applying for a credit card when redundant

money_money_6

So, I've just been made redundant and I have luckily come away with a nice package.

My current credit cards are nearing the end of their 0% promotion.

To be clever with my money and credit cards, I wanted to apply for another 0% credit card to transfer to. However, after just trying to apply to the Snatander one, I've been rejected

The chap on the phone said it's probably because I don't have a job. I explained that I have money to pay every month and that I wasn't going to be out of work for much longer (hopefully). I also told him that I have substantial savings.

I totally understand that banks have their own criteria BUT do any of you know of any good 0% balance transfer deals where it's not essential to have a job.

As said before, I can pay every month so it's not a problem. I just need to get over the job issue.

Help

Thanks in advance

Moggles_2

Unfortunately, your changed circumstances would have temporarily disrupted your credit rating. Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks and, if you get wind of possible redundancy, apply before the worst happens. Being with the same employer, bank and current address for a while, all help when applying for market-leading BT cards.

Admittedly, the best balance transfer deals are usually reserved for new customers, but you don't have to apply for a new card to get new credit. You may be able to keep costs to a minimum using credit cards you already hold. For details, see Martin's *Credit Card Shuffle* article

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

CannyJock

Best bet would have been to apply while still employed.

As far as the banks are concerned you could take your redundancy money and go on a spending spree.

Personally, I'd pay the 0% card back before it expires with the money you have.

Unlikely you'll get any 0% card without a job, and even then would be better if you were employed for at least 6 months.

EDIT: Cross-posted with Moggles

ILW

Why not use the redundancy money to pay off all your debts?

money_money_6

Well, I thought about that, but what if my job situation doesn't improve. Isn't it better to be able to afford food and pay car tax, pay phone bills etc. with what I have in my current account.

At least if I transfer the cc debt to another cc I can extend that 'loan' plus I have a safety barrier with the redundancy money to pay for those things (as mentioned above).

Does that make sense?

Hindsight is a wonderful thing and had I known I would have cheated and applied for a card before I got made redundant but it's too late for that

Yeah, I gathered that even if I did get a job, I would have to be in it for at least 6 months. Doesn't look likely that I can get a 0% card then. Majorly sucks

money_money_6

FYI - I've had my bank account and lived at the same address for more than 10 years and I pay all my bills on time. I'm guessing the job thing is the only reason for rejection.
Total bummer

~Brock~

Although this is of no help to you, there are those who would be on here whining about irresponsible lending if they HAD been granted the card whilst unemployed.

Sometimes lenders just can't win.

money_money_6

Yeah, I know. I get it.

I should have got the cc when I was employed when knew I was being made redundant but that's just cheating the system.

Thanks to all those who posted by the way. Been a great help for a newbie

Moggles_2

money_money wrote: »

FYI, I've had my bank account and lived at the same address for more than 10 years and I pay all my bills on time. I'm guessing the job thing is the only reason for rejection.

That could very well be the sole reason.

Is it possible to move some of the balance(s) to a new card in your partner's name, if there is one?

money_money_6

Moggles wrote: »

That could very well be the sole reason.

Is it possible to move some of the balance(s) to a new card in your partner's name, if there is one?

Good idea. Excellent idea actually. Unfortuntely we're not quite in that zone where I feel comfortable asking him to take on my debt, even if I totally assured him I would pay every month.