Credit Card Problem Please Advise asap

Candyapple

EveryWhere wrote: »

You certainly jumped in with both feet!

The OP stated that he has already applied to another provider and has been declined.
A closed account can take up to three months to show up. Other lenders may be concerned about the rash of applications after he has already been accepted.

It might be that they won't see the MBNA card at this stage.
So the the OP wants to know the best way to proceed.
You should at least read what has gone before, before launching an attack.

There is no attack. The best way to proceed is I have provided links for the OP to check their eligibility so that they can avoid being declined again. Seems rather strange that after only 1 successful application with MBNA with a reasonable limit they would get declined elsewhere - unless they were applying blindly.

MBNA (in my opinion) used to be one of the best card providers for 0% purchases, but ever since Lloyds took them over and they no longer advertise what cards they offer and you have to undergo a soft credit check before proceeding, their offerings are more for balance transfer cards with any 0% purchase period being limited to the first 60 days only.

If you wanted a 0% purchases card, my point was that there are numerous providers out there who offer just as high limits for the same if not longer periods. 3 hard searches would be fine, but after that then yes lenders may get spooked about why so many applications.

Murbs

EveryWhere wrote: »

The problem here is that we don't really know the sequence of events that led to you getting the card that you did and no one wants to put their details in their CleverCheck application in order to check what you would see.

We are just going on the information that you have provided.

As far as I know, there is also no purely Purchase card from MBNA. It would be a balance transfer, money transfer and purchase card. (Money transfer is only for 12 months @ 4%)
But instead you claim you were given just the balance and money transfer.

Did they actually state they you were going to be given the balance transfer, money transfer and 0% purchases card or was that just a misunderstanding on your part?

My reference to the perambulator is that you acted rashly in cancelling the card before asking here for advice.

Money transfer was certainly not ideal at just 12 months, but clearly a lot better than nothing.

You didn't say with whom you applied afterwards. If you give info piecemeal, it will only take more time.

This is very true I did act rashly as I was extremely frustrated to learn I wasn't getting exactly what I felt I was applying for, which was the promotion of 28 months of interest free purchases. I was never going to be interested in balance transfer as I dont have any other cards and as for the money transfers option I didn't even know what this was. A friend of mine explained how it works and I agree it would of been better than nothing I could of cleared this within 12 months comfortably. This is the reason why I tried to reinstate the card but by then this was never possible.

I tried to apply with barclaycard, the soft checker gave me 80% chance but when I actually applied it failed.

I have learnt my lesson now to ask before acting.

What I would like to know is what to do going forward, I have checked on my credit report and its not even listed MBNA so I guessing it will take weeks if not months before it shows cancelled on my file.

Murbs

Candyapple wrote: »

There is no attack. The best way to proceed is I have provided links for the OP to check their eligibility so that they can avoid being declined again. Seems rather strange that after only 1 successful application with MBNA with a reasonable limit they would get declined elsewhere - unless they were applying blindly.

MBNA (in my opinion) used to be one of the best card providers for 0% purchases, but ever since Lloyds took them over and they no longer advertise what cards they offer and you have to undergo a soft credit check before proceeding, their offerings are more for balance transfer cards with any 0% purchase period being limited to the first 60 days only.

If you wanted a 0% purchases card, my point was that there are numerous providers out there who offer just as high limits for the same if not longer periods. 3 hard searches would be fine, but after that then yes lenders may get spooked about why so many applications.

I've just done the eligibility check on MSE and the results are 95% chance with the same card I wanted in the 1st place MBNA upto 27 mnths 0% pends first 60 days 20.9% APR (perfect)

95% chance with Aqua 34.9% APR

90% chance Barclaycard upto 28 mnths 0% spends. I applied for this card and the soft checker gave me an 80% chance. I applied for this card I think it was on Monday 3rd June and I was declined.

Because of all this I am reluctant to try again in fear this may harm my credit rating. Although when the complaints team from MBNA called me that morning there was something mentioned about reapplying. Being naive and very in experienced is this something worth looking into and maybe try again do you think?

[Deleted User]

Don't worry about your 'credit rating'. Although some lenders may see three applications as a sign of distress, others won't.

You need a card, so you need to apply for one. If you're not in the middle of a mortgage application, there's little cause for concern.

