Turned Down For Virgin Card

WOWICANDOIT

Feeling a bit down just been turned down for a virgin cc i wanted to shift some debt over to 0%. Not sure why I was turned down as I checked my credit score and it is good and I have not aplyied for new credit for 18 months. I think it is because I have large debts but its catch 22 I
need a lowers intrest rate to clear them quicler. I dont miss payments and have a good steady income so feel the system is against me.
On the plus side hsbc are sending me a balnce transfer offer through the post but limit is £1000 so will need to clear the £900 first to be able to transfer one of the other cards to make use of the transfer.
Its a crazy world i wonder how the banks in trouble when they have so much of my money in intrest.

GeorgeUK

Even i don't pay £20Bn in interest

Have you posted your SOA anywhere? I take it you can't shuffle the balances on your existing cards to possibly clear one of them and transfer another card's balance?

Did they say why they had turned down your application? Might be worth asking to possibly see if there is a problem you haven't noticed. Are you registered on the electoral roll? Does the credit file show this?

dancingfairy

Credit card companies I think are being more picky who they lend to so it could be something trivial - perhaps people in your postcode aren't good with money, maybe your income isn't enough, who knows? As long as you are getting yourself straight, have checked there is nothing untoward on your file, got yourself registered on the electoral role as George says. Is there another card you can apply to? I wouldn't apply for too many but perhaps you might get lucky this time?
df

sarahs999

Cards have their own bizarre reasons for turning down customers that vary from day to day. Try not to take it personally. It may be that they had simply filled their quota for that kind of card. Or that today they're only accepting names beginning with G, or something else nitpicky. Annoying, but if you haven't applied for anything else in 18 months why not try another card?

GeorgeUK

If you've been turned down, it may actually be better to wait at least a few weeks before applying again - especially if you do not know why yo have been turned down. You can have about 3 credit checks in a 6 month period before your score is affected. The credit score that the credit reference agencies put up doesn't take into account things like your salary so they are not that accurate - you shouldn't pay to see these. Have you checked if there is anything on your other credit files? Remember there are 3 CRA's in the UK.

WOWICANDOIT

Thanks for all the replies. I looked at my credit history via equifax, all looked good except the electoral roll, not been at the property long so it may not be uptodate. I hve very little room for manovre at the moment via cards, some nearly up to limit or just few hundred that has been reduced since the start of my dfw days. On the plus I have cleared my first card and will close the account asap. One down nine to go. I will, with tight budjeting be able to clear the £900 on the hsbc this month and will deffo transfer next and argos over to it. hsbc is 16.9% abd argos/next 29.9 so saving there and the balance transfer should be lower than the normal apr so will wait to see what they offer.
I want to shift these debts as you all do but it seems the harder you try the more you have to come up against.

GeorgeUK

The electoral roll should be a priority for you. I wouldn't advise requesting any more credit until this has been updated. It can have a huge impact on how companies calculate your credit score.

krystal-divination

WOWICANDOIT wrote: »

Feeling a bit down just been turned down for a virgin cc i wanted to shift some debt over to 0%. Not sure why I was turned down as I checked my credit score and it is good and I have not aplyied for new credit for 18 months. I think it is because I have large debts but its catch 22 I
need a lowers intrest rate to clear them quicler. I dont miss payments and have a good steady income so feel the system is against me.
On the plus side hsbc are sending me a balnce transfer offer through the post but limit is £1000 so will need to clear the £900 first to be able to transfer one of the other cards to make use of the transfer.
Its a crazy world i wonder how the banks in trouble when they have so much of my money in intrest.

felt i had to reply, i popped a post on about how virgin were not happy we were spening to our limit but clearing it in full and they have cancelled my card !
my credit score is perfect.
one of my good friends she checked her credit score it was perfect too and she applied for halifax 0% but was turned down

i spoke to virgin today who wont budge on their decision, i put it too them that they dont want those of us with a perfect credit score that they would rather have people who will struggle to pay back, and of course they denied that, i also said they obviously are unhappy that we didnt pay them any interest and again they deny thats the problem.

its crazy but i think they are looking for those who will bring them the most profit in interest.

i suppose they making the most of the credit crunch.

WOWICANDOIT

Thanks again for the replies I think you are right I Have not increased my credit for 18 months and I am paying them off steadily they probably think I will stay with them for 18 months then either pay off what I owe or transfer again so they wont make anything from me (which they wouldnt because thats what I would do ) anyway I will plod on and when I am debt free I will look back and be glad one less card to cancel and have junk mail from lol.
The vulnerable are welcomed by these sharks and soon they are trapped into min payments for the next 65 years sad but deffo true.
I think once you have had your lbm you realise what a horrid banking system we have I know no one is forced to take credit but it is offered from such an early age and when you are naieve you can quickly get sucked in. I think it is a great idea that children are educated on finance at school its more important than some things they are taught as it is a skill which if learnrd well will last a lifetime. I am educating my kids now they wont make the same mistakes as me

pepe2008

At least they are now checking things out rather than just blindly sayin'yes' evrytime......wished they'd done that a couple of years ago:mad: .

Ultimately my fault, I know:rolleyes: , get back in your box trolls.

WOWICANDOIT

Yes I am looking at the refusal of credit by virgin as a blessing in disguise I deffo want run up the card if I dont have it. lol