M&S credit can't go to current

brookchris

Junior stoozer has successfully opened Virgin Credit card and balance transfered £4000 to current accoount.

Tried the same trick with M&S and they refused to transfer to current account (only other credit cards). On a previous thread a forum member advised transferring to Virgin and then on to current account etc.

Virgin won't raise my credit limit - i'm too new a customer.

In need of some more advice.

Clariman

You don't need to raise your credit limit to be able to do this. Take a read of this (carefully) and it should show you how to do it.

http://www.stoozing.com/full.htm

Also take a look at Martin's stoozing link above.

Clariman

YorkshireBoy

brookchris wrote:

Virgin won't raise my credit limit - i'm too new a customer.

The "trick" here is to negotiate your credit limit *BEFORE* you sign and return the credit agreement. I've successfully used this technique on several occasions but had a particularly good increase from Virgin.

How to do it...?

You ring them up and say you were just about to sign and return the agreement when you noticed that they'd only given you 'x' when you *NEED* 'y'. Tell them, unfortunately, this means you will have to apply to another provider for the shortfall ('y' - 'x'). Then tell them that if the other provider gives you 'y' then you will not be taking them up on their offer as you really don't want to manage two cards for one purpose (the reason for your *NEED*).

Providing you don't go overboard with 'y', you have a reasonable credit history, and have a good "reason" for the line of credit (be creative but believable!), you should have some success. I doubled mine up by applying the above - with TWO different providers and with NO FURTHER CREDIT SEARCHES!!

One final thing - if they agree on the phone, DO NOT sign and return the form you have - wait for the new credit agreement showing the new credit limit and sign and return this one.

brookchris wrote:

In need of some more advice.

My advice?... Bearing in mind your hiccup with M&S, my advice is to thoroughly research the many facets of "making money from credit cards"...

1/ Martin's excellent articles on this site (yellow box to left of this screen)
2/ This forum (go back until they get repetitive - and they will!!)
3/ https://www.fool.co.uk ("discussion board"/"Credit Cards")
4/ https://www.stoozing.com (sponsored by Martin Lewis)

Finally, you applied for a M&S CC without fully knowing/understanding its T&C's. If you apply the same approach with payment allocation (when using CC for both purchases and BT's), end of intro period conflict with statement date, etc, it WILL cost you money. So remember, you're in it to MAKE MONEY, not lose it!

HTH
YB

Grumpy_Old_Duffer

brookchris wrote:

Junior stoozer has successfully opened Virgin Credit card and balance transfered £4000 to current accoount.

Tried the same trick with M&S and they refused to transfer to current account (only other credit cards). On a previous thread a forum member advised transferring to Virgin and then on to current account etc.

Virgin won't raise my credit limit - i'm too new a customer.

In need of some more advice.

If what you're saying is that M&S have given you a greater Credit Limit than the £4K from Virgin, then just transfer the M&S amount to Virgin, then to your Bank Account. Yes, that will make your Virgin Account well in credit, but I've done it with the Egg Card, when I ended up about £7.5K in Credit at one point!!!