Should I close out a credit card? Which one?

Vwflyer

I am interested in maintaining a good credit score and getting rid of unnecessary cards. 

Current Cards:
HSBC (9k limit) - 0% - opened Nov 2023 - currently on track to clear the balance prior to the 0% ending.  
Amex Platinum (22k limit) - cleared monthly - Up for renewal in Feb 2025 but will likely cancel as only opened for the welcome bonus.  Plan to transfer points to virgin flying club and apply for a virgin credit card.
Lloyds CC (2k limit) - had it for 18 years and never use it.

Unsecured personal loan of 15k taken out with santander this year for vehicle purchase.
Also have mortgage with Santander.

I am planning to close the Amex card in the new year, perhaps the Lloyds card too?

Should I do this before I apply for the Virgin card too ensure I do not have too much available credit?
Or should I just ask Amex to lower the limit?

Thanks

Hoenir

Lloyds may well close your account at some point due to inactivity. Might as well close it now. 

Newbie_John

Why do you bother with credit score? It's just imaginary number that no banks really care about.
What banks care about while giving you mortgage is your age and salary, then they may have a look and see if you have had any missed payments, or what's your total debt to pay on credit cards..

If you play sign up bonus points game then continue and ignore credit score - it goes down each time you close or open credit card but again - this really means nothing.
If not, and you dont use these cards - close them all.

Brie

The less credit you have available the less of a risk you are for whatever bank you might apply to next for another card.

You might reduce the AMEX limit unless you use a lot of it regularly.  But definitely get rid of the Lloyds.  That will make another from that banking group more likely to offer you another 0% deal should you want one at some point.

Brie

Oh but make sure you have at least 2 cards - just in case of something.

Vwflyer

Thanks everyone for your comments so far.  I guess credit score fluctuation doesn’t matter too much as I’ve just fixed my mortgage for another 5 years anyway, so the only applications I’ll be making in the next 5 years is going to be for credit card points offers.

Brie

Vwflyer said:

Thanks everyone for your comments so far.  I guess credit score fluctuation doesn’t matter too much as I’ve just fixed my mortgage for another 5 years anyway, so the only applications I’ll be making in the next 5 years is going to be for credit card points offers.

Credit scores never matter.  Except to the companies that get people to pay for this service.  Your bank/cards/insurance companies, no one, looks at the credit score.  They look at the credit history.  Keep that tidy and you'll be fine.

Mark_d

Not sure why you've kept your Lloyds card.  Sounds like this should be the first to go.

Thinking about the Amex - how much do you spend each year and what credit card benefits do you want?  If you do a lot of flights then perhaps get a BA Premium Plus Amex, an Avios Barclaycard to use here Amex is not accepted, and a Halifax Clarity card for foreign spending.

Amex Platinum is really nice to have even if you generally don't spend on it.  You get the money-off dining at the Ivy, the travel insurance, the lounge access at airports and Eurostar...

lr1277

Be careful about Amex Plat medical cover. It does not cover pre-existing conditions. I have read Amex do what they can to not pay out on medical claims especially where there are pre-existing conditions.
Also:
!) the insurance provider is changing in 2025 so the policy might change
2) I read recently Amex are going to either offer a separate medical policy for you to buy
or
2) you can pay extra for pre-existing conditions. 

Sorry not sure which. Awaiting further details.
If you are interested in keeping your Amex Plat, have a read of the Head for Points website. They have many articles and forum thread about Amex.