MBNA Classic Mastercard - do I have a chance?

never-in-doubt

hax wrote: »

No, I don't bank with them, its just normal they ask for a credit limit request. Excellent idea about offering to close the Co-op CC - never thought of this.

Ok, never seen coop application page so thanks for confirming this! I'd have asked for £5k lol :rotfl:

hax wrote: »

The defaults were gone, because I checked my Experian file before I applied for Post Office CC.

Ok, have you checked Equifax and CallCredit - best to check all 3 to be sure then start applying for the mainstream ones (but to be fair you may be fine already, thus coop accepted you)...

hax wrote: »

Yes, lenders names show up on the seaches, but I remember someone on the forums said that lenders names don't appear in the credit accounts section/payment history.

No, only current live accounts etc will show in there but lenders can see a lot of your file - this part makes no sense, I dont understand why you're mentioning that lenders names don't appear - your search history is good so worry not

hax wrote: »

Sorry I meant to say relatively easier to obtain, i.e. easier than most others (although still difficult, as you rightly said). Can't remember who said this, either Moggles or Izools. Mind you, degree students can get this card, and Izools got it when he was 18.

I tend to take things said by iZools with a pinch of salt Moggles knows his stuff, as I said.

MBNA is a mainstream lender and their criteria is harder than most - it is by no means suited to subprime! So long as we're sure about that! lol

hax_2

Hi NID

I was declined due to my existing debt in relation to my income. Strange that MBNA Classic are more difficult than Co-op, their APR is 17.9% whereas Co-op is 12.9%.

Another reason why I wanted the MBNA was because of my Vanquis card not accepting balance transfers to reduce the balance. I've tried Aqua and Co-op balance transfers to Vanquis, but they said the balance transfer was declined. I've told them about a manual transfer (which izools recommended) but they don't know what I'm talking about.

I need a card with a SBT facility, and I know that MBNA, Post Office and Egg Money do that. I almost certainly will be rejected by Post Office, but I was thinking about Egg Money. Do you think they'll accept a debt to income ratio of a little less than 50%? This is catch 22 - I need a card that will accept me so I can transfer CC debt onto that card, but I'll be refused because of my CC debts.

I was surprised at MBNA's decision. I thought it would be something else, such as my new accounts with Aqua and Co-op. I've read a few posts of people getting over 100% of their income in debt and still got the Virgin/MBNA card, for example here:

http://forums.moneysavingexpert.com/showpost.html?p=26800537&postcount=6

Also Mike's thread (was a Senior Underwriter and Credit Analyst) recommended that debt to income ratio should be less than 100%.

http://forums.moneysavingexpert.com/showpost.html?p=4553075&postcount=417

I'm not blaming anyone, and I thank you and others for the advice given, but it looks like the credit crunch is making lenders really strict these days!

Thanks again.

never-in-doubt

Hax

Bear in mind lenders are being more stringent right now - period! Unfortunately not much you can do i'm afraid - but stop applying to all these prime lenders, they will not accept you and you'll end up in a black hole.

Regards to vanquis - surely uoi'd be better to just pay more into it each month or even risk cash advance fee on another card to pay it off - whatever would be cheapest I guess?

As for iZools comment about manual transfers, I know they will be confused cos there is no such thing (I had told him about this in the past!).... I have a friend at Vanquis in Bradford who is a senior manager and who tells me bits - not all, but enough to make me establish truth from fiction......

As for Mikes post, it was nearly 3 years ago and things change mate - we're in a recession!