Hi there fellow MSE'rs. My wife has applied last night for Virgin credit card online. At the end of her application there was note that she needs to ring them for more details. She rang them and spoke to a bloke who has told her that her application will be put on hold as her recent CC application was in June with Natwest. How come they know when was her last application? She was also asked if she has overdraft and existing loans which she said NO. She has been told that if she want her application to continue they want our last 3 months bank statements.

Are credit card issuers becoming more sophisticated? For me this means that if ever she has been approved can no longer transfer the money straight to our account as it will become a fictitious one. I understand that some credit card providers now share information with each other.We are reluctant to continue with the application. Should we cancel it? Is there a search already made?

Sorry for the long post. I am happy to hear anyone who has similar experience.

Cheers

Replies

  • BisoyBisoy Forumite
    873 Posts
    Why the title of the post" Worrying Times!".

    I been tarting and stoozing for the last 2 years and have now run out of option. For the last 12 months I have stoozed Coop, Morgan Stanley, Amazon, and Barclaycard which I have just closed recently. Current stooze cards HSBC ends Nov.and Virgin Feb. 07. My wife has just started stoozing this year hence her last CC application was in June with Natwest but how come they knew it, was my concern.

    I have only few options left Post Office and Capital One (just waiting for my credit report).

    Cheers
  • They know EVERYTHING!!!! Its quite scary, but the more times you apply the more 'ffotsteps' it leaves on your credit file. But eventually it should go through.

    Be careful with VIRGIN though, mine was 0% for 12 months, then it raised to 15.9%, then recently it went up to 26%!!! I called them and they put it back down

    Cheeky, cheeky!!!

    Good Luck :beer:
    Joined September 2006: £18800.00 in debt:eek:
    21/11/06 - £16953.04, :eek:
    DFD - Sept 2009:T proud to be dealing with my debt

    :j £2 coin saving club: 21/11/06 £0:j
  • BisoyBisoy Forumite
    873 Posts
    You don't have to worry how much interest they will charge you so long you are on your introductory period of 0% let's say 12 months and paying the minimum by DD you won't pay any interest at all. Then at the end of 12 months either transfer it to another card or pay it in full.

    You're quitely right it is scary if they seems to know everything. I am even considering to hang my gloves from stoozing after the remaining few options I've got and just continue with my cash back cards.
  • Bisoy

    I don't understand what you are surprised about ?? When applying for a credit card, the lender will always do a credit check with a credit reference agency, which will bring back information about credit card searches and other loans and cards that you have. When applying online, the credit check is often done in realtime and the results will be returned to the lender. As a result of that credit check (and the lender's own rules and policies), there will be one of three possible outcome:

    1. They accept you automatically
    2. They reject you automatically
    3. It will get referred to an underwriter to do a manual analysis. The underwriter will have access to your application details and the results of the credit check.

    Clariman
    Co-author/owner of the official stoozing website https://www.stoozing.com and Creator of the SOA & Snowball calculators.
  • BisoyBisoy Forumite
    873 Posts
    Clariman I am fully aware that credit lenders do credit checks. As I have said my wife have just had started stoozing being her first CC was Natwest gold in June. To me lenders won't consider her a stoozer or a card tart just yet as it was her second application only. My wife has a good pemanent job, registered on the electoral roll and we own a house(mortgage). No loans, no overdrafts.

    What I was duly concerned was the way customer people conduct their interviews with their customers. I haven't recalled being required to submit 3 months bank statements on my previous applications. Have you?
  • Bisoy wrote:
    What I was duly concerned was the way customer people conduct their interviews with their customers. I haven't recalled being required to submit 3 months bank statements on my previous applications. Have you?
    OK. I misunderstood your first post. I thought you were surprised that they had the information about the NatWest application.

    In answer to your question: yes I have quite frequently heard of people being asked to provide 3 months worth of bank statements. The Co-op asked me to do it last year. It is not uncommon when an application has been referred for manual underwriting and the underwriter wants to have a better picture of your finances. They will look through it to see what your regular financial commitments are, whether you are solvent and they may use it to verify your income. It is also conceivable that they could use it to look for signs of stoozing but I am not convinced that they do. Besides if you only have one existing stoozing card, they aren't going to be able to see a pattern of stoozing anyway. I don't think you have anything to be concerned about.

    Clariman
    Co-author/owner of the official stoozing website https://www.stoozing.com and Creator of the SOA & Snowball calculators.
  • BisoyBisoy Forumite
    873 Posts
    Just to update everyone my wife rang Virgin and told them that she can't provide 3 bank statements as that would mean we will be charged £5 each from A & L if we do that. She was initially offered £1000 only but as she was about to say that she don't want to proceed with her application the nice lady offered her £3500. Bingo!!. She will wait for her card and will try to bargain again when she will activate her card. But £3500 is not bad better than £1000. That is still roughly £66 in 12 months from ICICI.:beer:
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