Nationwide VISA DEBIT card..

magicrichard5

Hey guys,

Hope this is in the right place, here is my dilema:

I have recently applied for the Nationwide VISA debit card. When the card came through it only has "cirrus" and "link" logos on the back, and on the front is clearly labelled "Cash card". Upon going into a bank I was informed that my credit rating had failed for the VISA debit part of the card, but that I could use this card abroad in cash machines without incurring extra charges over the standard rate. (although i'm nervous about this)

My problem is, Why on earth have i been turned down for credit?! i have read through Martin's article and went to the free site (Zapoo, or whatever) and my score was 435 - not the highest, but certainly not the lowest.

I have recently applied for (and received) a Morgan Stanley credit card (£1600 limit). I own a Barclay card @ limit of £500, which i rarely use, and a NatWest Card @ £900, which i have used extensively. I have only not paid of NatWest Card twice or something (about 5 months ago)- which was in my less knowledgable student years. I also currently hold an (interest-free) overdraft of £2000, of which i am £1800 into it - but have never gone over it.

I am in a stable job earning 11.5k+, have substantial savings spread accross three accounts, and I am on the electoral roll (and have lived in same house for 15 years).

Is it worth while me applying for the Nationwide Credit card instead - or will i get turned down for that as well - further damaging my credit score?

What are my best options for spending abroad now that I apparently have a bad score and can't even get a debit card?! I figured I can use this silly card for cash, but what for card transactions? Is it sensible to apply for a card such as the Lombard direct one - or will this further hinder my score? I am going travelling in January to many different locations outside of Europe for 3 months.

NB: Nationwide would not tell me which system they used for checking my score, only that they have an in-house scoring system.

A lot of info. and questions I know, but I have been tearing my hair out trying to sort this out, and would very much appreciate any assistance.

Rich

Galstonian

Don't look at your score, look at your credit files. There is a thread on how to do this through free trials with Equifax and Experian.

magicrichard5

Will that not count against me though?

grumbler

magicrichard5 wrote:

Will that not count against me though?

If you mean checking your credit files, then the answer is NO. The thread is: How to obtain credit reports

BTW if you applied for NW card to use it abroad, cash card is fine too. For cash withdrawals it works the same way as debit card (no charges). The only difference (not important) is that you need ATM with Mastercard logo.

Rafter

Don't be nervous about the card - in a cash machine cirrus is fine because it will check you have sufficient funds.

The difference with a visa debit card is that the retailer does not have to check you have sufficient balance before authorising the transaction - often to save time.

I think the reason that Nationwide have rejected you is that you don't have that big an income, and you already have access to quite a bit of credit and are using your overdraft (even though it is interest free).

Where exactly are you travelling? Although cash machines are fairly universal, if you are going outside europe or to developing countries some travellers cheques might be a good backup plan?

You could try and get a Nationwide Visa for purchases, but to be honest, I think they and Lombard would reject you because you already have 3 cards.

If you have enough time you could get your Morgan Stanley Card credit limit reduced, Close you Barclaycard and then try reapplying, but still no guarantee.

Good luck.

R.

bob_builder_2

Are you paying your income into the Nationwide account? I thought that was one of the requirements to get the debit card rather than the cash card.

I have used my Nationwide Cirrus card to withdraw money abroad and there was no charge.

pin

bob_builder wrote:

Are you paying your income into the Nationwide account? I thought that was one of the requirements to get the debit card rather than the cash card.

I have used my Nationwide Cirrus card to withdraw money abroad and there was no charge.

Not the case (I think). I got my flex account and Visa debit card without paying income into the account.

grumbler

bob_builder wrote:

Are you paying your income into the Nationwide account? I thought that was one of the requirements to get the debit card rather than the cash card.

There was a mistake in Martin's article that has been corrected. I am sure that there is no such formal requirement.

magicrichard5

Rafter wrote:

I think the reason that Nationwide have rejected you is that you don't have that big an income, and you already have access to quite a bit of credit and are using your overdraft (even though it is interest free).

- I don't think it can be based on income alone as my brother earns less than me and he was fine. I do have access to a lot of credit, but i don't abuse it.

Rafter wrote:

Where exactly are you travelling? Although cash machines are fairly universal, if you are going outside europe or to developing countries some travellers cheques might be a good backup plan?

-USA, Fuji, Cook Islands, Nz, Aus, Singapore.. Planning to buy some travellers cheques in US dollars as a back-up for getting cash.

Rafter wrote:

You could try and get a Nationwide Visa for purchases, but to be honest, I think they and Lombard would reject you because you already have 3 cards.

- I didn't realise there was a limit on the amount of cards you could own. Thinking about it - that would be logical.

Rafter wrote:

If you have enough time you could get your Morgan Stanley Card credit limit reduced, Close you Barclaycard and then try reapplying, but still no guarantee.

-Reluctant to do that as I use a lot of the limit and i get cashback on all that i spend on that one

Maybe I ought to look into closing my Barclaycard account, as that would cut down the number of cards I have - but not the amount of credit available to me, since it's limit is only £500.

pin

I presume your travels are on the great escapade ticket, and you mean fiji rather than fuji (but you could be going to japan for all we know!)

Only prob I had taken money out from ATM was in Fiji, and it was more of a case in trying to find an ATM. The other places you mentioned were fine. However, like you, I did take some US$ TC's as a backup - still have not used them and this was about 3 years ago now.

It isn't on how many cards you have, it normally is based on how much credit you have avaiable. I have more than 3 credit cards, but some of the limits are only £500.

grumbler

magicrichard5 wrote:

I am in a stable job earning 11.5k+, have substantial savings spread accross three accounts

magicrichard5 wrote:

I do have access to a lot of credit, but i don't abuse it.

If total credit available (even not used) is comparable with your annual income this seriously damages your chances to get further credit. Your savings do not matter and do not change anything.