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    • A1387
    • By A1387 8th Aug 18, 12:37 AM
    • 6Posts
    • 0Thanks
    A1387
    More than one money transfer card?
    • #1
    • 8th Aug 18, 12:37 AM
    More than one money transfer card? 8th Aug 18 at 12:37 AM
    Hello everyone
    I am new on here :-)

    I'm a little confused regarding a money transfer application.
    I have applied for a Tesco card after using the eligibility checker.
    Mbna came up first as 90% success rate and Tesco one second however it has a longer 0% free period.
    I was looking to borrow 5k and then do the money transfer straight away. However when I started my application
    For the Tesco one at the end it said we may be able to give u card but need to do more checks and get back to you in 5 days.
    Also it' said credit limit 1400.
    I was surprised by this as my credit rating has been good as I have been approved for a mortgage only last year.

    I wanted to ask would Tesco increase my credit limit ?

    Also am
    I allowed to apply for the mbna one now?
    Or is there a limit

    Many thanks any help much appreciated

    Thanks
Page 1
    • Willing2Learn
    • By Willing2Learn 8th Aug 18, 5:13 AM
    • 1,585 Posts
    • 1,202 Thanks
    Willing2Learn
    • #2
    • 8th Aug 18, 5:13 AM
    • #2
    • 8th Aug 18, 5:13 AM
    Hello A1387 and welcome to the forum.
    ...credit limit 1400...

    ...I wanted to ask would Tesco increase my credit limit?...
    ...Also am
    I allowed to apply for the mbna one now?
    Or is there a limit...
    Originally posted by A1387
    Tesco may offer an increased credit limit after six months of responsible use of the card. I doubt they will increase now, even if you asked...

    You are free to apply for as many cards as you want. Just be careful though. Too many searches for credit, in a short time, can look bad to a potential lender. They show up on your credit report and it could look like you are desperate.

    Good luck
    Last edited by Willing2Learn; 08-08-2018 at 5:16 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Nebulous2
    • By Nebulous2 8th Aug 18, 7:39 AM
    • 2,055 Posts
    • 1,269 Thanks
    Nebulous2
    • #3
    • 8th Aug 18, 7:39 AM
    • #3
    • 8th Aug 18, 7:39 AM
    You can certainly have more than one. I applied for 2 on the same day. Tesco have a reputation for scaling back what you get.

    MBNA and Virgin have good reputations for offering high limits - Virgin have currently suspended some applications due to high demand however.

    Are you intending applying for any more credit any time soon? More than two hard searches will limit your likelihood of acceptance for 6 months or so. I'd try one more, possibly MBNA and then leave it for a few months.
    • Craig1981
    • By Craig1981 8th Aug 18, 8:01 AM
    • 335 Posts
    • 154 Thanks
    Craig1981
    • #4
    • 8th Aug 18, 8:01 AM
    • #4
    • 8th Aug 18, 8:01 AM
    good morning

    you say you want to transfer 5k. is that the limit on your current credit cards in total? or do you have available credit on the cards. in other words are all your cards maxed out, meaning utilisation is 100%, or do you have credit limits at 15k, meaning 33% utilisation?

    Tesco card (which i have) you can request limit increases every 6 months via the app, but not before.

    you could apply for the MBNA one as well, but granted just applied for Tesco as well, you may not get the offer that has been advertised (instead of 30 months 0%, you may only get 20 months)

    let us know how you get on
    • sparkey1
    • By sparkey1 8th Aug 18, 8:32 AM
    • 439 Posts
    • 193 Thanks
    sparkey1
    • #5
    • 8th Aug 18, 8:32 AM
    • #5
    • 8th Aug 18, 8:32 AM
    MBNA famous for generous limits. If they offer you a money transfer you can go online and complete it. It arrives in the account the next day provided you put it through before about 2pm. (Check that when you get a card).

    Just be aware they have a habit of racking up the APRs of cards when the offers end. If they do that to you, call them up and negotiate a better rate.
    • Anthorn
    • By Anthorn 8th Aug 18, 9:50 AM
    • 3,954 Posts
    • 1,051 Thanks
    Anthorn
    • #6
    • 8th Aug 18, 9:50 AM
    • #6
    • 8th Aug 18, 9:50 AM
    Hello everyone
    I am new on here :-)

    I'm a little confused regarding a money transfer application.
    I have applied for a Tesco card after using the eligibility checker.
    Mbna came up first as 90% success rate and Tesco one second however it has a longer 0% free period.
    I was looking to borrow 5k and then do the money transfer straight away. However when I started my application
    For the Tesco one at the end it said we may be able to give u card but need to do more checks and get back to you in 5 days.
    Also it' said credit limit 1400.
    I was surprised by this as my credit rating has been good as I have been approved for a mortgage only last year.

    I wanted to ask would Tesco increase my credit limit ?

