Some Bad News

Risinfromthegutter

On getting home from work yesterday, I had received a letter from Morgan Stanley regarding my card application.

The first word was Congratulations! So far, so good...

However, on further reading I found that they had transferred £1741.00 from my MBNA card, leaving a balance of £2241.00 still on that card!

The MBNA card's interest is going up from 6.9% to around 23% from next month. There is no way I can afford to pay the interest on this card, and was relying upon the Morgan Stanley card, this would have been ideal, and (aside from my mortgage) I would have been debt free by the 2010 date that the promotional rate ended.

Is there anything I could do? Has anyone ever successfully appealed to have their credit limit more than doubled upon getting a new credit card?

Ive just been reading about the m&S LOB card, how likely would it be that I could get accepted for that with a credit limit of around £2500.00 to clear my MBNA card

Please help!!!

jellycat40

Morgan Stanley are not known for giving high limits at the beginning of a new card. You could try in 3 months to have the limit raised providing you have conducted the account well.

I loved my M&S card. I have no cards any more but I would recommend this one as you do get something back from them in points. They were also very fair with me when I went bankrupt!

I did a lot of card tarting and I would suggest you speak to MBNA and see if they will reduce your APR they may!

You could try an Abbey Card they are part of MBNA and you could move your Morgan Stanley balance to them and then move some more of your MBNA to the Morgan Stanley.

Alternativley if you have not much outstanding credit card debt you could try moving it all to a bank loan. Egg do a flexible one where you can pay off more when you have it to bring the debt down quicker.

Good luck
Louise

Risinfromthegutter

Thanks for replyin Louise,

In your opinion, how likely would it be that I would be accepted for another card so soon after this application?

Say, for example, I did apply for the rest of my balance to be transferred from my MBNA to the &More card.

Also, what kind of credit limits do M&S give out for their &More card, and how harshly do they credit score.

I have had problems been accepted in the past, but I think this was just because I had so much available credit at the time.

Verbatim

Rising,

How many other cards have you got? And how many applications for credit have you made in the last 6 months?

If you have some cards that you haven't used for a month or more with a zero nbalance try ringing up and asking to speak to "closures". It's NO good just talking to whoever answers the phone, ordinary customer service, as they don't have the authority to do deals.

Say you're thinking of closing the account but do they have any special deals at present? I did this and was offered 2 0r 3 months at zero followed by a lowish APR for a further 3 or 4 months and no BT fee.

If you look over on the credit card board there is a thread for offers for EXISTING customers.

This is very useful if you've applied for other/another card in the recent past as you won't have extra credit showing on your file, which will help you in 6months when you'll be more likely to be approved if you need a new card then.

V )a credit card tart for several years now).

Risinfromthegutter

Verbatim

I no longer have any other credit cards, I have cancelled three over the past few months, as I was havinng problems being accepted for credit.

The only cards I have are the MBNA (23%APR) now with 2241.00 on, and the recently accepted Morgan Stanley Card with 1741.00.

I think im going get stuck with the 23% card! Which could cripple me, just as i was getting back on track.

cathybird

I agree with jellycat that a loan may be the answer, though the only thing with personal loans is that the interest rate tends to go up a lot if you only want to borrow a small amount (ie under £5000). I would get hold of your credit report from https://www.annualcreditreport.co.uk and see how many accounts you do have. Sometimes you'd be surprised – when I got mine I saw that I had an account with Grattan mail order company that I didn't realise I'd opened (my fault, not theirs). Close everything that you're not using. Then apply for the M&S card. It's worth a try!! It might also be worth putting in a call to MBNA if all your payments have been on time and asking them to lower the rate of interest.

SunderlandBlackCat

Risinfromthegutter wrote:

Ive just been reading about the m&S LOB card, how likely would it be that I could get accepted for that with a credit limit of around £2500.00 to clear my MBNA card

I was accepted for the &More card 3 weeks after Morgan Stanley turned me down flat but it hasn't arrived yet so don't know the credit limit yet.

Risinfromthegutter

Ive checked my credit report with annualcreditreport.co.uk and with garlik data patrol.

These are the only cards outstanding, I have now cancelled the rest.

Do you think this is my best approach then:

1) Contact Morgan Stanley to ask if they can accomodate the rest of my MBNA balance onto my new card.

If this fails;

2) Contact MBNA and ask if they will reduce my APR.

If this fails;

3) Apply for M&S&More card, balance transferring the remaining balance on my MBNA card to this card.

If this fails;

4) Sell my house, my partners car, my childs toys, and my worldly possessions, and hope that this amount covers at least a months interest on my MBNA card!!!

If this fails;

5) Just start running like Forrest Gump!

Risinfromthegutter

SunderlandBlackCat wrote:

I was accepted for the &More card 3 weeks after Morgan Stanley turned me down flat but it hasn't arrived yet so don't know the credit limit yet.

Sorry, just saw your post SunderlandBlackCat, I must have posted my previous post as you did yours.

Do you think then that as I was accepted for the Mogan Stanley card, there may be a chance that I could be accepted for the &More card to transfer the remaining balance on my MBNA card?

Do you think I should follow the steps ive set out above first?

cathybird

Risinfromthegutter wrote:

Ive checked my credit report with annualcreditreport.co.uk and with garlik data patrol.

These are the only cards outstanding, I have now cancelled the rest.

Do you think this is my best approach then:

1) Contact Morgan Stanley to ask if they can accomodate the rest of my MBNA balance onto my new card.

If this fails;

2) Contact MBNA and ask if they will reduce my APR.

If this fails;

3) Apply for M&S&More card, balance transferring the remaining balance on my MBNA card to this card.

If this fails;

4) Sell my house, my partners car, my childs toys, and my worldly possessions, and hope that this amount covers at least a months interest on my MBNA card!!!

If this fails;

5) Just start running like Forrest Gump!

sounds like a plan to me!!

SunderlandBlackCat

Risinfromthegutter wrote:

Sorry, just saw your post SunderlandBlackCat, I must have posted my previous post as you did yours.

Do you think then that as I was accepted for the Mogan Stanley card, there may be a chance that I could be accepted for the &More card to transfer the remaining balance on my MBNA card?

Do you think I should follow the steps ive set out above first?

Costs nothing to do steps 1 & 2 I suppose. If they say no you won't be any worse off but if you're going to then do it sooner rather than later as &More seem to be a bit slow with their applications process.

I received an email on the 11th to say an agreement form was being posted out for me to sign & return but postie came this morning before I set off for work & still nothing so by the time I sign & return that & they then take a week or so to process everything & send the card & credit limit out its goign to be cutting it fine to get my transfer in by the end of the month.