need advice on which accounts to close?

user1168934

I recently got Halifax Clarity which I intend to use for holidays etc ... but now I am thinking I have way too many credit cards and may be I should close some accounts. Also I have around £3000 on a 0% card which I will want to balance transfer at the end of the 0% period some time next year so I was thinking I might get new customer offers if I close some.
I would appreciate the advice on which ones to close. I have the following credit cards

1. Barclaycard - since 2009 - not used at all, balance is £10 in credit - long story.
2. Lloyds - since 2009 - use occassinally but pay in full each month.
3. Bank of Scotland - since 2012 - not used at all, balance is 0.
4. AMEX - since 2014 - currently on 0% offer until 2016
5. Halifax Clarity - since Feb 2015 - for holidays.

I am thinking I will close Barclaycard and Bank of Scotland now and then next year when my 0% offer on AMEX expires I will balance transfer to whatever offers are available at that time and then close AMEX too. How does that sound?

I have good credit limits on all cards. My available credit is around 50% of my yearly salary - getting worried I might not get more cards next year if I dont close some of the existing ones.
If I close Barclaycard and BOS my credit utilisation will still be less than 25% of available credit.

Clarity credit limit is way more than what I asked for or what I need. Should I ask them to reduce it? Is there any advantange in doing that?

Much appreciate your advice.

planteria

as providers, for the long-term, American Express and Barclaycard are the two i pick out of that list as being way ahead of the others.. but that is because i am all about Cashback and Repeat BT deals.

but it is really about works for you.

Lloyds, Halifax and BOS are all from the same 'stable', so arguably you could look to trim these down..

Deru

Halifax Clarity is good for holidays and foreign transaction so I say ditch Lloyds.

That Amex probably offers no cashback so I reckon that can go after the BT period. The Barclaycard may be good or not as I dunno what you've got. One of mine keeps offering BT deals and also gives me Freedom reward points. if you call to cancel yours, I wonder if they will offer you £50 to persuade you to stay? Depends on your history with them and type of card maybe.

user1168934

Normally I keep it really simple, I don't do balance transfers, just pay off everything at the end of the 0% period. I did the same with Bank of Scotland which is just sitting there now. But I recently bought a property and so I applied for AMEX so I can use it for the 0% period and save some cash and hopefully pay it off at the end with savings I will make - but I got some unforseen expenses and it looks like for the first time in my life I will have to do balance transfer.

AMEX does offer cashback but not too bothered about it.

I have had Lloyds for a long time, people seems to suggest on the forum to keep at least one credit card account active for a long time. It is the lloyds duo where I get a mastercard and an amex with AMEX points. It is also linked to my current account which I have maintained since 2006. I was thinking about keeping these to show long term financial commitment to lenders - it makes a good story to say I have had these for so and so years.

Barclays is the oldest card I have - older than lloyds - which is the only reason why I have kept it so long. They keep sending me all these balance tranfer offers but the credit limit is too low - its 1250 and has not changed since 2009 where as on all my other cards have between 6000 and 9000. To be fair I have never ever reached even half the limit of it so they probably have no reason to increase it. In therory I can ask them to increase it but I don't need it for now. I guess the question is do new customers on barclaycard get a better balance transfer rate than existing customers?

I think BOS can go immediately. 0% has ended, no cashbacks or points and not being used. It does have a credit limit of around 9000 but I don't really need it for now.

Is it a good idea to ask Halifax Clarity to reduce my credit limit?

20aday

user1168934 wrote: »

Normally I keep it really simple, I don't do balance transfers, just pay off everything at the end of the 0% period. I did the same with Bank of Scotland which is just sitting there now. But I recently bought a property and so I applied for AMEX so I can use it for the 0% period and save some cash and hopefully pay it off at the end with savings I will make - but I got some unforseen expenses and it looks like for the first time in my life I will have to do balance transfer.

AMEX does offer cashback but not too bothered about it.

I have had Lloyds for a long time, people seems to suggest on the forum to keep at least one credit card account active for a long time. It is the lloyds duo where I get a mastercard and an amex with AMEX points. It is also linked to my current account which I have maintained since 2006. I was thinking about keeping these to show long term financial commitment to lenders - it makes a good story to say I have had these for so and so years.

Barclays is the oldest card I have - older than lloyds - which is the only reason why I have kept it so long. They keep sending me all these balance tranfer offers but the credit limit is too low - its 1250 and has not changed since 2009 where as on all my other cards have between 6000 and 9000. To be fair I have never ever reached even half the limit of it so they probably have no reason to increase it. In therory I can ask them to increase it but I don't need it for now. I guess the question is do new customers on barclaycard get a better balance transfer rate than existing customers?

I think BOS can go immediately. 0% has ended, no cashbacks or points and not being used. It does have a credit limit of around 9000 but I don't really need it for now.

Is it a good idea to ask Halifax Clarity to reduce my credit limit?

You could try speaking to the Barclaycard Loyalty Unit on 0800 688 377 (M-F 8am-10pm S-S 8am-6pm) and say you are thinking of closing the account.

As Deru says posters on here have been offered £50 (and other amounts) to keep the account active.

From what you've posted I'd consider closing the Bank of Scotland account seeing as it's not offering you any incentives.

user1168934

I will speak with barclaycard, would be very happy to keep it active for £50 :-)

Yes you are correct about BOS. I have no incentives to keep using it, plus I do want to bring down the available credit so I can get another card next year. As I mentioned my available credit is already 50% of my earnigs and people have mentioned on the forum that credit card lenders tends not to lend over this figure.