Nationwide credit card application

gordon_k

I'm just about to buy a €2500 piece of musical gear fom a German retailer, and discover to my horror that I'll be hit for about 45 quid by LloydsTSB via the 2.75% currency conversion charge on my credit card (VISA). :shocked:

So I fancy a Nationwide credit card for this and future internet transactions.

Problem is, althought I probably have a near-impeccable credit record, I work 16 hours a week on minimum wage, i.e. earnings of about £350 a month. Is it worth my while even applying for this card, or am I on a loser from the outset?

Had my LloydsTSB card for more than 10 years, any outstanding balance gets paid off at the month end. I generally have a 4-figure sum passing thru the card in any given month, due to my online gambling & matched betting activities.

Any thoughts or info on my chances with the Nationwide greatly appreciated.

gk

ps - I may have had a savings account with the NW at some point, if that would affect the situation....

eagle

gordon_k wrote:

I'm just about to buy a €2500 piece of musical gear fom a German retailer, and discover to my horror that I'll be hit for about 45 quid by LloydsTSB via the 2.75% currency conversion charge on my credit card (VISA). :shocked:

So I fancy a Nationwide credit card for this and future internet transactions.

Good on you! I think Lloyds deserve to miss-out on that. They've been very cheeky with foreign usage charges on debit cards too: e.g. withdrawing money from their debit cards abroad are now charges a min £2 PLUS the 2.75% surcharge - and they haven't even told me! B******s.

gordon_k wrote:

Problem is, althought I probably have a near-impeccable credit record, I work 16 hours a week on minimum wage, i.e. earnings of about £350 a month. Is it worth my while even applying for this card, or am I on a loser from the outset?

I would apply anyway, unless you've had loads of credit searches done on you (your name) recently. Have you recently taken out any other cards? Mortgage? Got any new mobile phone pay monthly accounts recently? How much credit do you have available currently? (they're particularly picky on this one).

gordon_k wrote:

Had my LloydsTSB card for more than 10 years, any outstanding balance gets paid off at the month end. I generally have a 4-figure sum passing thru the card in any given month, due to my online gambling & matched betting activities.

I suppose if you're good and pay them off that will look good. Have you ever missed payments? This might look really bad, but otherwise I wouldn't worry.

gordon_k wrote:

ps - I may have had a savings account with the NW at some point, if that would affect the situation....

Probably won't make much of a difference. If you still have it I suppose it can only work to your advantage, but probably not as significant as say the number of credit searches against your name, any missed payments, total available credit, etc.

gordon_k

Thanks Eagle.

I've got no other credit cards, loans or mortgages - just my LloydsTSB VISA with a £4,500 limit. I applied for a Co-op credit card a couple of years ago, but got knocked back, despite the bank telling me there were no issues with my credit record - I was unemployed at the time, so I presume that was the main factor.

The only credit search I might have had recently was when I changed my home phone provider to Post Office Homephone about a week ago - nothing else I can think of in the past 12 months, as my bookmakers' accounts all work on a deposit basis.

I can't remember missing a card payment in ten years - but I was wondering whether the fact I pay it off in full without fail might put them off, as this isn't really the sort of account they're hoping to attract...

sashacat

I would go ahead and apply. I pay my cards off each month and worried about this so I have sent for my credit record from experian and just got it. It was worth the £2. The scoring system is explained and it is in your favour if you pay it off each month...it's noted against each record. Your phone change will be recorded as I did the same thing recently and mine is shown. I don't know nationwide but I have just applied for the alliance and leicester accounts and 3 other credit card accounts all in 2 months so ,go on, have a go and good luck

eagle

gordon_k wrote:

Thanks Eagle.

I've got no other credit cards, loans or mortgages - just my LloydsTSB VISA with a £4,500 limit. I applied for a Co-op credit card a couple of years ago, but got knocked back, despite the bank telling me there were no issues with my credit record - I was unemployed at the time, so I presume that was the main factor.

I think you're probably right there.

gordon_k wrote:

The only credit search I might have had recently was when I changed my home phone provider to Post Office Homephone about a week ago - nothing else I can think of in the past 12 months, as my bookmakers' accounts all work on a deposit basis.

Then I suppose you should be OK then. As you've probably only had one search recently, I don't think that will be held against you.

gordon_k wrote:

I can't remember missing a card payment in ten years - but I was wondering whether the fact I pay it off in full without fail might put them off, as this isn't really the sort of account they're hoping to attract...

I am almost entirely certain this is not the case. I pay mine in full always by direct debit. Never missed a payment and I have three cards in total, including Nationwide. I have never been rejected for a card and have done as many as three card applications and got a new mobile (pay monthly contract) in the space of about two months.

gordon_k

Cool.

I reckon it's well worth my while applying then, as it's not going to have much impact on my credit rating either way.

The Nationwide card would come in really useful travelling abroad, too...

Thanks for the help folks.

thetope

i have heard that nationwide are particularly fussy about people being on the electoral roll so make sure you are signed up

sammibabe_2

even if you're on the electoral roll they can turn you down. We are, my husband applied (no probs with credit previously) and Experian cannot identify him so turned him down.