Unoffical Existing Customer Balance Transfers

NewbieMoneySaver**

Your wife can still apply so just wait for that verdict.

Good luck

helen28_2

Hi all, not sure if im in the right part lol

just wondered if anyone can help......
I have a credit card bal of £3,400 i recently applied to virgin for a card to balance transfer 0% 15th months.

Before doing this i checked my credit rating it was good with a score of 952 out of 1000, (i nvr miss payments ect)
when i called to find out about my apllication they said it had been declined due to allready having a lot of debt......i'd hardley call 6K alot!! I told them i did a credit check and told them my score, they said they dont base it on scores.

I have my own hse good job so why did they refuse me?

Is there anyone else you think would be good, or will i keep getting refused?

has anyone else had this problem?

thanks for your help

Helen

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=10420741"][/EMAIL]

username2003

Just wanted to say Cheers NewbieMS as I have been offered 6.9% LOB with Halifax and was very pleased with that. Now I can go and haggle some more when I have paid off the remaining owed shortly.

udydudy

helen28 wrote: »

Hi all, not sure if im in the right part lol

Before doing this i checked my credit rating it was good with a score of 952 out of 1000, (i nvr miss payments ect)
when i called to find out about my apllication they said it had been declined due to allready having a lot of debt......i'd hardley call 6K alot!! I told them i did a credit check and told them my score, they said they dont base it on scores.
I have my own hse good job so why did they refuse me?
Is there anyone else you think would be good, or will i keep getting refused?

These credit scores are a big hogwash by itself, made to gain consumer interest and make money for the credit reference agencies.

Lenders use the data from the CRA's which includes your credit accounts and outstandings, it includes all types i.e overdrafts, telephone, mobile.

It also takes into account the number of searches in the last 6 months- too many seraches and chances of refusal are high. these can be from application for mobile, TV, telephone, bank accts, credit cards etc

Nowadays with the credit crunch they have become more strict in their lending criteria, so even a default or late payment even once in the recent past (1-2 yrs) may affect lending decisions.

Finally obviously it also depends on the individual lenders ability to borrow from the money markets(inter bank lending) as this sector is right now very going through a tough phase. Lenders are going to keep a tight rein on credit limits and lending to their customers(aka barclays-- reducing limits even for good customers). The lenders borrow from these sources to lend to theri customers. thats the reason why we have seen standard interest rates on credit cards rise to stratospheric levels of 39% for some customers.

NickX

udydudy wrote: »

Nowadays with the credit crunch they have become more strict in their lending criteria, so even a default or late payment even once in the recent past (1-2 yrs) may affect lending decisions.

I take your point about the times being tough for lenders at present, but I have a theory that they actually don't mind the odd late payment, because just the occasional slip-up doesn't suggest that there is a risk of no-payment, merely that the borrower is a little "careless" with their financial mangement, and infact this will make them revenue when they charge the late payment fee and additional interest.

YorkshireBoy

NickX wrote: »

...I have a theory that they actually don't mind the odd late payment...

Even Capital One's "excellent credit rating" criteria allows for 2 missed payments...

"I have never missed more than 2 payments on a credit card or loan"

catnap53

username2003 wrote: »

Just wanted to say Cheers NewbieMS as I have been offered 6.9% LOB with Halifax and was very pleased with that. Now I can go and haggle some more when I have paid off the remaining owed shortly.

I was offered 6.9% with Halifax last week when they called me. I had recently BTd from them. I declined as I wasn't ready to make such a quick decision. He said all I had to do was give him the number of my other card and it would be sorted. He didn't mention any fee and I didn't even think about it at the time. I wonder now if there would have been a fee, as if not it would definitely be worth doing.

Anyone done this recently before I call them and ask? (Not good at the whole phone thing, so like to be prepared.

Thanks

haha325326

I rang Abbey National and they offered to put £3,000 in my current bank account at a rate of 2.9% until January 2004, which meant I could pay my Virgin card off. The only problem is that I still have to pay off the existing Abbey National balance at a rate of 18.9% before I can start paying off the £3,0000.

dhassen

I posted on here recently asking whether people thought virgin would give me a new balance transfer offer. I was just waiting for my next statement (so I could be sure of 0 balance) before ringing to ask about ' new offer or I'll close the account' etc. I checked virgin online today, and now along with the existing offer of 2.9% on purchases, there's a new 0% balance transfer offer until March 2009!! Pretty chuffed with that, and how very MSE, I've saved the cost of the phone call lol

YorkshireBoy

dhassen wrote: »

...I've saved the cost of the phone call lol

Not really...it's a freephone number.

Now all you need to do is get them to waive/cap the BT fee and you've had a real result. 0800 783 1116 will get you the 'customer loyalty' dept.