Will closing credit cards & current accounts increase or decrease my credit score?

Jlawson118

I know people say that credit scores don't really matter, but I'm somebody who follows mine and wants to keep it in check.

I'm 20 so I have limited credit history. I wanted a card that I could use abroad at no extra cost, and I was rejected for the Lloyds Avios one I wanted, and the next one suggested to me was the Aqua Advance card, and when I applied, they did accept me.

They gave me a credit limit of £300 and I used it for little things like lunch and paying it off at the end of the week, and a month or two later, Lloyds accepted me for their Avios with a limit of only £750, and I didn't really use the Aqua card. But Aqua upped my credit limit to £1050 as they monitored my spending.

But just recently, I've made some changes to my bank accounts just to tidy things up a little bit. I needed to borrow some money for a week, and so First Direct gave me a £1000 overdraft, and I've decided to move my Halifax and Lloyds Current accounts over to Barclays and just have two current accounts instead of three, and Barclays suggested Barclaycard, so I applied, got accepted with a credit limit of £3500. So I've thought about how to manage this and I thought I might as well close down the Aqua card.

Will closing this credit card affect my credit score in any way? And I currently have three current accounts, First Direct, Lloyds and Halifax and I want to merge Halifax and Lloyds into Barclays. I do want at least two accounts after a fraud incident once with one account left me without a penny.

Will these affect my score in any way? Good or bad?

Gaz83

You don't have a credit score.

[Deleted User]

Ignore your score, as it is meaningless.

Keep a couple of credit cards and a couple of bank accounts.

System

Doesn't the Lloyds one come with an annual fee but Barclays and Aqua don't?
Unless you are collecting Avios or need Amex, I would ditch it.

You can keep as many bank accounts as you wish but having at two unconnected providers is prudent - why don't you switch the Lloyds one to Halifax (for the £100) then switch Halifax to First Direct for their incentive?

Jlawson118

Heng_Leng wrote: »

Doesn't the Lloyds one come with an annual fee but Barclays and Aqua don't?
Unless you are collecting Avios or need Amex, I would ditch it.

You can keep as many bank accounts as you wish but having at two unconnected providers is prudent - why don't you switch the Lloyds one to Halifax (for the £100) then switch Halifax to First Direct for their incentive?

There is a fee with the Avios card although it's come in handy for use abroad, although saying that, I'm not sure if I will be travelling much now. I've earned quite a lot of Avios with it but you do need quite a lot to get flights and things with it so your idea of ditching it might be a good idea actually.

And I do own a Halifax account and got £100 for switching previously so I don't think I'd get it again, same with the First Direct one two years ago.