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    • kvothe
    • By kvothe 26th Sep 16, 8:27 AM
    • 5Posts
    • 1Thanks
    kvothe
    First Credit Card - Virgin Money
    • #1
    • 26th Sep 16, 8:27 AM
    First Credit Card - Virgin Money 26th Sep 16 at 8:27 AM
    I've had my virgin money all round credit card approved over the weekend. I had a 95% chance of acceptance using the eligibility checker.
    This is my first Credit Card so I was wondering what are the best tips to boost credit history.

    I'm looking to use the 0% on purchases and I understand I need to make the minimum payment monthly and pay it off before the end of 25 months offer term.
    I've also read about the minimum payment marker.

    So what's the best way to go about this?
    I don't want to pay the whole amount every month because it defeats the purpose of the 0% on purchases.

    I've also recently taken out a 5 year loan, which I'll be looking to repay within 12-18 months. So I'm pretty good with managing my finances.

    Appreciate any help!
Page 1
    • zx81
    • By zx81 26th Sep 16, 8:31 AM
    • 9,372 Posts
    • 9,208 Thanks
    zx81
    • #2
    • 26th Sep 16, 8:31 AM
    • #2
    • 26th Sep 16, 8:31 AM
    The minimum payment will almost certainly be 1% of your balance, plus any fees and interest. But check your t&cs to ensure it is not anything higher (it won't be less).
    • kvothe
    • By kvothe 26th Sep 16, 8:35 AM
    • 5 Posts
    • 1 Thanks
    kvothe
    • #3
    • 26th Sep 16, 8:35 AM
    • #3
    • 26th Sep 16, 8:35 AM
    So, if I were to set up a direct debt of a few % over the minimum payment. I can avoid the minimum payment marker?
    • zx81
    • By zx81 26th Sep 16, 8:37 AM
    • 9,372 Posts
    • 9,208 Thanks
    zx81
    • #4
    • 26th Sep 16, 8:37 AM
    • #4
    • 26th Sep 16, 8:37 AM
    You can, but there is no need on a promo, as there is a flag to state it is a promo offer, so the payment marker is generally ignored.
    • cooltt
    • By cooltt 26th Sep 16, 5:23 PM
    • 476 Posts
    • 233 Thanks
    cooltt
    • #5
    • 26th Sep 16, 5:23 PM
    • #5
    • 26th Sep 16, 5:23 PM
    You can, but there is no need on a promo, as there is a flag to state it is a promo offer, so the payment marker is generally ignored.
    Originally posted by zx81
    Exactly right.

    The MPM has been totally over hyped, a bit of an urban myth if you will. The monthly payment amount on your file is practically irrelevant when lending searches are made. For obvious reasons the payment being made ON TIME is the part of the account which is assessed.
    • alice_gal
    • By alice_gal 13th Oct 16, 10:26 AM
    • 3 Posts
    • 1 Thanks
    alice_gal
    • #6
    • 13th Oct 16, 10:26 AM
    • #6
    • 13th Oct 16, 10:26 AM
    Hi kvothe,

    Apologies to jump on your post but I wondered if you could tell me how long it took for your Virgin Money credit card application to be processed and approved?

    Thanks!
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