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The Sub Prime Credit Thread - Part IV

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  • kerryberryboo
    kerryberryboo Posts: 62 Forumite
    PARIS_5000 wrote: »
    A sub prime credit card can help you in the long run if you run your account well. I would not worry about the searches because you only have three which is fine.


    I intend to put my phone bill on it and clear it off each month, I'll maybe allow £20 to linger on it for a few months. If I get accepted for a capital one I'll probably do something similar.
    How long should I use the card for to establish a good background?
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    PROLIANT wrote: »
    Not much point, your post count does not count for jack.

    Thats right mate - same as the thanks count, for instance a lot of us thank each other more as a respect thing to acknowledge we're seen the post, not necessarily that we agree with the content! I still refer to last year when we were at loggerheads - admittidly I was a !!!!!! lol - I still thanked your posts, so it kinda proves that the information provided far outweighs any post count/thanks.

    There are some over in the arms (quasar / Lakshmi) who have millions of thanks and 80,000 posts - but they play word games and this results in a high post count. They rarely venture over to these parts of the forum. However just cos they don't get involved in debt fighting or whatever doesn't mean they are bad - they are great fun but they play over in another part of the forum altogether.....

    I know what i'm trying to say lol....
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    noah271007 wrote: »
    Have you got any reference to this NID? Just remembered today is the day (even though it is April's fool day - anyone been a victim yet? haha:D:D) your CIFAS data supposed to be wiped off for good! I wouldn't be surprised if CIFAS data is still there.

    Keep up the good work NID:beer:

    Are you calling me out mate? tsk - you know me better than to use April Fools!

    1.Consumer Credit Directive - A Consultation
    2.The European Archive | UK Government Web Archive
    3.Consumer Credit Directive approved by European Parliament ...
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    brians_daughter wrote: »
    Niddy, I have been reading (limited) info on this... IYO is it likely to happen?

    I keep reading diff opinions, and cant understand half the term that are ued lol!

    So, in effect if it does happen any accounts that have been closed 3 years will be removed from our files, same with defaults and active account data ie only last 36 months is viable/visable?

    Gowon, enlighten us....you know ya wanna!

    Basically in a nutshell, Laymans here - The European Credit Directive is a consultation that is due for completion by the summer which will align credit and the equivalent of the CCA to a european market. Therefore we'll be able to chase debts inter-continent and share data internally.

    At the moment if you have debt in the UK and move to say, Spain, you'll get a new credit report (like a new identity in Spain) and after 3 years you could move back to the UK and start all over again.....

    With the Directive, this would mean your credit file would move from the UK to Spain and back again.

    Make sense?

    Regards to the data included in your credit file; well the CRA's would be governed by a regulatory force with power, like the FOS/FSA as opposed to a parliamentary body with little power such as the present ICO. This would mean that they would be fined and or punished if they behaved the way they currently do. They have a steering group, fighting the proposal therefore the decision cannot come soon enough :D:D

    Data will remain present for a maximum of 3 years - 6 years will be a thing of the past. In europe, after 3 years you're deemed to have learned your lesson. ;)

    Hope that helps explain it, briefly. :D This also helps: http://www.out-law.com/page-8815
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • brians_daughter
    brians_daughter Posts: 2,148 Forumite
    seeya23 wrote: »
    have you got a link for this
    I havent tbh when i was in uni the other week our lecturer was off topic talking about how the credit reporting system can impact social mobility but this may change in the near future due to something to do with Europe, tbh it was a brief discussing with some quotes about the EU credit monitoring system ...i think this will be the same thing Niddy is ref to.
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    brians_daughter wrote: »
    I havent tbh when i was in uni the other week our lecturer was off topic talking about how the credit reporting system can impact social mobility but this may change in the near future due to something to do with Europe, tbh it was a brief discussing with some quotes about the EU credit monitoring system ...i think this will be the same thing Niddy is ref to.

    Ive just answered you all - lol....

    I am not a lecturer either hahahaha (just a know it all) :p:p:p:p
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    Its gone awfully quiet...... is everyone running off to click my links? :rotfl::rotfl::rotfl:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • spiritual1_2
    spiritual1_2 Posts: 136 Forumite
    I know what i'm trying to say lol...

    good NID coz we dont.......... sorry couldnt resist lol

    course we do
  • seeya23
    seeya23 Posts: 2,330 Forumite
    never-in-doubt wrote: »
    Basically in a nutshell, Laymans here - The European Credit Directive is a consultation that is due for completion by the summer which will align credit and the equivalent of the CCA to a european market. Therefore we'll be able to chase debts inter-continent and share data internally.

    At the moment if you have debt in the UK and move to say, Spain, you'll get a new credit report (like a new identity in Spain) and after 3 years you could move back to the UK and start all over again.....

    With the Directive, this would mean your credit file would move from the UK to Spain and back again.

    Make sense?

    Regards to the data included in your credit file; well the CRA's would be governed by a regulatory force with power, like the FOS/FSA as opposed to a parliamentary body with little power such as the present ICO. This would mean that they would be fined and or punished if they behaved the way they currently do. They have a steering group, fighting the proposal therefore the decision cannot come soon enough :D:D

    Data will remain present for a maximum of 3 years - 6 years will be a thing of the past. In europe, after 3 years you're deemed to have learned your lesson. ;)

    Hope that helps explain it, briefly. :D This also helps: http://www.out-law.com/page-8815


    is that the same for ccj,s nid
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    seeya23 wrote: »
    is that same for ccj,s nid

    It will not be retrospective, it will commence at the date of agreement for future proposals... and yes, it would clear all data from the credit file however as for the validity of the CCJ, this is actually not related because a ccj is done through our courts, and the law in the UK is a ccj is indefinite until paid (so long as the ccj issuer obtains extensions every 6 years if unpaid)...

    Make sense? A CCJ is done via court - not the lender. :D

    So no, is the answer. :p

    However - it will be a lot harder to obtain a ccj for debt, being the new proposal make it harder for lenders to use underhand tactics, i.e. they should be more forthcoming and understanding so they will be restricted in how they obtain judgement, if any at all.....
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
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