0% BT for 13mths with NatWest, but declined for Egg Money so No Mule!!

So, I successfully applied for a NatWest Platinum and got a £3500 limit.

So far so good. I applied for my Egg Money Card, and after a comprehensive 30 min review of my finances over the phone ... I was declined.:eek:

Ah pish. That's the first time it's EVER happened. I've been switching cards for years, and haven't paid any interest on credit cards in a LONG time.

I'm fortunately in the position where I currently pay off my credit cards in full each month (Tesco Club Card Credit Card, American Express Nectar Card), and have been accruing ClubCard and Nectar points respectively.

However, I was going to have a go at stoozing with the particular aim of paying for some home improvements 0% for 13 months. We've got double glazing going in at a cost of £2000 and some guttering renovations at a cost of £600. Both of which need to be paid for by cash/cheque.

My financial position is good, no time to do a full SOA currently but suffice it to say that my salary more than covers my outgoings, I manage my finances well, and am always on the lookout for a good way to save some more money (or earn some more interest).

So, why was I declined for the Egg Money card? (I did previously have an Egg Credit Card that I used just for a 0% BT for 6 months and then cancelled, but that didn't really factor into it I don't think).

- I changed jobs 6 months ago (previously was employed at the same firm for 4 years)
- We moved house 5 months ago (and in so doing moved from Interest Only mortgage to a Cap Repay basis, so higher outgoings). We're also not likely to be on the Electoral Roll data yet, although all the paperwork has just gone in the post.
- My wife's expecting our first baby in December (hooray! but lots of outgoings due there!)
- My wife will be stopping working this week, and will not return to work - Full time Mum here on in. (hooray again! but one less salary, even though we've not been overly dependent on her salary - it's mainly been to pay for holidays and pay off previous credit card debt and loans - which we're now free from!)

Basically - too much change at the minute and Egg, as "a responsible lender", didn't fancy adding to my burden but welcomed the opportunity to review in 6-12 months.

To be honest, good on Egg - on the surface of it, it could be perceived as an unstable time financially, and I applaud Egg for a.) having done a very thorough appraisal over the phone and b.) discussing my credit report to clarify elements that I had mis-remembered to ensure they had a full picture.

BUT, and here is my point, I now have the 0% card for BT's for 13 months, and no means of "muling" the money into my current account via the Egg Money card :(

Not enough time to slow stooze it to be useful for the home improvements. I could prob BT £600-£1000 off the other two credit cards rather than pay them off this month which gets me a bit of the way. And I could also use the NatWest's 3mth 0% on purchases for 3mths and forego some reward points on the other two.

Pity really - I was all geared up for a good stooze too ... :cool:

Replies

  • If you have any other credit cards you could balance transfer the money onto them, and then ask for the cash. If they refuse shut the account. Apparently they might refuse and send the cash back to the original card, but couldn't hurt to try.
  • MilarkyMilarky Forumite
    6.3K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Why not use another person whom you know (and trust) who already has an Egg Money card? Offer them a few quid. They could BT 'your' cash to a current account in their name and then forward it to you from there.


    (Someone 'trusted' on this site could probably do that, given that they would have your cash initially and would just keep an agreed amount back - they will never be out of pocket but you are taking a risk - small I believe - as they will have to provide you with their account number so cannot slink away so easily)
    .....under construction....
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    TheJimster wrote: »
    Apparently they might refuse and send the cash back to the original card, but couldn't hurt to try.
    The (wasted) 2.5% NatWest BT fee would "hurt" a bit, wouldn't it?
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