Ben8282

Murbs wrote: »

I've just done the eligibility check on MSE and the results are 95% chance with the same card I wanted in the 1st place MBNA upto 27 mnths 0% pends first 60 days 20.9% APR (perfect)

So it's changed again. First it was 29 months, then when somebody mentioned 28 months it changed to that and now it has changed to 27 months 0% on purchases made within 60 days, once again after somebody else mentioned the first 60 days bit. Make our mind up please about what you actually applied for initially.
I am still confused about the reduction in the credit limit from £7200 to £200 when you asked for the card to be reinstated.
Why do you keep obsessing about MBNA? Why are you so keen to reapply to them especially in view of your dissatisfaction with them and the offer of a £200 credit limit..
Aqua don't offer 0% promotional periods on purchases so not sure why you are considering them.
There are many other credit cards with offers on purchases for varying periods besides those that you have mentioned. Of course, the fact that you have no other credit cards will make it difficult for you to get a good 0% offer. Do you realise how lucky you were to get the card with the £7200 credit limit that you were so quick to refuse?

EveryWhere

Murbs wrote: »

I've just done the eligibility check on MSE and the results are 95% chance with the same card I wanted in the 1st place MBNA upto 27 mnths 0% pends first 60 days 20.9% APR (perfect)

95% chance with Aqua 34.9% APR

90% chance Barclaycard upto 28 mnths 0% spends. I applied for this card and the soft checker gave me an 80% chance. I applied for this card I think it was on Monday 3rd June and I was declined.

Because of all this I am reluctant to try again in fear this may harm my credit rating. Although when the complaints team from MBNA called me that morning there was something mentioned about reapplying. Being naive and very in experienced is this something worth looking into and maybe try again do you think?

With whom do you bank? If you already have a relationship with a bank, they are more likely to base your application on your relationship with them. So if you've kept your account with them in good order, they are more likely to accept you.
I also like that Sainsburys offer three different levels of 0% purchase period.

0% interest on purchases for 27 months. We may offer you a 0% interest period of 24 or 21 months depending on your individual circumstance

So you have more chances of being accepted. I'm sure you'd be happy with even the 21 month period for what you need, if that is what is offered.

https://www.sainsburysbank.co.uk/credit-cards/index?subid=001&pt=C#tab--purchase-credit-cards-

Candyapple

Murbs wrote: »

I've just done the eligibility check on MSE and the results are 95% chance with the same card I wanted in the 1st place MBNA upto 27 mnths 0% pends first 60 days 20.9% APR (perfect)

Have you tried Virgin? They do their own eligibility checker. Or Tesco. Both companies are known for giving high limits and both offer 0% purchase deals.

If all else fails, you can send an appeal letter to Barclaycard as they have been known to accept people on appeal and send them the card.

Shakin_Steve

Murbs wrote: »

This is very true I did act rashly as I was extremely frustrated to learn I wasn't getting exactly what I felt I was applying for, which was the promotion of 28 months of interest free purchases. I was never going to be interested in balance transfer as I dont have any other cards and as for the money transfers option I didn't even know what this was. A friend of mine explained how it works and I agree it would of been better than nothing I could of cleared this within 12 months comfortably. This is the reason why I tried to reinstate the card but by then this was never possible.

I tried to apply with barclaycard, the soft checker gave me 80% chance but when I actually applied it failed.

I have learnt my lesson now to ask before acting.

What I would like to know is what to do going forward, I have checked on my credit report and its not even listed MBNA so I guessing it will take weeks if not months before it shows cancelled on my file.

It's a pity that you didn't check out what a money transfer actually entails. You could have transferred the funds you needed to your current account and paid for the holiday that way. Then you would have had 28 months to pay it off interest free.

EveryWhere

Shakin_Steve wrote: »

It's a pity that you didn't check out what a money transfer actually entails. You could have transferred the funds you needed to your current account and paid for the holiday that way. Then you would have had 28 months to pay it off interest free.

Better that you check your facts before you give advice. The inexperienced may be depending on it.

Money transfers are interest free for twelve months.

Shakin_Steve

And check this baby out:

Virgin Money 23 Month All Round Credit Card

Credit Card
• 0% interest on balance transfers for 23 months, then 21.9% APR (variable)
• 0% interest on purchases for 23 months, then 21.9% APR (variable)
• 0% interest on money transfers for 23 months, then 23.9% APR (variable) - 4.00% fee on transfers made in first 60 days, then 5.00%