Multiple Cards with Virgin Money

abaka

Hi,

Whilst I manage through my debt situation which is an ongoing journey, I'm doing what a lot of people do and shuffling card balances about.
I recently done a balance transfer to an MBNA card for 0% however, I didn't realise the min payment would be 2.5% as opposed to 1% I anticipated.

I have went online and I'm showing as Pre-Approved for a Virgin Money card on both MSE Credit Club and Virgin's website directly....However, I already have two cards with Virgin (one has a balance which is on 0% and one has a 0 balance but I'm keeping it free for a larger Balance Transfer I'll need to do in a few months so don't want to use that.

Is it normal to have more than 2 cards with one provider....Previously I have had 2 cards with Halifax, MBNA, Lloyds and currently two with Virgin but I've never been offered a third card before....

I'm trying to get a foothold on my debt and making progress but I am reliant on 0% offers and as such I don't want to make an application for it to be rejected and then subsequently cause more harm to my credit rating..

My own info....I earn £36,000 per annum and my total credit card debt stands at £15097, out of  33900 AVL Credit, so I'm using below the 50% of my avallable balance and I'm making well above my minimum payments each month.....but I do have one larger debt (near 5k which is on a high interest Halifax card and I need to ensure I can get that onto a balance transfer in March when it expires.

Should I go ahead and apply if Virgin's own website is hsowing me as pre approved or is too big a risk?

Ebe_Scrooge

It's not uncommon to have multiple cards from the same provider - however, it is unusual to be able to BT between cards from the same provider (or even the same "umbrella" company).

If you're "reliant" on 0% offers to keep your head above water, then the best advice I can give is to head on over to the Debt-Free Wannabe board and post up an SOA, then the helpful folk there will be able to give you plenty of advice.  Relying on 0% offers for an extended period of time is not sustainable, especially in the current period of uncertainty - who knows how lenders may alter their risk appetite and lending profiles in the near future?  You need to tackle the debt head-on, rather than just kicking it down the road for a while.

abaka

Hi,
I'm already on there....I'm 4 months in to my debt free journey.

For clarity, I would be looking to move from MBNA to Virgin not from another Virgin.  I spoke to the guy on the phone and he said he thinks it's a system issue as he doesn't believe I'd be accepted, so no point risking it.

I will just have to meet the larger payments on the MBNA whilst I chip away at other debts!!