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  • FIRST POST
    • Chrysalis
    • By Chrysalis 8th Nov 17, 11:01 AM
    • 2,079Posts
    • 953Thanks
    Chrysalis
    rates rise and affect on 0% cards
    • #1
    • 8th Nov 17, 11:01 AM
    rates rise and affect on 0% cards 8th Nov 17 at 11:01 AM
    Just a warning guys but I think the criteria is been tightened up, I seen the MSE article about the rates rise, so I applied for a new 0% card just in case the duration's plummet in future.

    Now I have never previously applied for a MBNA card so its possible that they have always been more strict, but I didnt get the card I applied for and they didnt even do a credit file search, I just declined the card they offered me so it didnt get that far, they offered me 18 months instead of 38, simply based on my address, phone number and employment details but no credit check.

    I also noticed barclays have stopped emailing me new offers, however I just logged in and there is still active offers been sent to me from them, in addition tesco sent me balance transfer offers to my purchase card with them. Virgin money are also still sending me offers, so I am in still in a position to rotate balances on existing cards, with these new offers.

    I rang tesco to see if they could add a deal to my unused card, but they pretty much told me to cancel and reapply as a new customer as the offers wont be better than what was sent to my purchases card so I have done that, and will apply for a BT card from tesco in january to see if I get the best terms.
    Last edited by Chrysalis; 08-11-2017 at 11:03 AM.
Page 1
    • zx81
    • By zx81 8th Nov 17, 11:05 AM
    • 14,384 Posts
    • 15,172 Thanks
    zx81
    • #2
    • 8th Nov 17, 11:05 AM
    • #2
    • 8th Nov 17, 11:05 AM

    Now I have never previously applied for a MBNA card so its possible that they have always been more strict, but I didnt get the card I applied for and they didnt even do a credit file search, I just declined the card they offered me so it didnt get that far, they offered me 18 months instead of 38, simply based on my address, phone number and employment details but no credit check.
    Originally posted by Chrysalis
    Did you check all three files (bearing in mind they may not have updated yet, until you next reports?)?

    It would be very unusual for you to be offered a card without one.
    • StopIt
    • By StopIt 8th Nov 17, 11:08 AM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    • #3
    • 8th Nov 17, 11:08 AM
    • #3
    • 8th Nov 17, 11:08 AM
    It's not just the rate rise at play here.


    The BoE recently told the entire CC industry to tighten up their criteria, for fears of overlending.


    See here: http://www.telegraph.co.uk/business/2017/06/24/bank-england-poised-act-credit-card-market-overheats/


    So the industry is already on notice. A 0.25% increase in the base rate frankly isn't going to have anywhere as much impact as being told off by the BoE itself.
    • Chrysalis
    • By Chrysalis 8th Nov 17, 11:10 AM
    • 2,079 Posts
    • 953 Thanks
    Chrysalis
    • #4
    • 8th Nov 17, 11:10 AM
    • #4
    • 8th Nov 17, 11:10 AM
    Did you check all three files (bearing in mind they may not have updated yet, until you next reports?)?

    It would be very unusual for you to be offered a card without one.
    Originally posted by zx81
    I didnt check, but there is a big message on the screen stating no credit check was carried out but if I proceed to take the 18 month card there would be a check as a final check.

    Also the card was not offered, just I suppose it was not declined at that point, sorry for the confusion. It said this is the card we can offer you subject to the credit check for final eligibility checking, something like that.

    I will report back if MBNA ring me up to try and get me on board, I already had an email asking why I refused the offer.

    For reference, I am still at the same address, same income, same job, same phone numbers, and less credit utilisation than when I last applied for a card. I have not taken on any new credit since I got my virgin money card so my balances have only gone down.
    Last edited by Chrysalis; 08-11-2017 at 11:17 AM.
    • Chrysalis
    • By Chrysalis 8th Nov 17, 11:12 AM
    • 2,079 Posts
    • 953 Thanks
    Chrysalis
    • #5
    • 8th Nov 17, 11:12 AM
    • #5
    • 8th Nov 17, 11:12 AM
    It's not just the rate rise at play here.


    The BoE recently told the entire CC industry to tighten up their criteria, for fears of overlending.


    See here: http://www.telegraph.co.uk/business/2017/06/24/bank-england-poised-act-credit-card-market-overheats/


    So the industry is already on notice. A 0.25% increase in the base rate frankly isn't going to have anywhere as much impact as being told off by the BoE itself.
    Originally posted by StopIt
    Thanks, that makes much more sense yes.
    • Reeves
    • By Reeves 8th Nov 17, 2:33 PM
    • 202 Posts
    • 36 Thanks
    Reeves
    • #6
    • 8th Nov 17, 2:33 PM
    • #6
    • 8th Nov 17, 2:33 PM
    Applied for a MBNA Platimum balance transfer card last night through the MSE Eligibility checker and then MBNA's own checker and was accepted for the card I wanted. 30 months interest fee with 0.55 (ish) fee and £20 cashback. Received the confirmation email this morning stating credit limit of £6000. I'm no big earner but have a relatively good credit history.
    • Chrysalis
    • By Chrysalis 1st Dec 17, 4:43 AM
    • 2,079 Posts
    • 953 Thanks
    Chrysalis
    • #7
    • 1st Dec 17, 4:43 AM
    • #7
    • 1st Dec 17, 4:43 AM
    MBNA sent me a letter asking me to contact them because I declined their (weak) offer, I will do so later today.
    • Chrysalis
    • By Chrysalis 1st Dec 17, 11:55 AM
    • 2,079 Posts
    • 953 Thanks
    Chrysalis
    • #8
    • 1st Dec 17, 11:55 AM
    • #8
    • 1st Dec 17, 11:55 AM
    I rang them up and they said they made an error in their check and are happy to offer me the full card, which I accepted with a 5.9k limit. Very odd.
    • 20aday
    • By 20aday 1st Dec 17, 1:16 PM
    • 2,079 Posts
    • 872 Thanks
    20aday
    • #9
    • 1st Dec 17, 1:16 PM
    • #9
    • 1st Dec 17, 1:16 PM
    In terms of Barclaycard they are currently offering me 0% on balance and money transfers at the moment; had a letter from them last month and received another this morning.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • Chrysalis
    • By Chrysalis 1st Dec 17, 1:20 PM
    • 2,079 Posts
    • 953 Thanks
    Chrysalis
    Ok made my last post in a rush but here is some more information.

    They made an error in their check and they said the reason was my address is missing from their database so it affected the eligibility result.

    There is a soft credit check initially, and it becomes a full check for the final step, so yes was a credit check as well.
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