Better To Phone Or Apply Online?

Tommy8

Hi All,

Im in quite bad debt with not a great credit score so every application i do needs to count.

Just wondering if anyone knows any "trade secrets" and could tell me if it is better to actually speak to someone over the phone, or apply online?

Im going to apply for the Tesco Balance Transfer card if this helps?

Cheers

Tom

MallyGirl

I haven't found Tesco to be very generous - is there a reason you picked that one?
No one can add much value without more info on you - outgoings, existing debt, salary, any defaults/CCJs

MrsTinks

Have you tried the free MSE tool that will tell you if you're likely to be accepted? Also if you're in bad debt then you would possibly be better off getting some help over on the DFW board if you haven't already vs taking out more debt

ETA - I would also say Tesco if they offer you the top rate will offer you a PUNY limit to counter balance it. You could argue it's responsible lending, but you would probably still be better off with someone else to be honest.

MrsTinks

https://www.moneysavingexpert.com/eligibility/credit-cards/

Tommy8

Long story short im a little bit desperate to be accepted for credit so i can relive one of my credit cards. However my credit score isnt very good and obviously i dont want to apply for too many cards at the risk of ruining my score further.

I chose Tesco as this was the highest possibility according to the MSE eligibility calculator.

Didn't know whether if you ring and actually speak to someone, there is the possibility that they can "tweak" your application to help it. Rather than relying on the online method which probably takes everything very literally.

MallyGirl

ignore the score - no one sees it. What they do see is your past behaviour - missed payments, over limit, lots of hard searches, high usage of available limit.

If Tesco was the highest likelihood then it is probably the best one to go for but nothing is guaranteed. Have you ever had a Tesco card before - and did you operate the account well?

Tommy8

I have never missed a payment on every bit of credit i have had in the last 5 years.

However one of my two credits cards i have abused a bit too much and have gone over the limit a few times. I am currently over the limit now and need to sort something out before the 8th.

Never had a tesco card before. Currently have M&S and Halifax cards. M&S is the worrying one

MallyGirl

you may have left it too late - if you get instant online approval and give the details of the BT you want doing it just might get turned around in time. Otherwise you might get referred and that takes days, and they might ask you to submit ID in physical form.

redux

Tommy8 wrote: »

However one of my two credits cards i have abused a bit too much and have gone over the limit a few times. I am currently over the limit now and need to sort something out before the 8th.

If you succeed on applying to Tesco, it takes 5 to 8 working days to get the card, and a day or two to arrange the transfer, so you need to do at least something to that other account before then.

Can you get it back in limits before applying?

The eligibility test is probably based on monthly updates of credit files, whereas I would guess that a new application can get a real time version.

MallyGirl wrote: »

you may have left it too late - if you get instant online approval and give the details of the BT you want doing it just might get turned around in time. Otherwise you might get referred and that takes days, and they might ask you to submit ID in physical form.

Tesco can take details of balance transfer requests with the application, but it seems not to actually do them until the account is validated by the cardholder phoning up when the card comes in the post

Tommy8

M&S require around £700 off of me on or before the 8th. When i spoke to them they offered me a payment plan however i turned this down as i wanted to explore my other options.

I may be wrong but even though it may be too late, would it be wise to apply for the tesco card now, before agreeing with M&S this payment plan which may have an effect on my credit score? Only go along with the plan in the meantime?

Reason why im so adamant i want to get rid of the M&S card is the 0% ran out and im paying interest on the large balance.

Tommy8

by the way i am very greatful for all your replies, thank you