Egg back door left ajar

Andybez38

Not being very sucsessfull in obtaining new credit cards, i thought of my plan to start a credit rebuilding program. I had an existing barclaycard opened in 1995. 5 years ago got a default on a rbs advanta card (long story) though i would lay low an turned a blind eye to my debts. Eventually they caught up with me and thanks to wescot credit i got a letter out the blue demanding £3500 for the default. This was paid off and had my credit file ammended to say balance was now settled. Obviously the default was still showing on my credit files, thus having a adverse affect on me obtaining new credit. I did still have my barclaycard, so it didnt worry me too much. A couple of years down the line and a few failed attempt obtaining credit i thought of a credit rebuilding program for myself. I applied for and got the capital one card, with a £1000 limit. I thought great thats a start with me still having the settled default on my file. A few months later got a credit limit increase to £2000 and upraded to a gold card. Same Apr 29.9% different colour card. I used this card for 16 months paying off the balance in full each month. I then asked for a lower rate card from capital one, but they said i had to close my account and reapply for the lower rate card. I therefor closed the account but never reapplied for a capital one platinum, i was worried about my default going against me. A few months further on i decided i would apply for a co op card and was refused. HAVING SAVED A FEW QUID, I READ ON THIS SITE ABOUGT OBTAINING AN EGG CARD VIA THE BACK DOOR. This i thought was my oppertunity to try againg using this method. I opened an egg savings account with £10 a couple of weeks later put in another £2000 and applied for an egg card. Expecting an immediate decision online, i was asked for a contact number at various time of the day. It then said that my application was being delt with and a decision would be made in 72 hours and i should expect to hear from them via a phone call or email. Three days later and no contact. I decided to e mail them asking about my application. Got a reply saying further checks were being carried out and they would let me know the outcome. Low and behold, yesterday i get a phone call from egg. I had a twenty min quesions and answers session with a nice lady. She said she would then review this and phone me back with an answer. 15 mins later she phoned back saying i had been sucsessfull and was given a £2500 limit. Not the best limit in the world, but 0 % for 6 months on balance transfers and purchaces. RESULT. I now have my new Egg card coming with a £2500 limit and my barclaycard gold with a £4k limit both with a zero balance, then £2660 egg savings and £500 overdraft limit. What will i be able to do with this any suggestions.?

as400

"I had a twenty min quesions and answers session with a nice lady."

Thats quite a long chat, bearing in mind she already had all your info to hand on the application what sort of things did she ask/talk about?

Andybez38

She asked about my incomings/outgoings, why i wanted the card how did i think my finances were at the min. WHY I GOT THE DEFAULT ETC ETC ETC.

Rafter

Your opportunity to make 'stoozing' profits out of either your Barclaycard or Egg Card will be very limited given the balance transfer fees they charge.

What you want to 'do' with your new found credit is up to you. It would be possible to engineer a fairly good value low cost loan using existing customer offers for example. You should certainly use your egg card 0% purchase offer and transfer the amount you spend to savings to pay off in 6 months time. If you spend £500 a month on the card for the next 5 months and transfer £500 to savings from your current account you could earn around £22 after basic rate tax in a high interest savings account.

Worth seeing if you can apply for an egg money card at some point too - that way you earn 1% cashback on all your purchases.

R.

The_Boss

No justice in the world when someone like me who has a long credit history of never missing a payment gets turned down by Egg yet you get through.

Stonk

The_Boss wrote:

No justice in the world when someone like me who has a long credit history of never missing a payment gets turned down by Egg yet you get through.

Well they wouldn't expect to make any money out of you, so these are both sound decisions on their part!