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Not eligible for a 0% Credit Card?
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Beaumont176
Posts: 35 Forumite

in Credit cards
Good afternoon,
My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.
Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.
I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something?
My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.
Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.
I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something?
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Comments
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Beaumont176 said:My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.
Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.
I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something?2 -
Beaumont176 said:but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something?If you're not eligible for a 0% card for whatever reason, you may as well just see if you can get an ordinary interest-charging card that gives you rewards of some kind, and use that for your day-to-day spending. So long as you always repay in full every month, the high interest rate is irrelevant.If you're wanting a 0% card for stoozing purposes then, as suggested above, give it 6 months or so and try again.As well as the fact that any application is assessed against your current financial situation and credit history, a lender's marketing strategy (and, to a lesser extent, their risk appetite/target customer base) can change over time in response to general market conditions. So it may be that if you're not accepted for a particular card today, you may get accepted in a year's time or whatever - even if your financial circumstances have not changed all that much.
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Beaumont176 said:Good afternoon,
My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.
Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.
I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something?1 -
PRAISETHESUN said:Beaumont176 said:Good afternoon,
My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.
Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.
I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something?
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It would be worth checking your credit reports (if you haven't done so already). Either something may have changed that you are respoinsible for, or there is a mistake somewhere which you could then get corrected.1
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Wyndham said:It would be worth checking your credit reports (if you haven't done so already). Either something may have changed that you are respoinsible for, or there is a mistake somewhere which you could then get corrected.
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Beaumont176 said:Wyndham said:It would be worth checking your credit reports (if you haven't done so already). Either something may have changed that you are respoinsible for, or there is a mistake somewhere which you could then get corrected.Ignore your score - it's just a marketing gimmick that's not even visible to lenders. And since the CRAs have no visibility of each lender's lending criteria, how can they possibly know what limit you'll be offered? It is, at best, an extremely crude guesstimate based upon averages.What you need to be doing is checking that all the underlying data they have recorded for you are correct. On all 3 CRAs, ideally, as different lenders use different CRAs.
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PRAISETHESUN said:The mantra is always borrow as little as you need ...Not if you're stoozing, it isn't.If you're stoozing the mantra is more like "run up as much 0% debt as you possibly can but keep enough cash in instant access accounts that you can pay it off overnight if you need to".N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!1 -
QrizB said:PRAISETHESUN said:The mantra is always borrow as little as you need ...Not if you're stoozing, it isn't.If you're stoozing the mantra is more like "run up as much 0% debt as you possibly can but keep enough cash in instant access accounts that you can pay it off overnight if you need to".
That run has come to an end for me 🤣1 -
Beaumont176 said:
Very different world now to 10 years ago when money was literally being given away to borrowers.....0
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