Best Money Transfer card for no credit score?

HopeFlow

Hi everyone,

I am looking to apply for a money transfer credit card, to borrow around £500 - 800 pounds. I have never borrowed money before and want to make sure I apply with the right company - mainly because I have no credit score and don't want to get rejected. I definitely won't be using it for every day purchases and the reason I am borrowing is because I have put down a deposit for a trip away and ideally need to pay the remaining balance by a certain date. I will be able to pay off the debt the following month after taking the loan.

I am 24 and have an annual income of around £11, 000. I have taken the MSE eligibility checker and whilst I am pre-approved for several cards, I am drawn towards the the Virgin 37 Month Transfer Credit Card. Unfortunately, the checker tool says it was unable to find whether I am suitable or not and when I look on the Virgin website, it says you must have a good credit score to be approved. Does anyone know if they accept applicants with no credit score? Or can anyone suggest me the-next-best-thing? Thanks!

m4rc

You don't have a credit score, you have a credit history, if you haven't had much in the way of loans, credit card, utility accounts, mobile phones, bank accounts etc you may find you don't have much of a credit history. If you have a bank account, no debt, a mobile phone on contract, you are on the electoral roll, you may well find you have a credit history that means you will get the card you want fairly easily.

To be honest if the eligibility checker is saying you have a good chance of getting mainstream cards (lower interest, not the credit building cards) then your credit history must have some content.

It won't kill to apply for a couple of cards, if you are not going to get them then others will be similar, maybe go for one it says you have a good chance of getting - 90% is what you want really. It's always a good idea to try your bank too, they know you, they want your business.

That's not a huge limit you are looking for, maybe look at Barclaycard, MBNA, they both seem to accept people in the early days of a credit history, Barclaycard have a starter card that will often come with a £750 limit.

You don't get shot if you apply and they say no, just don't apply more too many times.

Superscrooge

Are you able to pay the remaining balance by credit card? If so a 0% purchases card might be the cheaper option?

There are more 0% purchase cards available than money transfer cards, so they are easier to obtain. They are also often fee free.