Best Balance Transfers Discussion Area

Moggles_2

angel234 wrote: »

I have Barclaycard visa (just under £3K) and Egg card (£650). The 0% interest on them ends in June and September. I applied for a Virgin card today but got declined (because of credit scoring?)

Virgin is not known to score particularly harshly, but lenders launch these interest-free promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article, before you submit another application

ttp://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

dylanuk

angel234 wrote: »

I applied for a virgin card today but got declined (because of credit scoring?)

I came across this earlier: http://www.credit-card-comparison-online.co.uk/news/credit-card-data-sharing.html

It looks like credit card companies (MBNA are one of the first to start - including Virgin) are now sharing customer data including information about 0% promotional use - as well as credit limits, how much you pay off your statement, cash withdrawal usage, etc...

You may already know about it, it's a couple of weeks ago I think it started, but apparently it could affect 0% users most (if the credit crunch wasn't doing that already!).

Moggles_2

dylanuk wrote: »

It looks like credit card companies (MBNA are one of the first to start, including Virgin) are now sharing customer data including information about 0% promotional use, as well as credit limits, how much you pay off your statement, cash withdrawal usage, etc.You may already know about it, it's a couple of weeks ago I think it started, but apparently it could affect 0% users most (if the credit crunch wasn't doing that already!).

This initiative has been under discussion for 2-3 years. I should have thought at least 12 months data would need to be collated and shared before lenders could draw conclusions, so I wouldn't worry ... yet. Just my opinion of course.

One thing's certain, individual card companies are unlikely to disclose the patterns of credit card use they are looking for. This, like credit scoring criteria in general, is likely to remain a commercial secret.

dylanuk

Moggles wrote: »

This initiative has been under discussion for 2-3 years. I should have thought at least 12 months data would need to be collated and shared before lenders could draw conclusions, so I wouldn't worry ... yet.

You could be right... but if it's been under discussion for 2 - 3 years, wouldn't they of been collecting the data in the mean time?

I hadn't thought they might need to collect it... but if they do, then surely they would of done that bit before they announced they had started sharing?

It's also a bit concerning that the credit crunch is starting to hit credit cards now, so I'd of thought they'd be keen to start using the data as soon as possible to make sure they're only taking on "profitable" customers.

Moggles_2

dylanuk wrote: »

... but if it's been under discussion for 2 - 3 years, wouldn't they have been collecting the data in the meantime?

Well, only the companies concerned know the answer, but in more than 12 years of transferring balances between some 50 credit cards (not held all at once of course),
I've yet to have a credit card application turned down and regularly receive existing-customer offers by phone and by post.

I suspect lenders haven't even collected info' of this sort about their own customers, never mind shared data with their competitors. How else to explain all the BT promotions some of us have been offered over the years?

dylanuk

Maybe they all just really like the data they have about you!

Moggles_2

dylanuk wrote: »

Maybe they all just really like the data they have about you!

Lol! I must be doing something right. I haven't made the credit card companies any money, that's for sure!

lipreader1

I would suggest you try Virgin. I filled an aplication online thanks to Martins article:beer: I had a letter through today asking me to ring them and I did and the nice and helpful gentelman called Simmon answered, took a few details and in 2 Minutes was approved including 16 months interest free credit. Just one thing for those that are profoundly deaf and use a minicom the aplication site will not at present take the 18002,when asked your telephone number but this will shortly be changed. they will ring you to claify your details but if you are profoundly deaf just be patient and wait for your letter to come and the ring them.:j :T :beer: What would we do without Martin:money:

JenniferAfonso

Hello

I have transferred the balance from 2 of my old credit cards to a new card at 0% interest. I was told that I would hear from them within 6 days. Meanwhile n I did it again! So now I have transferred two of my old balances onto 2 new cards. How do I cancel one of them (if I am successful in obtaining both new cards). Help!

Jennifer

Moggles_2

JenniferAfonso wrote: »

I have transferred the balance from 2 of my old credit cards to a new card at 0% interest. I was told that I would hear from them within 6 days. Meanwhile I did it again! So now I have transferred two of my old balances onto 2 new cards. How do I cancel one of them (if I am successful in obtaining both new cards)? Help!

It would be worth contacting one card company straight away to try to cancel, but if payment has already been sent to your old card providers, it cannot be recalled.

If you ask your existing providers to reverse one of the payments, you could be hit for two balance transfer fees.