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Has anyone been sent a begging letter from MBNA since being denied their best 0% card?

by urbanhacker 13 October 2009 |

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I've been sent an email from MBNA with a sub-brand of Vanquis with an offer for their rather poor Typical 39.9% APR
variable. This was after being denied the Virgin card currently at the top of the rankings. My advice? Steer well clear!

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114

ThatLindseyGuy posted
The offer wasn't actually from MBNA. Vanquis - an adverse credit lender, part of Provident Financial - have agreements with several card issuers allowing them to offer the Vanquis card to applicants who were rejected for the card they actually applied for.
Posted on 13 October 2009 | Love 1 love Report
804

MikeGG1 posted
The reason the interest is even higher than usual is because it is targetted at those who have been declined a normal card. The interest rate is intended to compensate for the higher risk.
If you have a poor credit score but can get one of these cards, make sure that you can pay off the balance every month in full.
Do you have a poor record or were you declined because you already had another card from the MBNA stable? If because of another card, apply for a card from anothere provider. See
http://www.lovemoney.com/news/credit-cards/reduce-the-risk-of-being-refused-credit-3925.aspx
Mike
Posted on 13 October 2009 | Love 0 loves Report
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urbanhacker posted
I've had a look at my credit rating and it's pretty good. This was denied about 5 months ago, and am guessing I was denied because I had a Virgin CC previously which I cancelled about 1.5 years ago. There was an issue at the time with them setting up a direct debit and missing the first payment. It was all sorted out at the time, but makes me wonder...
Posted on 13 October 2009 | Love 0 loves Report
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MikeGG1 posted
Urbanhacker
Go for a card from a different provider. Don't be put off by the DD problem - always do one, even if only for the minimum.
It takes a while for a DD to get set up because you have to send the form in, they have to send it to your bank. Your bank has to process it and return it to the CC company and they then set it up on your account.
At each stage a few days get lost and the DD has to be set up before the account has been produced for it to take effect for that account.
As a consequence the first payment should always be paid by cheque/transfer. Do not expect any account to be settled by DD unless the specific monthly account states that it will be settled by DD on a certain date.
Unfortunately, card companies do not stress this when you apply. It is a common problem for that payment to get missed.
Mike
Posted on 13 October 2009 | Love 1 love Report