Just be able to amend the existing DD?

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vincitytaymodaimo
vincitytaymodaimo Posts: 1 Newbie
edited 2 April 2019 at 11:35AM in Credit cards
1. I have a credit card with MBNA, used purely for a balance transfer. I'm currently paying the minimum. I'd like to pay a fixed amount of more than this, but have been told the only way is to set up a standing order in addition to the DD. This seems over-complicated. Surely I should just be able to amend the existing DD?
2. I've applied for a second balance transfer of £5000 to Halifax. The MSE eligibility calculator gave me a 90% chance, but I was rejected, using exactly the same details. I know I can get onto Experian or whoever and see what's happened (Ive always had a very good rating) but that takes up to seven days. I'm reluctant to try another card company in case I get another rejection and my rating starts to deteriorate! How big an effect does a rejection have on one's rating, and does one rejection prejudice any further applications?
Thank you again.

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    1) Surely not, if they don't offer a higher % or fixed sum DD. An SO, as long as you get the timing right, is a simple way around it.
    2) You don't have a credit rating. When you apply for a card, a search appears on your credit files, that lenders will take into account when reviewing any application, along with the rest of your history. A single search, in itself, would be of little concern to most lenders.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    If you get a paper statement you could always use that to make additional payments each month.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
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    1. This is very strange. Have never heard of a credit card company who only offer direct debits for the minimum payment. Are you sure the person that you spoke to correctly understood what you wanted to do?
    2. Getting onto Experian as you put it will not allow you to see what happened. Assuming that Experian was the CRA searched, then all you will see is a hard search. I would guess that the cause of the decline was something to do with the fact that you have an existing balance on the MBNA card on which you have been making only the minimum payments and/or the existence of more balances on your other card(s) which I assume you have as you say you use the MBNA card purely for balance transfers and/or high % utilisation figures across all of your credit files.
  • Nasqueron
    Nasqueron Posts: 8,825 Forumite
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    It is possible unless the firm don't want to let you do it.

    Barclaycard has Minimum / Full / Fixed debit amount

    I pay £130 a month, minimum is £50 or so.
  • eskbanker
    eskbanker Posts: 31,052 Forumite
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    Nasqueron wrote: »
    It is possible unless the firm don't want to let you do it.

    Barclaycard has Minimum / Full / Fixed debit amount
    ....as does MBNA, as per https://www.mbna.co.uk/understanding-credit/managing-credit/making-payments/:
    Set up a Direct Debit to make automatic credit card payments each month, either for a set monthly amount, the minimum payment or the full balance
    OP's wording of "I'd like to pay a fixed amount of more than this" perhaps actually meant 'minimum + £x' rather than literally a fixed monthly amount, given that MBNA do support the latter?
  • nic_c
    nic_c Posts: 2,928 Forumite
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    I have a DD set up on MBNA to pay a fixed amount. Maybe OP needs to clarify what they want to do
  • shiny76
    shiny76 Posts: 548 Forumite
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    edited 25 September 2018 at 4:21PM
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    nic_c wrote: »
    I have a DD set up on MBNA to pay a fixed amount. Maybe OP needs to clarify what they want to do

    I assumed they meant they want to pay the minimum plus an additional fixed amount (e.g. £1) and for it all to be taken by direct debit.

    Obvious ways round are:
    1. calculate the desired amount and ask for that to be taken via DD
    2. pay the additional amount via SO - as advised
    3. once the DD for the minimum payment is taken, then pay the additional amount via faster payment
    taking it to the extreme option 1 may mean paying more (monthly) than intended over the long term.
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