Natwest Credit Card

mountainofdebt

I have £10K on a MBNA card which will shortly becoming to the end of a promotional deal...have tried contacting MBNA to see if this deal can be extended but was refused although experience tells me that if I move it to another card MBNA usually ring up and offer me one.

Anyway I digress.

I applied for a Natwest card yesterday but got the usually message that it had to be referred to the underwriters, which I'm guessing is a polite way of saying no way.

My intention would be to cancel the MBNA card once the balance was transferred so if I was declined would it be worth me

a) writing to natwest appealing the decision, telling them that I would cancel the MBNA card once the balance had transferred

b) live with the decision - at the end of the day my normal rate with MBNA would only (!) go up to 7.9%

c) Temporarily clear the MBNA card and wait if MBNA offer me a promotional deal.

I do have a Mint and a RBS card - would this affect my chances of getting a Natwest card even though the limits on these cards have been reduced at my request?

I know this is sort of question is being discussed elsewhere at the momnent I just didn't want to hijack anyone else's thread!

YorkshireBoy

mountainofdebt wrote:

a) writing to natwest appealing the decision, telling them that I would cancel the MBNA card once the balance had transferred

Assuming they have/are going to decline you, I have done this before with another high street bank - but you'll have to write a letter as good as mine was!!

mountainofdebt wrote:

b) live with the decision - at the end of the day my normal rate with MBNA would only (!) go up to 7.9%

Nobody on here will "recommend" you do this, surely?

mountainofdebt wrote:

c) Temporarily clear the MBNA card and wait if MBNA offer me a promotional deal.

How, seeing as you're under a "mountainofdebt"? Never mind - that's your business!

mountainofdebt wrote:

I do have a Mint and a RBS card - would this affect my chances of getting a Natwest card even though the limits on these cards have been reduced at my request?

Sometimes does/sometimes doesn't. Someone on here (might have been "realaledrinker"?) has often posted about how he got his RBS group limits all moved to the new card.

mountainofdebt

thanks for your comments:

YorkshireBoy wrote:

Assuming they have/are going to decline you, I have done this before with another high street bank - but you'll have to write a letter as good as mine was!!

Don't have a copy of it do you ??? :T

Nobody on here will "recommend" you do this, surely

But better than some of the rates out there, given my circumstances!

How, seeing as you're under a "mountainofdebt"? Never mind - that's your business!

I have a cleared cahoot flexible loan - was planning on using that, very short term!

Sometimes does/sometimes doesn't. Someone on here (might have been "realaledrinker"?) has often posted about how he got his RBS group limits all moved to the new card.

Have balances on these cards but as they reduce I'm requesting that my limt is reduced.......to make me more attractive to new cards so I can clear the debt quicker !!!!

YorkshireBoy

I can see the sense in reducing the limits on your other cards as the balances reduce, but isn't the "cleared" Cahoot flexible loan still working against you because of it's "available" credit?

Of all your options, I'd concentrate on the NatWest appeal (if indeed you are declined). I'd ring up first and ask to speak with a manual underwriter to find out the reason(s) for the decline.

Try and convince them that you will close down the MBNA once paid off (put some thought into what you're going to say beforehand, rather than thinking "on the hoof" during the phone conversation).

Whatever you do though, tell them that you do not want another "manual" search to be carried out unless the manual underwriter assures you that they will give you a card. ie, if possible, only allow them to manually search to check that you've not added anymore used/available credit since your initial application when they did the "auto" search.

Good luck

mountainofdebt

Thanks Yorkshire.

I know what you mean about the Cahoot loan facility and I do agree with you that this might be working against me!

Part of me knows I should close/reduce this facility that I have with Cahoot but I have a part of me says don't do it, what if you want to use it to help switch debts around.....abit like having an angel and a devil on your shoulder,lol!

I think I will appeal if I am turned down...but in the meantime look to see what I can do to improve the situation even more.