Is MBNA and virgin linked

drewbert73

Wanted to do the plastic loan thing so applied for an MBNA and got refused, checked everything, credit report etc, all ok and score 999, was going to apply for virgin card but noticed it was linked to MBNA.

Is it worth it?


Details

Credit card 1 - £4300
Credit Card 2 - £2200

Loan £7100

Im retired and disabled and have an annual income of about £12000

Wanted to get rid of both cards and put onto 1 with 0% or plastic loan.

Bestway forward?

thanks

Any

You can try, it's not going to cost you anything (appart from having 2 searches on your file in short period of time) but taking in consideration your current debt versus your income I can't see that happening...

By the way your "credit score" was complete waste of money. Don't do that again. It means nothing. People who never ever had credit (and therefore have no chance of getting high street deals credit) have score 999...

stephane_2

Virgin credit card is run by MBNA so no point applying again now if you have been decline...the reason probably why you got decline was your level of debt which exceed your annual income, that is very bad news am afraid, so unless you able to bring that level down, then very unlikely that anyone will accept you, you would be considered as a very high risk...and by the way your score means donkey..no point paying for it

bengal-stripe

Virgin credit card is issued by MBNA.

I don’t think you will have much success in opening a new line of credit. Your current debts are more than your annual income. No lender is likely to touch you, particular as there is always the danger that after a transfer, you could run up additional debts on the old cards.

Sorry to be blunt, but in today’s financial climate, that is the only possible answer.

drewbert73

thanks,
do you think its worthwhile trying to topup my loan to cover credit cards or new loan to get rid of all 3, 13500 loan over 5 - 7 years. if so, with my circumstances, where do people advise?

Any

drewbert73 wrote: »

thanks,
do you think its worthwhile trying to topup my loan to cover credit cards or new loan to get rid of all 3, 13500 loan over 5 - 7 years. if so, with my circumstances, where do people advise?

Well, without knowing the apr % you are paying on your current debt how are we supposed to know whether it would be any better???

It's never good idea to spread debt over longer period of time as the longer you pay obviously the more interest you pay, but if you are struggling paying monthly payments it might be an option...

drewbert73

the 2 cards i pay £190 a month and loan is £135, dont know the exact aprs, but loans has 5 years left.

YorkshireBoy

You're pretty vague with the detail required to help you.

drewbert73 wrote: »

the 2 cards i pay £190 a month

Each, or in total?

dont know the exact aprs

They're on your statement. If they aren't, then the monthly rates will be. Post either.

but loans has 5 years left.

How long has it been running for?

drewbert73

sorry

paperless statements and havent got them to hand but £190 is total for both (£110 + £80)

loan has ran for 2 years out of 7. 5 left.

Dabooka

Was that also a consolidation loan?

Any

Sorry, we need the info we asked for.
We are not magicians.

You didn't even tell us who are the existent credit cards with to be able to check the the minimum payment % and calculate the APR from that and the minimum payment amount...