Applied for the Virgin card to get 0% for balance transfers for 9 months, and for the first time ever I've been refused !!
It's shocked me. Does it mean that I have a problem somewhere? I do have outstanding balances, but am keeping up the payments nicely, have never defaulted.
Lived here for 7 years, so it's not that.
Virgin is run by MBNA, and I do hold 3 of their cards (no balance on them now tho'), and 2 TSB credit cards that I haven't used for ages have cancelled the account. So surely it isn't a bad credit rating, is it?
They might think since you already hold that many cards with them (although unsed) that you are too great a credit risk as you could run all the cards to the max and then default. I would close all the cards you don't use and then try again. Have you tried EGG?
probaby not 'bad credit rating'. Why not get a copy of your credit reference file from experien and see what's on it. Companies use credit scoring to decide whether or not to lend/give cards and they take into account lots of different factors, including amount of credit already have, salaries, amount of time at property and tons of other stuff. They don't have to tell you why they've refused you but it'd be worth you getting a copy of your file.
When I applied for a Virgin card it took ages before I heard anything. They rang me in the end & said they had a problem in that I already had 2 MBNA cards so they couldn't lend any additional credit. Both cards are at zero. I told them I was happy for them to reduce the biggest credit limit by half & transfer that limit to the new card. They did that. I've been a bit superstitious about closing cards in case I get turned down again, but I think it helps if you have.
Easy - asa seasoned rate tart I am very used to both dh and I having applications turned down. In this case I owuld say it's because you are already up to your limit of available credit with MBNA companies. And because they can see form your history taht you are an unprofitable customer. I recently closed down all the cards where I had used up the 0% deal , and then applied for more, and did get a couple. You have to spread the debt between the underlying providers.
Once you have closed the MBNA and TSB, try applying for the Natwest (0% for 9 months) or Halifax/INtelligent Finance/Sainsburys (all issued by Halifax so only try one).
I got turned down by Virgin. Was horrified but then a few days later I received another letter saying congratulations you have successfully been approved. Not sure what happened but I didn't question it and waited and sure enough the card arrived.
Saffy are you sure the second offer had the same conditions as the first one you applied for? Its a common ruse with the CC companies to decline you for a low rate card and then accept you for a higher rate one. Just a thought. Check the fine print.