Balance transfer refused

glothy

I've recently had a credit transfer refused and was wondering why this might be as I have good credit and have had no problem taking out cards in the past.


The card I'm looking to transfer to I've had for about 3 years, never had any problems and wanted to take advantage of their promotional rate.
The card I'm looking to transfer from I realised I took out only a few months ago to transfer a balance from another card which I no longer use. About 3/4 of the debt on that card is from purchases though. Could it be that I've not had the card long enough, or because part of the debt was another balance transfer that they wont allow it?
Can't imagine it's a problem with the card I'm looking to transfer to as I'm using less than 1/2 the available credit and would think they'd want more of my money.




Also will the refusal affect my credit score?

[Deleted User]

What are the cards? Which one has the debt? It has nothing to do with previous BTs..

An attempted BT doesn't get reported to your credit files. Also remember that your credit score is irrelevant as it's not actually a credit score at all, but just a little gimmick for you to enjoy, that has no bearing on borrowing.

Nasqueron

Did you get any reason why your BT request from the new card to the old was refused? Did you ring up and ask?


Did they give you a BT offer? Was it a transfer that would mean more than 90% of your credit limit being used?

BoGoF

Never heard of a balance transfer being refused if there is available credit on the card being transferred to. Which cards are you trying to transfer to/from and what are the balances and credit limits on them?

glothy

All well within credit limits. Transferring from MBNA to Virgin. No reason given for rejection in their correspondence but I haven't called to ask why.

Will_Do

Are they both with the same financial institution by any chance? Sometimes it's not obvious.

MABLE

Will_Do wrote: »

Are they both with the same financial institution by any chance? Sometimes it's not obvious.

MBNA are part of the Lloyds Bank Group and Virgin are completely different.

Will_Do

MABLE wrote: »

MBNA are part of the Lloyds Bank Group and Virgin are completely different.

Strangely, MSE won't let me post a link but a quick google suggests that the Virgin Money CC is serviced by MBNA.

boo_star

Will_Do wrote: »

Strangely, MSE won't let me post a link but a quick google suggests that the Virgin Money CC is serviced by MBNA.

Presumably https://www.uswitch.com/credit-cards/guides/who-owns-your-credit-card/ ?

I'm guesssing that is incorrect as https://uk.virginmoney.com/virgin/news-centre/press-releases/2014/virgin-money-announces-purchase-of-363-million-credit-card-asset-portfolio-from-MBNA.jsp indicates that Virgin Money were going to be operating the cards from some time in 2015 and https://www.headforpoints.com/2018/06/01/mbna-virgin-atlantic-credit-card-closing-2/ appears to be the last of the Virgin branded (albeit Virgin Atlantic) MBNA cards being shut down.

Looking on their website it does state

The Virgin Credit Card is issued by Virgin Money plc

ThatKiss

Virgin used to be serviced by MBNA but they switched 2-3 years ago. 2015 as mentioned above would sound right.

shiny76

This may be a stupid question but did you enter the 'transfer' details correctly?