Lenders shifting the goalposts...

Mellornoma

I'm trying to apply for long period balance transfer cards to allow me to pay off my debts in small amounts over long periods of time. I've applied for one with MBNA and one with Barclaycard and despite applying for cards that offered around 32 months they've only given me 12. The MBNA one is particularly annoying as I made a transfer onto it as soon as it was accepted and wouldn't have transferred as much if I'd known it was only 12 months as it didn't say when they sent the acceptance email. The best I've been given is 26 months with a Halifax one. Does anyone know a way round this and why one lender would only offer 12months if another would offer 26, is it to do with credit rating etc?

Cheers,
Ben

redpete

It's because they have different criteria for making their decisions. It's like asking why different supermarkets have different prices and offers for the stuff they sell.

andyfromotley

In general terms your credit history will dictate the terms that they offer. They dont fancy you so much as their 'ideal' customer from your past credit history. (this may be a lot more complex than whether or not the think you will actualy repay or not, and might factor in things like if they decide that they are going to make any actual money from you as a customer.) But in broad terms they dont love you as a prospect but they dont hate you either.

Ben8282

This is not exactly shifting the goalposts.
I think you were foolish in doing a balance transfer without knowing the period as this and the other various terms and conditions are usually pointed out at the time. If this is genuinely the case I would try calling them and saying that you want the balance transfer cancelled and reversed and that you will report to omboardsman unless they can show proof that you were actually advised of the duration of the balance transfer before making it.
Of course, if at the time of making the balance transfer you knew it was for the shorter period but went ahead and did it anyway then changed your mind when you got a better offer elsewhere on your other application, then sorry there is nothing you can do.