Get rid of old card before applying for new?
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BarGin
Posts: 951 Forumite
in Credit cards
I have 2 credit cards – Halifax Clarity and TSB both with approx. £6,000 limit. They are both cleared every month. I would like to get a purchases card in order to leave my money in the bank for longer such as the Virgin Money card with 30 months interest free. I applied for a Sainsbury's card last year and they only offered me a £1,000 limit which I declined.
Would I stand a better chance of getting a new card with a higher limit if I were to close the TSB card first? I would like to keep the Halifax card for use abroad.
Would I stand a better chance of getting a new card with a higher limit if I were to close the TSB card first? I would like to keep the Halifax card for use abroad.
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Comments
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I would keep both unless your income is particularly low.0
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There's no guarantee if you close one account you'll be able to get the other. I would try an application before you go closing any other accounts. The limits are not excessive.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
You could unethically report higher earnings, but obviously, that's cheating a system that's built to beat you. I'd say to keep that credit account open, shred the card, take it off your Apple Pay lol, then exercise a little patience. I'd think you would want to leave the account open since it's allowing you to establish a longer credit history, so open the card with Sainsbury then give them a call after your first months bill with exactly what you said here. Elsewhere your limit is A and you feel based on XYZ that your limit here should match that.0
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Thanks for the suggestions. The limiting factor is obviously my income which is not much more that the state pension but I have savings that I like to maximise. I will apply for the Virgin Money card and see how I get on.0
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Let us know how you get on.
Do not follow the advice in #4 though - it will lead to a cat3 CIFAS marker. It's not worth lying about your income.
https://www.uk.equifax.com/publicsectorgateway/webapp/online-help/CIFAS.htmI’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0
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