Upgrading with lloyds help!

mothersuperior

Hi guys, let me outline what accounts i have and their status before i rattle on...

Lloyds Under 19's account, which i am going to upgrade next week, since i am 18 on Sunday.

Natwest: Card plus ( Has a few pence left in it, hasn't been touched since i moved to lloyds 2 years ago) Current plus, never been used.

HSBC, one of their crap younger accounts, never been used

A&L, applyed for the Premier 21, got it!! But failed to send in the passport e.t.c!

Halifax, two savings accounts just open.

Right tomorrow, i am gonna cancel the HSBC account and shut down both of the natwest accounts. I might ask to keep the current plus, ask for an upgrade to the service card and keep an emergency tenner in there.

With lloyds, i am going into upgrade to the classic account.

Now my questions!!

Should i upgrade the lloyds account seeing as i can keep it a child account for more year with a better interest rate, and no chance of going overdrawn.
Seeing as i doubt they will offer me much of an overdraft?

Will the three dormant accounts i have effect my credit rating?

Also on to credit cards. I would like one ( not too go crazy on) See as the rate on the two i would like are better than the overdraft rate.

The two i would like/have no chance of getting is either the lloyds platnium card, seeing as i have been there for two years, i hope they would give me a tiny slight advantage. Or the HSBC credit card with the 12 months interest free purchases it has. My freind who turned 18 got one at the drop of a hat.

So what do you guys suggest??

Many thanks
James

jonesMUFCforever

They will probably upgrade you to classic/silver account without the overdraft facility until you build up a credit rating.
I do not see them offering you a credit card to begin with.

Your credit rating will only improve if you have monies coming into the account on a weekly or monthly basis.
Keep your nose clean for the first 3 months and things should change.

System

mothersuperior wrote: »

Hi guys, let me outline what accounts i have and their status before i rattle on...

Lloyds Under 19's account, which i am going to upgrade next week, since i am 18 on Sunday.

Natwest: Card plus ( Has a few pence left in it, hasn't been touched since i moved to lloyds 2 years ago) Current plus, never been used.

HSBC, one of their crap younger accounts, never been used

A&L, applyed for the Premier 21, got it!! But failed to send in the passport e.t.c!

Halifax, two savings accounts just open.

Right tomorrow, i am gonna cancel the HSBC account and shut down both of the natwest accounts. I might ask to keep the current plus, ask for an upgrade to the service card and keep an emergency tenner in there.

With lloyds, i am going into upgrade to the classic account.

Now my questions!!

Should i upgrade the lloyds account seeing as i can keep it a child account for more year with a better interest rate, and no chance of going overdrawn.
Seeing as i doubt they will offer me much of an overdraft?

Will the three dormant accounts i have effect my credit rating?

Also on to credit cards. I would like one ( not too go crazy on) See as the rate on the two i would like are better than the overdraft rate.

The two i would like/have no chance of getting is either the lloyds platnium card, seeing as i have been there for two years, i hope they would give me a tiny slight advantage. Or the HSBC credit card with the 12 months interest free purchases it has. My freind who turned 18 got one at the drop of a hat.

So what do you guys suggest??

Many thanks
James

Wow, lots of things going on there!

Unless you've got £1000 to pay into your LTSB account each month, I would try to stick with the under 19's account as long as you can.

As for the other accounts, they don't seem to be worth keeping. Plus, if you haven't being paying funds into them, they probably won't upgrade you from Solo.

MUF/ejones will probably know best, but if you've been paying funds into LTSB they are the most likely to give you a credit card. The Advance Credit Card is probably your best bet - Its got 6 months interest free on purchases for 6 months, then you can swap your type to duo or platinum, but you'll keep the 11.9% rate

P.S Happy Birthday :beer:

mrmajika

Heng_Leng wrote: »

The Advance Credit Card is probably your best bet - Its got 6 months interest free on purchases for 6 months, then you can swap your type to duo or platinum, but you'll keep the 11.9% rate

Advance is good for the introductory offer of 6 months on purchases, but after that there is no 'up to 56 days interest free' which is largely the norm.

The card would also more than likely increase to around 15.9% once upgraded from Advance to another LTSB card.

mothersuperior

Hi guys. Right i have it worked out now!
I now have three accounts
One A&L
One HSBC
And my main lloyds one.

I have worked out, that the rate of the current account with A&L is higher than any cash isa or any savings account. So to get arround the 250 pounds a month clause. So i set up a SO so that i send in 250 pounds at the start of the month then take 200 back leaving 50 pounds to be saved in there. Not only will i have good acess to the money once i start putting over 100 a month in a 100 or so pounds by the end of the year should be mine!

The HSBC account which i am upgrading to a full account will recieve 50 pounds a month then taken out the next day back to lloyds keeping it active. I plan to leave 20 pounds emergency funing in this accoutn incase i ever shock never lose my wallet i'll keep the card elsewhere on me.

For lloyds, i am going to a meeting with them next week to keep my account an under 19 one for another year, UNLESS they won't offer me a credit card. I find it unlikely for them to reject me as i have put through quite a few thousand pounds through the account over the past two years.

If they don't i'll switch to the classic and try and get a nice overdraft. Nothing too big but nothing too small.

The advance does look good, so i am going to ask them if i can apply for that when i go. I know their goign to try and force me over the classic account, but i want to know about the credit card situation first. It only makes me a few pence a year extra anyway, and i doubt the money i put in ever makes interest because i generally carry cash alot.

Anyway, i'll deffo pop in and ask about the advance, then after 6 months get the duo. I'll be paying half off the ammount a month. Always keeping an eye on it, so i wouldn't mind the duo as i like the benifits it can offer. But i'll start with the advance first!!

Many thanks guys

Any more advice??


James