will this affect my credit score / rate ?

BartGirl

I currently have only one CC - a horrendous Vanquis CC. 30ish% apr :eek:

When i last checked in Aug/Sept 07 my credit score was 'Fair'.

I have been sent a letter from MBNA offering me a CC with 0% on balance transfers till May09.

I currently have £800 on my Vanquis CC and am paying £100/month to try and clear it asap.

Would it be an idea to apply for the MBNA one - to transfer the Vanquis balance onto it ?

Or is it likely with my current 'Fair' rating - i wouldnt get it anyway ?

Would a 'declined' result worsen the 'Fair' rating ?
When i applied for the Vanquis one last summer - i also applied for Goldfish which i was declined. Are they stricter ?

dhassen

Apply for the 0% MBNA one! They've sent you a letter, which is probably targeted marketing, hopefully you will be accepted. If you get it you can clear that debt in 8 months without paying any interest!! If not, not too much lost, just don't apply for any more and continue paying your Vanquis of on time Hope you get accepted.

battyboimatt

I had a Vanquis Card and Aqua card, infact I still do £2000 limit on the Vanquis and £950 on Aqua, MBNA sent me a application and that in the post, so i filled it in and sent it back and I got accepted and my riaitng was only fair as well. Could be worth a shot

BartGirl

Thanks everyone for your advice

Think I'll consider it.

Does anyone know what the limit tends to be on a card like MBNA ?

Bismarck

It's probably your best chance for a while and well worth the dent it may make on your credit rating....as long as you're not sending off lots of applications, one shot won't make much difference...

hope you get it!!!

nickmack

BartGirl wrote: »

Does anyone know what the limit tends to be on a card like MBNA ?

They can be pretty generous for good risks.

BartGirl

I havent applied for credit since Summer last year.
For anything.
So hopefully this wont wreck already-rubbish-credit-scoring/rating

dhassen

sounds good MBNA normally give good credit limits, they gave me 2100 when I already had 10500 available credit...... the fools

BartGirl

dhassen wrote: »

sounds good MBNA normally give good credit limits, they gave me 2100 when I already had 10500 available credit...... the fools

you had 10500 available credit ? How can u find out how much available credit you have ?

dhassen

lol just add it up.... 1000 available on RBS, 1500 on Abbey, 8000 on cahoot. That's available as in that's what the lenders have set me, not what's actually available for me to spend now (see sig). When it's all paid off, assuming I don't close any accounts (I will though), I'll have 11700 available credit

Richard019

dhassen wrote: »

sounds good MBNA normally give good credit limits, they gave me 2100 when I already had 10500 available credit...... the fools

They certainly do. When I first joined up they gave me 25% of my pre tax income as my limit. I'd never had a loan (or any debt to get a record for that matter), it was my first credit card, and I was only on about 8k pa at the time so it's not like I was earning 40k+ where a 25% card limit would be a lot easier to cover out of disposable income. It was while I was a student but I put down my job as my profession so I don't know if they would have known that from my student account overdraft appearing as available credit on the report.