how long does confirmation for a credit card take?

building

i have requested a card from lloyds tsb but it seems to be taking ages. I am worried that i will find myself with a £7K debt on my halifax 0% interest free period card which is finishing with its 0% around 11th december. should i also request a card with another company? thanks in advance.

YorkshireBoy

building wrote:

i have requested a card from lloyds tsb but it seems to be taking ages. I am worried that i will find myself with a £7K debt on my halifax 0% interest free period card which is finishing with its 0% around 11th december. should i also request a card with another company? thanks in advance.

In my experience (and that of others I've seen post on this board) LTSB seem to regularly reject non-LTSB current account holders. They do, however (and if there are no major CRA issues), invite you to appeal the decision and send in supporting information including 3 months bank statements from your current account provider.

So, your application may take a little longer than you would otherwise have hoped.

However, bearing in mind the above, you might not consider it wise to make another application, because...

1. The second choice card provider will see your recent search by LTSB, and

2. When you send in your appeal letter, LTSB may search your file again and see the search by your second choice card provider.

At best, your LTSB limit might be reduced because of the other search. At worst, LTSB may reject you because of it.

Finally, if you're so "worried", why not ring LTSB and get a progress update?

building

next week i will get a response. you seem to say that from experience they seem to reject non lloyds tsb account holders. so as soon as i know i suppose i should get advice on another credit card? any tips. my bank is abbey. my current credit card is halifax and am self employed. hope that helps.

YorkshireBoy wrote:

In my experience (and that of others I've seen post on this board) LTSB seem to regularly reject non-LTSB current account holders. They do, however (and if there are no major CRA issues), invite you to appeal the decision and send in supporting information including 3 months bank statements from your current account provider.

So, your application may take a little longer than you would otherwise have hoped.

However, bearing in mind the above, you might not consider it wise to make another application, because...

1. The second choice card provider will see your recent search by LTSB, and

2. When you send in your appeal letter, LTSB may search your file again and see the search by your second choice card provider.

At best, your LTSB limit might be reduced because of the other search. At worst, LTSB may reject you because of it.

Finally, if you're so "worried", why not ring LTSB and get a progress update?

YorkshireBoy

building wrote:

next week i will get a response. you seem to say that from experience they seem to reject non lloyds tsb account holders. so as soon as i know i suppose i should get advice on another credit card? any tips. my bank is abbey. my current credit card is halifax and am self employed. hope that helps.

"If" you are rejected, and if you can get them to confirm it's not because of your self-employed status or a CRA report issue, then in my opinion the first thing would be to appeal the decision since you have already had the credit search. If the appeal is rejected, you would obviously have to look elsewhere.

It's going to be a trade-off for you though as time is running out, but as I said before you might not want to jeopardise the LTSB application appeal (if necessary) by making another application just yet. If it's any consolation I've made over half a dozen applications this year and all of them have been completed within a month - from application to BT done (including one that I appealed).

I can't give any tips on other cards, other than to say take a look at Martin's table here...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1122985312,39518,

...but be aware that there are some errors with the details for Ulster Bank, Nationwide, Yorkshire Bank, Clydesdale Bank, Mint, and HSBC. Visit provider websites for details of their current offers.

One you might want to look at is HSBC, who this week announced a new 9 months 0% on purchases and BT's - with no fee if the BT is made within the first 30 days.