Santander 123 - Getting rid

john2054

this isn't true. not at all.

Whilst lenders don't see the same score as you, they do see enough information to determine their own score. And age of bank accounts, and credit cards, is part of this.

Whilst it is true that closing an account prematurely, isn't the end of the world, and after 6/10 years the records are wiped, it is generally speaking worth keeping a card open and dormant, rather than closing it just for the hell of it.

I don't know about the account in question, and i generally make a point of only opening cards with no regular fees, but you may consider asking the bank, to swap it for a basic card, which doesn't charge a fee, rather than closing it so soon.

Experian provide good information about card ages, on their credit report service. Please note everyone in the uk with a credit card, has a credit report, with the three main credit agencies, experian equifax and call credit, whether they choose to access them, or not!

bspm

tommysaver wrote: »

Hi all,

Anyone else getting rid now they have slashed the rates?

I used to have a Barclays card which I took out for a holiday deposit and NEVER used in about 1.5 years,

Then I got this one and have been using it every month and paying off in full, making money on it. Made about £140 since I had it.

No point in it now though - my question is, how will this look to cancel a card and maybe re-open another one somewhere that can offer a better deal?

I have never checked my credit score in my life as I have never needed to, and don't plan on it. Could it be negative?

Thanks!

When the interest rates were higher early last year we had three 123 accounts, each one contained the maximum of £20,000 and paid us £150 per month interest, worth keeping them at the time.

When the rates changed we closed two of them and opened bank accounts elsewhere, taking advantage of either the £150 for 'switching' banks, the 5 or 6% interest on a fixed amount of £5000 and even opening one of their credit cards that paid you £25 back (credited to your current account) when you spent £25.

We have kept one 123 current account with Santander, the £5 fee is almost covered with direct debits so we still get a little interest, although we have not left £20.000 in there, interest is way too low.

I close and open bank accounts often, never had any problems doing so.

Cinderella*

Best Credit Card

daveyjp

bspm wrote: »

When the interest rates were higher early last year we had three 123 accounts, each one contained the maximum of £20,000 and paid us £150 per month interest, worth keeping them at the time.

When the rates changed we closed two of them and opened bank accounts elsewhere, taking advantage of either the £150 for 'switching' banks, the 5 or 6% interest on a fixed amount of £5000 and even opening one of their credit cards that paid you £25 back (credited to your current account) when you spent £25.

We have kept one 123 current account with Santander, the £5 fee is almost covered with direct debits so we still get a little interest, although we have not left £20.000 in there, interest is way too low.

I close and open bank accounts often, never had any problems doing so.

Lovely story, except this thread is about the 123 credit card.

Marchitiello

venison wrote: »

Your credit SCORE means nothing, lenders NEVER see it, if you no longer want/need a cc then close it before you open a new one or after if you prefer it should make little difference as long as you don't have more than 50% of your income as available credit

I am not sure on what you base this statement on. I have had 100 to 120% of my salary in "available credit" and still got new cards. I think it depend on your history and spending pattern

bspm

daveyjp wrote: »

Lovely story, except this thread is about the 123 credit card.

OOps

Lol, sorry, just saw 123 and assumed it was the current account.