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The Sub Prime Credit Thread - Part IV
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noah271007 wrote: »Yes apart from late payments markers 1, 2 and 3 from vodafone back in 2004. The rest is flawless.
Do you find that these affect your credit score or are you generally accepted for things?0 -
Well, Nationwide BS did say no for an upgrade due to the adverse late payments markers...but that was a year or so ago.
But i had no problems since applying for tesco, flybe, t-mobile, vodafone and virgin media.
I had to write and find out what causing HSBC to decline my credit card application i made back in dec 2009... its hard going with HSBC but they have sorted it out in the end even with a low credit limit of £500. I don't really need it anyway.0 -
noah271007 wrote: »Well, Nationwide BS did say no for an upgrade due to the adverse late payments markers...but that was a year or so ago.
But i had no problems since applying for tesco, flybe, t-mobile, vodafone and virgin media.
I had to write and find out what causing HSBC to decline my credit card application i made back in dec 2009... its hard going with HSBC but they have sorted it out in the end even with a low credit limit of £500. I don't really need it anyway.
But isnt your experian file clean? I will never understand all this credit stuff as I got accepted for Flybe with defaults and late payment markers from years ago. Just no consistancy!0 -
Have you read my scanned letter from HSBC?
http://forums.moneysavingexpert.com/showpost.php?p=32521163&postcount=7693
Like i said before, my Experian file is clean apart from the 1,2 and 3 late payment markers going back 2004.
I don't think it remotely affected my chances of getting credit....maybe a year or two ago it would have.
HSBC search back 3 years depending on your BS....0 -
I got a letter today from Virgin and attached was what appeared to be a credit card, addressed to me. So I took it off the letter and looked closely, the card number was just 0's and it looks like the Amex Virgin atlantic card.
I thought it was odd because I hadn't applied for such card - but I turned the card over and it says "Apply online at ......"
Some bloody marketing mail but I've never seen them attach a blank credit card before.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
I got a letter today from Virgin and attached was what appeared to be a credit card, addressed to me. So I took it off the letter and looked closely, the card number was just 0's and it looks like the Amex Virgin atlantic card.
I thought it was odd because I hadn't applied for such card - but I turned the card over and it says "Apply online at ......"
Some bloody marketing mail but I've never seen them attach a blank credit card before.
LOL.... I couldn't help but think it got to do with AMEX marketing. You recently had Lloyds Duo Airmiles card so maybe thats why you got the letter.0 -
But isnt your experian file clean? I will never understand all this credit stuff as I got accepted for Flybe with defaults and late payment markers from years ago. Just no consistancy!
Thats cos Flybe does not check further than 3 years .... hence your defaults/late payments would not appear to the lender anything 3 years plus! Make sense now?
Some lenders check back 3 years, some 4/5 or 6 full years. There is no way of knowing.0 -
noah271007 wrote: »Some lenders check back 3 years, some 4/5 or 6 full years. There is no way of knowing.
Actually there is mate
And I am one of the ones that does know lol. They all work to the same principle, except for building societies etc such as nationwide/coventry. The principle is they search back 3 years to begin and if everything is ok, the account will be offered. If it picks up any adverse then it checks back the full 6 years as standard. However, dependant upon the specific lenders criteria, they may revert to a second credit search.
So, in the case of say natwest/RBS - they always check back 3 years and if anything adverse appears they will then switch to another CRA and perform an additional check. If it is the same outcome, i.e. a late payment or whatever then they will make a decision based on that. If anything extra comes up they will then do a full 6 year search on the 2nd CRA and base any decision on that.
However bear in mind not all lenders attribute a score toward late payments so places such as Tesco (albeit the issuing bank is still RBS) only search 12 months and if all is clear they may issue a card.
Each lender pretty much works to the above standards as it is part of the built in scoring technique - however coventry and nationwide are known to search 6 years irrespective, tesco seacrh 1 year and Lloyds search 2 years initially but sometimes do 3. RBS search 3, HSBC search 3 and barclays search 3 for bank accounts and cards.
Obviously any of the above can switch CRA's and perform a full 6 year search if something derogatory comes up. All the above usually check for late payments within the last 12 months - so one late payment from 2 years ago will have no affect on an application. 5 late payments from 3 years ago may impact you, as it would flag as adverse within the initial score...
Hope that helps!
2010 - year of the troll
Niddy - Over & Out :wave:
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Excellent post mate. Much appreicated Nid.0
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hi guys. after reading for a couple of weeks ive finally dicided to post a question. ive recently decided to check my credit report and have notcied that my barclaycard has been over 70 pounds, my limit is 1000 so for the past two years its been 1070. i have now pad 600 pounds on it and im waiting to see it improve. my question is if i apply for credit would this go against my application (the fact that it was over the limit for 2 years but no late payment, all DD) thanks0
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