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pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

19th Nov 08 at 14:00

I want to buy myself a new bed and I need a new phone.

So I wanted to apply for a 0% credit card, pay it off where and when i can over the next year.

But I'm hearing people are getting rejected

Will it stain my record if I try and apply and get rejected?

John

Member

Registered: 30th Jun 03
User status: Offline

19th Nov 08 at 17:20

People aren't getting rejected because of the time, it's just as if not even easier to get one atm as it always has been.

Getting rejected for one or two won't have an impact, if you're applying for loads and there's a reason you're getting declined that's another issue.

Tommy L

Member

Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline

19th Nov 08 at 17:23

I had no problem getting one from halifax. 0% for 10months. Haven't applied for credit or had any credit in the past. Applied online and got accepted and went into branch and got accepted, as i was too impatient with the online one

If you get rejected, it will put a mark on your credit history/rating.

Kathryn W

Member

Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline

19th Nov 08 at 17:27

I tried to get the halifax one but they said i didnt have enough history with the bank.. both online and going in store came out with his outcome...

Although M&S gave me one straight away..

Tommy L

Member

Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline

19th Nov 08 at 17:28

Not enough history with them?

I've never had any sort of account with Halifax. Only bank i've been with is Barclays.

Kathryn W

Member

Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline

19th Nov 08 at 21:29

Thats what they said.. told me to go back in a couple of months i even had an account with them at the time with quite a bit of money in...

And also a child account which i had from about 6...

Graham88

Member

Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline

20th Nov 08 at 04:54

What's the deal with these? I've always thought Loan was the best way to borrow money, but these are popping up lately but I know nothing about them, anybody care to give a couple of sentences explanation?

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

20th Nov 08 at 08:46

You don't pay any interest for x months on purchases. Good way to spread the cost of a few hundred quid if the pennies are tight.

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

20th Nov 08 at 09:03

quote:
Originally posted by pow
You don't pay any interest for x months on purchases. Good way to spread the cost of a few hundred quid if the pennies are tight.

.....but if for some reason you can't manage to pay off the loan later you'll be stung for 20% (or more) interest.

A loan is safer but you guarantee that you'll pay interest albeit a smaller amount than you MIGHT get on the credit card.

Pete_vxl

Member

Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline

20th Nov 08 at 10:53

i would take the card, i sell loans and if you think about it, loan apr's at the moment are about 9.9-19% and most people on here wont have a long credit history to get a low apr. your better getting the 10 months apr free and if you have to go over the 10 months i presume it would only be for about 1/2 months. whereas in a loan your interest starts the month you take it out. also if you want to clear your loan there is a settlement fee, halifax is 58 days interest and on a credit card i dont think you have any fees.

also insurance on a loan is about £30/40 a month and on a card its 40p for every hundred pounds you have i believe.

[Edited on 20-11-2008 by Pete_vxl]

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

20th Nov 08 at 11:53

quote:
Originally posted by aPk

quote:
Originally posted by pow
You don't pay any interest for x months on purchases. Good way to spread the cost of a few hundred quid if the pennies are tight.

.....but if for some reason you can't manage to pay off the loan later you'll be stung for 20% (or more) interest.

A loan is safer but you guarantee that you'll pay interest albeit a smaller amount than you MIGHT get on the credit card.

But I would manage to pay off the loan, no problems!

Tommy L

Member

Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline

20th Nov 08 at 11:58

If you are a little short one month you can always pay back the minimum amount with a card unlike a loan.

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

20th Nov 08 at 14:06

Exact-a-mondo

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

20th Nov 08 at 15:06

quote:
Originally posted by John
People aren't getting rejected because of the time, it's just as if not even easier to get one atm as it always has been.

Getting rejected for one or two won't have an impact, if you're applying for loads and there's a reason you're getting declined that's another issue.

disagree, chances of gettign rejected now are far far higher than 12 mths ago

And yes each rejection goes on your record but as john says, one or two wont matter

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

20th Nov 08 at 15:07

dont forget anythign u havent paid off byt he end of the period gets treated as thouh you bought it 12 mths agi and charged accordingly

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

20th Nov 08 at 15:38

Thats fine, I only plan to use it for 4 months or so interest free, then cut the bad boy up.

Graham88

Member

Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline

20th Nov 08 at 16:01

Wow that's cool, if I applied for one, would I have to use it or can it sit there for a 'rainy day'?

John

Member

Registered: 30th Jun 03
User status: Offline

20th Nov 08 at 16:35

quote:
Originally posted by Robbo

quote:
Originally posted by John
People aren't getting rejected because of the time, it's just as if not even easier to get one atm as it always has been.

Getting rejected for one or two won't have an impact, if you're applying for loads and there's a reason you're getting declined that's another issue.
disagree, chances of gettign rejected now are far far higher than 12 mths ago

And yes each rejection goes on your record but as john says, one or two wont matter

No they're not, radio 2 I think it was had a thing on about it a couple of weeks ago, it was just as, if not easier, than previously.

Pete_vxl

Member

Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline

20th Nov 08 at 17:40

i would say its harder to get a loan, in scotland hbos were the worst bank for irresponsible lending to people that basically could not afford it so they have tightened there belts.

Colin

Member

Registered: 4th Apr 02
User status: Offline

20th Nov 08 at 18:05

I got rejected on a capital one card a month or so ago, instead of a 3k limit 0% for 10-12 months card they instead offered me a pissy 0% for 3 months card, which defeated the purpose of getting it. Ive got a good credit rating. I was told that they search your financial histroy & if they see they arnt going to make any money off you through interest then they decline your application.

John

Member

Registered: 30th Jun 03
User status: Offline

20th Nov 08 at 18:14

I was accepted for the virgin 0% balance transfers one last week and the halifax 0% purchases one an hour ago, I never pay any interest and i'm currently technically unemployed.

The decent capital one cars are well known as being difficult to get, for a long time, well before we were thinking about credit crunches and recessions.

[Edited on 20-11-2008 by John]

Colin

Member

Registered: 4th Apr 02
User status: Offline

20th Nov 08 at 19:16

Im not arsed, I just wanted to pay a loan ive got off on a 0% card instead of my 10% loan. Dont want to keep applying though.

Ive got a halifax credit card & had it for years & always pay the balance in full each month.

Im not sure if I can get another off them or if id get declined as ive already got one with them.

[Edited on 20-11-2008 by Colin]

Tommy L

Member

Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline

20th Nov 08 at 19:44

The 0% for 10months is only for new customers with Halifax

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

23rd Nov 08 at 10:07

Argh... Halifax or Marks and Sparks one?

Liam

Member

Registered: 19th Jan 06
Location: Stafford
User status: Offline

23rd Nov 08 at 16:00