Closing the oldest CC account? 14 December 2022 at 7:53PM edited 14 December 2022 at 8:06PM in Credit file & ratings 1 reply 154 views

mulevariations

Hi guys, so I've had the barclaycard forward roughly two years, now I want the Rewards card and they can upgrade it but my credit limit is still very low at £400 and will stay the same after trying twice for an increase. It would be a lot more beneficial to have 1K-1.5 limit, I utilize 40-60% and always pay in full by DD. It is my oldest account so I'm not sure how to proceed, either I might cancel the forward and apply for the rewards in 6 months or accept the switch and ask again for an increase in six months. What do you think? How much will it affect my credit report if I close the oldest account?

[Deleted User]

If they don't want to up your limit, I would upgrade the account - no guarantee you will get the card if you apply in six months, just as no guarantee it'll be a good limit. That said, I am guessing if your oldest card is only 2 years, have you had some issues in the past with getting credit? Or little credit history from not having much credit use? Can you perhaps get a SIM only or mobile contract and keep building credit history?

I would also check all your reports and make sure there is nothing untoward on them, use the free sites (Clear Score, Credit Karma, MSE Credit Club). 

If your oldest card is only 2 years, don't close it particularly if you only have 1 or 2 cards