    Also am
    I allowed to apply for the mbna one now?
    Or is there a limit

    Many thanks any help much appreciated

    Thanks
    Originally posted by A1387
    If we are referring to cards with a money transfer function as opposed to dedicated money transfer cards then I have three, Lloyds Bank, Tesco Bank and Virgin Money. My experience of Tesco Bank is that they gave me a credit limit which is a lot more than I was expecting but their APR after the initial 0% period is also a lot more than I was expecting.

    btw your post is organised along the lines of verses in the Bible. You might like to consider that in future posts.
    • A1387
    • By A1387 8th Aug 18, 11:33 AM
    • 6 Posts
    • 0 Thanks
    A1387
    • #7
    • 8th Aug 18, 11:33 AM
    • #7
    • 8th Aug 18, 11:33 AM
    Apologies - don't think my post very clear.
    Basically it's around 5 k credit limit I'm hoping to get offered on one or more cards. However Tesco haven't got back to me yet and I wasn't sure whether I could apply for other money transfer cards at same time.
    Also mbna took me to their website and did a eligibility check before I could start my application and the check said I'm not eligible for the 36 months and offered me 28 months 0% instead
    Not sure why that may be ?
    I didn't apply for the card but I hope that check don't effect my credit rating? I had to go back and try a few times (the eligibility check)
    I'm thinking would it be a good idea to apply for virgin or wait for Tesco to get back to me to se now much thrive actually offered me? It said 1400 when I did the application but not sure

    Thanks for everyone's posts
    • Willing2Learn
    • By Willing2Learn 8th Aug 18, 12:14 PM
    • 1,585 Posts
    • 1,202 Thanks
    Willing2Learn
    • #8
    • 8th Aug 18, 12:14 PM
    • #8
    • 8th Aug 18, 12:14 PM
    Also mbna took me to their website and did a eligibility check before I could start my application and the check said I'm not eligible for the 36 months and offered me 28 months 0% instead
    Not sure why that may be ?
    I didn't apply for the card but I hope that check don't effect my credit rating?
    Originally posted by A1387
    HI,

    Firstly, ignore your credit rating. Tesco, MBNA and other lenders don't see it and don't use it. They have their own method of scoring you against the data held in your credit files plus any data you have supplied in your application. MBNA eligibility checker is only a 'soft' search on your file and is not recorded as a 'hard' credit search. It therefore does not impact negatively on how you are scored.

    Secondly, MBNA are known for being quite generous with their credit limits. I would personally be tempted to go with the 28 months.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • MallyGirl
    • By MallyGirl 8th Aug 18, 12:16 PM
    • 3,000 Posts
    • 8,005 Thanks
    MallyGirl
    • #9
    • 8th Aug 18, 12:16 PM
    • #9
    • 8th Aug 18, 12:16 PM
    Tesco have always offered me the lowest limit. MBNA and Virgin were much more generous with theirs and had good MT offers
    • A1387
    • By A1387 8th Aug 18, 4:32 PM
    • 6 Posts
    • 0 Thanks
    A1387
    Thanks fir the reassurance appreciated
    Sorry it wasn't 28 months it was only 12 months
    Typing error

    However not sure how much they will offer me for the 12 months could be a low amount
    Maybe I should wait and see what Tesco come back with
    I am surprised at mbna - having been told they are generous but won't give me longer than 12 months so I am thinking what are they holding against me
    What are virgin like ?
    Any suggestions

    Thanks x
    • Craig1981
    • By Craig1981 8th Aug 18, 4:47 PM
    • 335 Posts
    • 154 Thanks
    Craig1981
    i doubt they holding anything against you - just scored low on their lending criteria

    as per my previous post, what are your limits on current cards and are you maxed out? if so, this would be one of many reasons the lower offers are being made, as your limit/utilisation ratio is too high
    • Craig1981
    • By Craig1981 8th Aug 18, 4:49 PM
    • 335 Posts
    • 154 Thanks
    Craig1981
    doubt you will have much more success with Virgin either, as they are also holding back on new applications at present as well.
    • A1387
    • By A1387 8th Aug 18, 8:20 PM
    • 6 Posts
    • 0 Thanks
    A1387
    I am not maxed out. I don't own a credit card never have done. The only time I've ever borrowed is from nationwide for a mortgage. And I've AlwYs made payments on time.

    This is the first time I've applied for any sort of card

    Maybe it's because I haven't borrowed money that the issue may be

    I have virgins number the link off martins money websites won't work it just goes to money supermarket instead

    I'm just confused
    • A1387
    • By A1387 8th Aug 18, 8:24 PM
    • 6 Posts
    • 0 Thanks
    A1387
    Thanks so much everyone
    You've been great
    :-)
    • zx81
    • By zx81 8th Aug 18, 8:55 PM
    • 18,992 Posts
    • 20,229 Thanks
    zx81
    I am not maxed out. I don't own a credit card never have done. The only time I've ever borrowed is from nationwide for a mortgage. And I've AlwYs made payments on time.

    This is the first time I've applied for any sort of card
    Originally posted by A1387
    There's your answer. You're something of an unknown quantity on short term borrowing, so higher risk.

    Once you get some card usage under your belt, things will improve
    • A1387
    • By A1387 11th Aug 18, 1:51 AM
    • 6 Posts
    • 0 Thanks
    A1387
    Thanks Craig

    So with my circumstances, What's the likelihood of me getting accepted for the 12 month 0% with MBNA?
    I haven't actually applied yet - just going off the eligibility checker results.
    Tesco did say they would get back to me in 5 days but haven't done so yet. Not sure what to do
    Would it best to wait for Tesco's offer and see what their credit limit is or just apply for this 12 month offer ?
    I'd be happy with 3k To be honest but just not sure how much they are happy to lend with me not having borrowed before on a credit card !

    Any help much appreciated
    Thanks
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