Turned down for Virgin 0% balance transfer

spange18

I have been turned down by Virgin for its 0% balance transfer card and have no idea why, apart from I obviously don't fit their lending criteria. I checked my credit report before applying and it was good. The only debt I have is one other credit card with Barclaycard which is sitting at £2250 (the balance I wan to transfer) and £1500 overdraft with my bank (due to going back to uni last year).

Could it be that because Ive been at my current address for less than 2yrs and with my current employer for only 4months?

Anyway, my questions is - how long should I wait before trying to apply for another card? I think Ill go to my bank next (RBS) as they are offering 15months 0%....I wish Id tried them first, heyho! Hopefully I am more likely to be accepted by them? I am terrified that if I apply too soon and am rejected, its going to have a really negative impact on my credit report.

Thanks in advance for any advice.

hattiefats

I got turned down by virgin last year but barclaycard accepted me. My oh has an excellent credit score and got the virgin deal. Mine isnt bad but not as good as his.
I'm sure others will be able to suggest who is best to go for better than I but just thought I'd say some cc are harder to get!
I think you can do a thing on money supermarket where you stick in your details and they suggest which cards are likely to accept you. I'm pretty sure there was a link from this site but it was a while ago.

spange18

Thanks Hattie. Just wondered, did you apply for the Barclaycard one immediately after applying for the Virgin one, or did you wait a month or 2?

hattiefats

I waited about 4 weeks I think. I know if you have too many searches it looks bad but not sure how many and how far apart.

Zack1

The overdraft will hurt you. As I learnt the other week, overdrafts are repayable on demand, credit cards are not (you only have to pay £5/a certain percentage). So the bank could ask for 1.5k back if they wanted to, and that's probably why you were declined

stella2009

spange18 wrote: »

I have been turned down by Virgin for its 0% balance transfer card and have no idea why, apart from I obviously don't fit their lending criteria. I checked my credit report before applying and it was good. The only debt I have is one other credit card with Barclaycard which is sitting at £2250 (the balance I wan to transfer) and £1500 overdraft with my bank (due to going back to uni last year).

Could it be that because Ive been at my current address for less than 2yrs and with my current employer for only 4months?

Anyway, my questions is - how long should I wait before trying to apply for another card? I think Ill go to my bank next (RBS) as they are offering 15months 0%....I wish Id tried them first, heyho! Hopefully I am more likely to be accepted by them? I am terrified that if I apply too soon and am rejected, its going to have a really negative impact on my credit report.

Thanks in advance for any advice.

I applied for the same card on Wednesday and was accepted. I have only been at my address for 3 months and my employer for 2 months so I don't think it's that.

Barclaycard also search Equifax where as Virgin (MBNA) search Experian so you should be fine to apply now.