Virgin turned me down

judy2357

At present have two credit cards Capital One (£3000 ish) and Barclaycard (£350 ish) and need to transfer balances as 0% runs out end of Nov. Applied for Virgin card, they assured me that although I am only in receipt of Job Seekers Allowance £60.50 that because my partner is working full time I could still have the card in my name. However I have been turned down this morning, the only other debt we have is a mortgage for £13,000 ish and are up to date with payments on all debts. Where do I go from here, do we try another card in partners name, try jointly or what??

We bank with Lloyds so am thinking to try them, what does everyone think? Thanks for any help

sarahs999

Lloyds are tightwads, I think, from what I know of them. But it might be worth ringing them to see if they have any deals for you. Of course it's a bad time generally for cards at the moment, so it will be harder to get one, especially with only JSA. Have you looked at your credit file to see if there's anything odd going on?

judy2357

Have made an appointment to see Lloyds next week and also sent off to Experian for a copy of my report, hopefully it will arrive before the appointment. Not sure whether I should apply for a couple of others as well for back up.

sarahs999

Don't apply for too many at once, as that will affect your credit score. Try not to do more than one in six months, I think it gets wiped off your record after six months - that's the rule I follow anyway.

judy2357

OH has been accepted for Lloyds Platinum card so all is well, but the reason for my posting is to let you know that I had a phone call from MBNA (Virgin) to say that although they were unable to offer me a CC they could offer me the opportunity of a loan. I replied asking if this was a 0% loan (ha ha!!) to which they replied it wasnt. My point is how come I am acceptable for a loan but not a CC?

ShelfStacker_3

judy2357 wrote: »

OH has been accepted for Lloyds Platinum card so all is well, but the reason for my posting is to let you know that I had a phone call from MBNA (Virgin) to say that although they were unable to offer me a CC they could offer me the opportunity of a loan. I replied asking if this was a 0% loan (ha ha!!) to which they replied it wasnt. My point is how come I am acceptable for a loan but not a CC?

With loans the repayment schedule and the amount is fixed in advance, so after X years Y months the loan will be satisfied. With credit cards you can run up a balance limited only by your own willingness to spend, and the repayment schedule is whatever you want it to be within limits, meaning that your debt could last for years and grow in the meantime. Basically a loan could be seen as "surer" given your current personal situation.

This is just a guess. I've been accepted for 5 credit cards and 0 loans, ever, so...