Backdoor credit cards

The_Boss

I've seen on here about the egg backdoor way of getting a credit card (i.e. open up a savings account and pay money in for 6 months, then apply), but does this also extend to other companies? I'd like to apply for an HSBC or Nationwide card at the end of the year, but this would boost my chances.

jonesMUFCforever

Not really.
If your credit history is bad -end of!
If you have money to save then this suggests that you have no major financial problems and that your application is likely to succeed.
If you are robbing Peter to pay Paul it will not.

The_Boss

ejones999 wrote:

Not really.
If your credit history is bad -end of!
If you have money to save then this suggests that you have no major financial problems and that your application is likely to succeed.
If you are robbing Peter to pay Paul it will not.

Thanks for that - just having a LOT of problems trying to get new cards for 0% deals since I closed cards and decimated my credit limits on my current cards. All of my accounts show flawless repayment history over several years with not too many searches. Thinking about it, since I have a Nationwide ISA, that might help - though the deal is nowhere near as good as HSBC.

Moggles_2

I've seen on here about the egg backdoor way of getting a credit card (i.e. open up a savings account and pay money in for 6 months, then apply)...

Possibly a good move for young MSEs applying for their first credit card but TBH I'd be surprised if this strategy helped those of us who hold other credit cards.

...since I have a Nationwide ISA, that might help - though the deal is nowhere near as good as HSBC.

In Jan 2004, I applied for a Nationwide 0% balance transfer card. I was a customer of several years standing with a NW current account, ISA and e- savings. My application was approved, but with a miserable credit limit of £1500! Based on 10 years of credit card shuffling with more than 30 cards (not all at once of course!), I'd say that was pretty tight-fisted!

If I were you, I would open a savings account only if you think it's worth having in its own right.

The_Boss

Moggles wrote:

Possibly a good move for young MSEs applying for their first credit card but TBH I'd be surprised if this strategy helped those of us who hold other credit cards.



In Jan 2004, I applied for a Nationwide 0% balance transfer card. I was a customer of several years standing with a NW current account, ISA and e- savings. My application was approved, but with a miserable credit limit of £1500! Based on 10 years of credit card shuffling with more than 30 cards (not all at once of course!), I'd say that was pretty tight-fisted!

If I were you, I would open a savings account only if you think it's worth having in its own right.

I'm due to have £11k returned to me by my former partner due to her buying out my share of our old flat. As I can only put £3k into my ISA, I'm going to need a seperate savings account. So I thought I'd try one by a lender who I had not had a card through to see if it helped me.

markmc999

I think a lot more companies are being money/lending concious now (which is a good thing!)

With this in mind companies are not giving out massive limits like they used to and will probably see people who have lots of cards as being either "risky" for debt handling OR a poor customer for them in interest charges etc.

If you think you may struggle getting an account with somebody look at your main bank first - they can see what you can afford etc. and so are often more likely to be able to help.

The_Boss

markmc999 wrote:

I think a lot more companies are being money/lending concious now (which is a good thing!)

With this in mind companies are not giving out massive limits like they used to and will probably see people who have lots of cards as being either "risky" for debt handling OR a poor customer for them in interest charges etc.

If you think you may struggle getting an account with somebody look at your main bank first - they can see what you can afford etc. and so are often more likely to be able to help.

Yeah, I've got a card with NatWest. Of all the cards I closed last summer, I reapplied for a NatWest, Capital One and egg card. NatWest were the only ones to reissue me with one.

markmc999

The problem then could be that youve applied for too many and so your credit rating has taken a hit.

Leave it a few months and see what happens if you reapply. After all, what have you got to lose?

The_Boss

markmc999 wrote:

The problem then could be that youve applied for too many and so your credit rating has taken a hit.

Leave it a few months and see what happens if you reapply. After all, what have you got to lose?

Oh no, its not that. - only had 6 searches in the past year I'll try and find the link to my thread on reducing credit limits and available credit.

Here she is

http://forums.moneysavingexpert.com/showthread.html?t=175234&highlight=reducing+credit+limits