MBNA Overdraft % Transfer

cinders09

Hi,

I have just applied for and been successful in getting a Barclaycard % BT CC, I got a large amount of credit on the new card £9800 which I have BT onto with from my old CC £5000

I now would like to get an MBNA card to move my 2900 overdraft onto, as I got such a large amount on the new card and I have good credit, would it be wise to wait to apply for the MBNA or as my credit is good do I stand a good chance of getting that one as well?

Thank you

MadProf

cinders09 wrote: »

I now would like to get an MBNA card to move my 2900 overdraft onto, as I got such a large amount on the new card and I have good credit, would it be wise to wait to apply for the MBNA or as my credit is good do I stand a good chance of getting that one as well?

Will this be the second credit search you're doing in recent months? If so, I'd say go for it - no harm done having 2 searches in short succession and a rejection doesn't leave a "black" mark. Does your new Barclaycard show up on your credit reports yet?

As a rule of thumb, do not exceed your utilised credit-to-income ratio by more than 50%. If you're carrying large balances on other cards and were making minimum payments (even those from which you've just balance transferred) those cards may still show balances and will show minimum payment markers on with the CRAs and may impact MBNA's decision as you could appear to be overcommitting.

That being said, I have in the past successfully applied for multiple lines of credit in a short time frame but your financial circumstances may be completely different to mine.

chanz4

mbna maybe funny as a new account within 6 months, however living in your od doesn't mean a good credit file

MadProf

chanz4 wrote: »

mbna maybe funny as a new account within 6 months, however living in your od doesn't mean a good credit file

If the Barclaycard doesn't show with the CRAs yet MBNA will not know about that card but they will obviously see the associated credit search.

Back when I was consistently in O/D on my Barclays current account they never reported the arranged O/D balance to the CRAs. Can anyone else confirm the same?

cinders09

Thank you for your replies, it was indeed my second application, I have just done it, I didn't get the same amount of months as advertised and still got a healthy amount credit from them with % cash transfer, so I can at least start to pay of most of my overdraft.

:j