Should I apply for a Nationwide card

researcher

In my stooze pot I have:

£10,000 Egg
£13,000 MBNA
£10,000 Capital One

and I have recently BT'd a M&S to capital. So M&S is £0, as is a Barclaycard. (Which I am cancelling)
I use a tescos card for everyday spending and pay off in full each month.
My credit rating is good and I have never missed a payment (dd's set up for everything)

I was intending to apply for a Nationwide card for it's 9 months 0% spending as I travel a lot - but I see from their on-line application form that they ask for details of any credit outstanding - are they going to say no with this amount of credit - (my stooze pot is not sitting in my Nationwide bank account - as that is purely for holiday's - saving and spending). I don't want to be refused credit - any ideas?

Milarky

researcher wrote:

I was intending to apply for a Nationwide card for it's 9 months 0% spending..are they going to say no with this amount of credit - (my stooze pot is not sitting in my Nationwide bank account - as that is purely for holiday's - saving and spending). I don't want to be refused credit - any ideas?

It depends on how they assess you. I'd have thought that they would look more at your account standing (no late payments etc) and give you a card in principle. But you might not get much of a credit limit from them.

YorkshireBoy

You've only quoted your used credit, ie that which is sitting in your stooz pot.

Nationwide will also take into account your available credit, ie your 3 stooz cards + M&S + Barclaycard + Tesco + any other credit you have (mortgage, flexi-loan, etc).

So, without quoting your salary and other circumstances, it is impossible for anyone to say whether you have 'too much credit' or not. The general rule though (in my experience), is that lenders get nervous when your available 'unsecured' credit/debt approaches 100% of your salary. Occasionally though, you get lucky!

BTW, I understand (and hope!) that M&S are very good with repeat 6 month 0% offers.

Lychee

Hi,

er, have posted this elsewhere...

About the Nationwide Classic CC...

It's 0% on purchases for 9 months. Would I need to make minimum repayments during this 9 months to keep the 0%? Or am I OK making purchases on the card, not paying anything at all for 9 months and no interest is charged?

Thanks

researcher

Lychee wrote:

It's 0% on purchases for 9 months. Would I need to make minimum repayments during this 9 months to keep the 0%? Or am I OK making purchases on the card, not paying anything at all for 9 months and no interest is charged?

You always have to make the minimum payment, and if you are late they can end your 0% immediately! So set up a direct debit as soon as you open the card so if anything goes wrong it's not your fault and you won't be penalised.

kalos

I applied for the Nationwide card very recently as a spending card and got a useful £8k... with quite a bit of other stoozed money (but no unused credit). This will take over from my last year's card, from Sainsbury's. This had a nice little (unprompted) increase early in the 12-month 0% period, to give me £6k credit.

Because I will necessarily, very shortly, be paying large chunks of money for the remainder of this year's holidays (flights, accommodation and car hire), it effectively almost becomes just another stooze for me. Hope this helps.

Lychee

how long should I (generally) wait before asking for an increase in credit limit?

Pound

Lloyds' Create will only increase the limit after 6 months. When I got my card I asked for an increase the day I got it and they explained the 6 months thing. Of course, might not be the same for Nationwide but it won't hurt to ask.