Credit Card Application

dylanuk

Hi,

Apparently, the credit card companies have recently announced to sharing more data, and MBNA has been one of the first to start doing so (issuer of Virgin cc)... http://www.credit-card-comparison-online.co.uk/news/credit-card-data-sharing.html

They are now sharing data such as if you've got a promotional 0% deal, as well as stuff like how much you paid off your last statement, if you pay only the minimum amount, if you withdraw cash on your card and any credit limit changes.

It's been said it might make it harder for switchers to get another 0% deal.

Christopherj_2

Basically, you're saying, if you're already on a 0% interest promotion, you can't get the same promotion from anywhere else?

clio

You can have as many 0% deals as you can get from different providers matey..

Christopherj_2

But it's harder to get these deals as lenders are now sharing information.

dylanuk

Well, it's speculative... At the end of the day it really depends on whether or not the particular lender wants to lend you money or not...

The only difference now is that when they make their decision they now know more about you, including whether or not you have a 0% deal (It's been speculated that sharing of this particular data (0% deal usage) may make it harder for 'rate tarts' to get another 0% deal as lenders will know they use 0% deals a lot and just move from one card to the next).

In better answer to your initial question though, I don't think you have any more chance with a 'bank' than you do with Virgin. Virgin is issued by a bank (MBNA) for one, and they also have more lenient application criteria than most.

I think it's just tough times, and unless you have a really good credit rating and don't use much credit, it's just become very hard to get 0% deals.