The Credit Game - ROFL

Eric_Pisch

On paper my Credit Score should be very good, reasonable disposable income, no missed payments, along history of credit, smallish mortgage etc the only thing going against me is i have 20k available credit (unused) on 2 credit cards and for some reason they are now showing the massive balloon payment on my car as a loan when in reality it only becomes a liability if i don't hand it back. (be warned if u get a PCP agreement)

My final debt (apart from the car which is a business tax write down) is what i have on a 0% virgin card (ty MSE never knew about 0% cards, u saved me 3.6k in interest, if you factor in no principal repayment !!!)

Exp and Equi have my ratings down as fair :rotfl:and consequently i got rejected for a 5% amex cash back card in Jan (grrr friend bought a 5k home cinema system and i was gonna get the money, had to stick to my 1% card ...)

As my deal ends next month I took a plunge and went for an egg card and suprisingly initially got accepted only to be rejected a week later ... But as if by magic a couple of days later 2 0% checks arrived from barclaycard (thank you very much!!)

So I clear of the virgin 0% card and ring them up to cancel the account and they start begging me to stay, offering me anouther 12 months interest free .... cancelled anyway as im sure the huge potential credit limit on the card is affecting me.

Always the way, when you need it they aint interested, when you dont they are bending over backwards trying to push debt on you ..

I cant believe that I only have 9 months to go to be debt free (apart from the house), that will be 70k payed off :T in five years

CannyJock

Interesting that Virgin offered you a repeat 0% deal, don't think anybody on the stoozing site has had a decent offer for months.

Were you using it for purchases or a balance transfer before you cleared it?

Eric_Pisch

CannyJock wrote: »

Interesting that Virgin offered you a repeat 0% deal, don't think anybody on the stoozing site has had a decent offer for months.

Were you using it for purchases or a balance transfer before you cleared it?

I got the card and used it for a 16k balance transfer, kept the money on the card for 18 months with the min payment set on DD, never used it for anything else, transferred the money over to my BC with a couple of weeks to spare, rang up to cancel the card and got offered 12 months more 0%

Thinking about it, this really is a bad deal for virgin, and saved me a bundle, 16k @16.9% for 18 months /shudder

I guess you would have needed to clear the balance thou, be hard to argue for more 0% time when there a couple of weeks away from hitting you with 16.6% apr

td_007

Eric_Pisch wrote: »

thou, be hard to argue for more 0% time when there a couple of weeks away from hitting you with 16.6% apr

That is exaclty why they made an offer. They know you have 16K debt but also have means to move away. They would like you to bring it back. When they know that you have no options to move the debt then there is no reason for them to be gracious.