2nd Virgin Money Credit Card?

eschaton

On the MSE eligibility calculator, I've came out as 100% to be accepted for the above card.

I already have a Virgin Money Credit Card sitting just under the £5900 credit limit.

Despite what the MSE calculator says, has anyone had two cards from Virgin at the same time on 0% deals?

Shakin_Steve

If you came out at 100% on virgin money, surely you would score similar on other cards? Why not try them? Did the eligibility checker ask if you already had a virgin money card? If not, then it really can’t be accurate, can it?

flower77g

Not just escathon - I get the same result. For me, it's the only card that shows 100% guaranteed acceptance; a fair number of others at 90%.

Nebulous2

I've a substantial balance on a Virgin money transfer 0% offer. The eligibility checker on clearscore shows me as 100% for a Virgin card. They know I already have a Virgin card.

Virgin have been aggressively building market share, but that seems like a risky manouevre.

jonesMUFCforever

Most lenders these days are encouraging customers to hold 2 cards with them such as MBNA and Lloyds banking group (MBNA did this before being taken over by Lloyds).

Nebulous2

jonesMUFCforever wrote: »

Most lenders these days are encouraging customers to hold 2 cards with them such as MBNA and Lloyds banking group (MBNA did this before being taken over by Lloyds).

I get that, but it is a gamble, a bit like doubling down at the casino.

They're in for £10k to me, I've successfully made minimum payments for 6 months or so, they've no chance of making money on me for another 3 years, so they encourage me to have a 0% purchase card as well?

They don't know I'm stoozing.

bigadaj

Nebulous2 wrote: »

I get that, but it is a gamble, a bit like doubling down at the casino.

They're in for £10k to me, I've successfully made minimum payments for 6 months or so, they've no chance of making money on me for another 3 years, so they encourage me to have a 0% purchase card as well?

They don't know I'm stoozing.

It's certainly not like gambling at a casino, at the end of the day it's just a single credit search which will drop off in importance pretty quickly.

It's not a direct issue around profitability for card providers, I don't think I've ever paid any interest and have never been declined for a card. They obviously make money from merchant fees and in your case they could make money if you slip up, or potentially at the end of the deal.

If they don't make money from you then they obviously believe they make money from people in a similar situation, at the end of the day a single application isn't hugely significant whether it is approved or declined.

Nebulous2

bigadaj wrote: »

It's certainly not like gambling at a casino, at the end of the day it's just a single credit search which will drop off in importance pretty quickly.

It's not a direct issue around profitability for card providers, I don't think I've ever paid any interest and have never been declined for a card. They obviously make money from merchant fees and in your case they could make money if you slip up, or potentially at the end of the deal.

If they don't make money from you then they obviously believe they make money from people in a similar situation, at the end of the day a single application isn't hugely significant whether it is approved or declined.

Sorry - I didn't mean it is a risk for me. I can't see any risk for me. I took as much money as I could get away with at the end of last year and those searches are gradually fading away.

It is a risk for lenders aggressively expanding at a point where the Bank of England is warning about consumer debt, interest rate rises are being threatened and most lenders are tightening credit a little.

Here's an article on Virgin bucking the tide.

I'm considering applying now - just to see what happens! They may give me a very modest limit.

bigadaj

Nebulous2 wrote: »

Sorry - I didn't mean it is a risk for me. I can't see any risk for me. I took as much money as I could get away with at the end of last year and those searches are gradually fading away.

It is a risk for lenders aggressively expanding at a point where the Bank of England is warning about consumer debt, interest rate rises are being threatened and most lenders are tightening credit a little.

Here's an article on Virgin bucking the tide.

I'm considering applying now - just to see what happens! They may give me a very modest limit.

Ok, just seemed like a strange analogy.

Banks and financial institutions are now far more closely monitored and controlled than they were.

They have to stump up far more capital to cover and lending, and this includes available credit on credit cards. It's a reason why lenders are now far more likely to close down unused cards or reduce limits as it's actually costing them money to make that potential borrowing available.

As I said above there's little reason not to apply for another card if it's of use to you, if you are declined then it's only the search recorded, not whether you were accepted or declined, so little impact to you assuming you haven't made a load of applications or are looking to remortgage in the near future.

Ben8282

Use the Virgin Money eligibility checker on their own site.
If this returns a guaranteed acceptance result then you can proceed in confidence with the application immediately using the details you have already put into the eligibility checker.

eschaton

flower77g wrote: »

Not just escathon - I get the same result. For me, it's the only card that shows 100% guaranteed acceptance; a fair number of others at 90%.

Virtually the same as me. Virgin at 100% then quite a few at 90%.