It's little wonder so many people are in debt

Cazzdevil

Whilst trawling the cashback sites I noticed on Quidco that you get £8.50 for submitting an MBNA Credit Card application regardless of acceptance, now my credit rating is disastrous - I'm busy paying off mortgage arrears after my account was sent to Litigation (I narrowly avoided court proceedings for a repossession order!) and I had trouble getting a new bank account so I know my credit rating is rubbish and another application or two wouldn't make a halfpenny's difference.

So anyway, I thought I had nothing to lose knowing it would be declined but still getting the cashback... I got accepted with an initial credit limit of £350

Idiots. It's little wonder the country is in so much debt. I can tell you, the card is going straight in the freezer when I get it - for DIRE emergencies only.

Please tell me I'm not the only one who thinks this is dangerous lending?!


PS - the acceptance wasn't from MBNA, I got declined by them, but they then linked me to a "sister site" who were more likely to approve me.

aj3001

Sounds like you were given a credit builder card, designed for people to try again building a credit history

Shineyhappy

I think thats pretty bad but at least its a small limit.

I had a letter from Lloyds telling me I have been accepted for a priority loan of 4675 (not sure where they got such an exact figure from) last night. All my debts are with them expect for the MS card, but knowing my mortgage alone and my salary they should know that there is no way I could afford to pay that back and they already know that my Lloyds card has a limit of 4500! So 9k to fritter now thats responsible lending!

Broken_hearted

No but I am tempted to sign up for the £8.50.

jo1972

Broken_hearted wrote: »

No but I am tempted to sign up for the £8.50.

So was I and that's exactly the problem! I have shut the quidco window and not going to return today

Conor_3

Cazzdevil wrote: »

It's little wonder the country is in so much debt.

Indeed. All these people applying for credit even though they know they can't afford it.....

The responsibility is as much on the person applying as the lender. Sadly in todays society, personal responsibility is someone elses job. :rolleyes::rolleyes:

Broken_hearted

Conor wrote: »

Indeed. All these people applying for credit even though they know they can't afford it.....

The responsibility is as much on the person applying as the lender. Sadly in todays society, personal responsibility is someone elses job. :rolleyes::rolleyes:

Agree fully everyone has an excuse for THEIR debt myself included. Todays culture is all gone there is no stigma to being in debt, infact if you are not in debt people think you are strange.

rayday2

What was the apr they offered you on the card out of interest?

nickelodeon

I've got a good credit rating and since buying my flat I am constantly getting offers of credit cards and loans through the post. Buying the flat has really stretched me and there is no way I could afford more debt and luckily I've made the decision that I want to clear my debt and do not want anymore otherwise it would be far too easy to accept these offers to buy the things I can't afford.
I've also got a few credit cards with nil balances and every other week I seem to get a handful of credit card cheques trying to get me to spend money, they always say, why don't you go on holiday, do some work on the house etc! It can be so tempting and the cheques are far too easy to spend! I'm just glad that I've found this site and I'm now sensible about my spending, the cheques are in a pile waiting to be shredded (once I can find a shredder in the sales!)

rayday2

If I was you I would get rid and write to cancel the nil balance cards they can effect your credit history credit ratings go on how much you could spend no one day if you liked.

If you did in the future actually want a card chances are with less open allbeit nil accounts you could get a better deal - just a thought!

Cazzdevil

Conor wrote: »

Indeed. All these people applying for credit even though they know they can't afford it.....

I didn't apply for it in the hope I'd be accepted, I applied because I assumed I'd be declined but would get the £8.50 cashback anyway! I have no intention of getting into debt again, it's a horrible place to be.

Rayday2 - It's an AQUA card with a whopping 29.9% APR. Doesn't make any difference to me to be honest, I'll not be using it :cool: