Virgin Credit Card

sassy_one

Received a letter saying I have been approved for the Virgin 0% credit card on Monday, quick call to them yesterday and I have been! :T


I'm told this is operated by MBNA?

Does this mean my credit score is very good?

Looks like I didn't need the credit building cards after all!

Told I'll be receiving my card in 7-10days :beer:

0% interest for 20 months on balance transfers, 3 months on card purchases!

[Deleted User]

sassy-one wrote: »

Does this mean my credit score is very good?

It means your credit report is good enough for them to offer you a card, at a given rate and limit. So it will be better than disastrous.

You don't have a score (not one that means anything). It depends on what each lender is looking for in its borrowers.

sassy_one

Deleted_User wrote: »

It means your credit report is good enough for them to offer you a card, at a given rate and limit. So it will be better than disastrous.

You don't have a score (not one that means anything). It depends on what each lender is looking for in its borrowers.

Are they good with limit increases?
Think I'll be using this card the most as its obviously a better rate!

[Deleted User]

I can only speak from a sample of one. I got an initial limit of 14k so have never had an increase or decrease. But I get pretty continual BT and purchases offers.

sassy_one

Deleted_User wrote: »

I can only speak from a sample of one. I got an initial limit of 14k so have never had an increase or decrease. But I get pretty continual BT and purchases offers.

What is the normal starting limit as I didn't ask?

[Deleted User]

Don't know. Based on a sample of one, the average is 14k!

But doubt they are that high now and will depend on the risk profile of each customer.

All it says on their website is "The limit given is based on your personal circumstances. If you’ve got a high salary and low debts, you’re more likely to get a higher credit limit."

thenudeone

mbna used to be pretty generous with limits - I once had 3 cards with them, with available credit just on those 3 cards totalling 50% of my income; but they have become much more cautious in the last few years.

My guess is that you'll only get a high limit if you don't have much other credit available elsewhere and have a very good payment history.

sassy_one

thenudeone wrote: »

mbna used to be pretty generous with limits - I once had 3 cards with them, with available credit just on those 3 cards totalling 50% of my income; but they have become much more cautious in the last few years.

My guess is that you'll only get a high limit if you don't have much other credit available elsewhere and have a very good payment history.

Are MBNA hard to obtain credit with?

I'm just glad I have been approved as that's all the credit I want now.

I've closed three calalogues (requested closure) this week and now just have three more to pay and close.

That's all my credit then repaid, I'll only use the Virgin card for emergencies or S75 protection, so really I don't have any other debt once I've repaid the calalogues :beer:

boots_babe

£16k with Virgin MBNA card here. Not sure about limit increases as haven't asked.

lawfulhippo

I thought it was excessive when they offered me £3,900. Think I might have had a heart attack if they'd said £15k. I'm not on a banker's salary, but I'm not on the bread line either.

sassy_one

Just found out I have a limit of £2000, is this a good starting limit?
And how often do you get increases with this card?

One last thing, am I okay to have a £900 balance on this for a few months,without it looking bad?