im the only one stuck with a cash card account, due to my own fault, but that was in 2000.

As youve said the age of the account doesnt have any real impact, if thats the case then i guess its wise to close it down.

Not really looked in detail of the Natwest or Barclays products but i do have a full current accounts with them.

TSB have said i cannot upgrade the account EVER!!! This stands for life. I will be moving accounts, Question is to close the TSB account or keep it open and not use it simply for the credit file greens?

rb10

Tazer1 wrote: »

I thought if i could have a classic account then my rating would improve with the bank for future reasons, such as credit card, mortgage or a loan, if i need in the future. Thats the only reason.

The other reason was because its my oldest account, and to close it would probably effect my credit rating.

To be honest, neither of those reasons is particularly likely to hold true. Just use the Santander account.

Tazer1

rb10 wrote: »

To be honest, neither of those reasons is particularly likely to hold true. Just use the Santander account.

yes. And close the TSB account or keep it open?

rb10

Tazer1 wrote: »

yes. And close the TSB account or keep it open?

Up to you.

It's unlikely to give you any benefit.

If you do leave it open, just don't forget about it, and remember to check it every now and then.

stclair

Leave it open so when you make future application for anything.

When you answer the question how long you had your bank account you can put 6 years etc.

Oli.s

If there telling you they will never upgrade your account then I would suggest they aren't ever going to give you a credit card or loan either so keeping the account open with a view to trying to get either of these in the future is almost certainly a waste of time.

Tazer1

The only reason i thought id close it, was to maybe reapply in say 3-4 years time, maybe from a new address when i move in the future, and hope that they offer a classic account? And then at least id have access to a range of products from then.

Do you think this can work?