Sygma Bank Credit Cards

never-in-doubt
never-in-doubt Posts: 20,613 Forumite
edited 27 June 2010 at 10:15AM in Credit cards
Sygma Bank Credit Cards.....

Sygma Bank, or Creation Finance, is somewhat of a dark horse when it comes to issuing credit cards. They are not a sub prime lender but their scoring techniques are unique in that they do offer cards to some sub-primers, and it seems once you're in - you're in!

So, what's the story with them? Well they are a large French outfit who specialise in financial services, namely branded credit cards to retail outlets. The unique thing though is the process in which you can do things - for instance you can apply for and have more than one account with them; the criteria for this is to ensure that you wait at least a full month after applying for your previously accepted account, although 3 months is usually the best way to go about this.

Also, so long as you keep your account in good standing you are eligible for a credit limit increase (request) every 3 months, albeit a soft search (footprint) will be performed at Equifax. This is always 30% of your credit limit (a £1000 limit would get a £300 increase).

The way limits are issued is a mystery, it does appear that for most people you will be awarded a £1000 limit when you apply for the first time, however if you apply for the Flybe or Silver card higher limits are more forthcoming - however their scoring technique will be the main influence on whatever limit you are given, not necessarily the type of card you apply for.

If you've been rejected by Sygma for an account, you must wait a full 6 months before reapplying or the system will default to a decline as you would immediately fail their initial assessment of criteria. If you are accepted for an account, then each three month period try and get a new account. You can apply monthly if you want to, but there is a high chance you'll be declined if you do this too often - account history will generate a higher limit and more chance of success.

This thread should be read in conjunction with the The Sub Prime Credit Thread - Part V thread.


Most Common Cards.....
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Football Cards.....
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Store Cards.....
:o 2010 - year of the troll :o

Niddy - Over & Out :wave:
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Comments

  • DizzleUK
    DizzleUK Posts: 569 Forumite
    Yeah, they said no to me this month, sad to say. My file will be much more improved come January so maybe then.

    I do notice that, both recently and in the past, I have less of a problem getting accepted for Visa credit cards, but have never been successful in obtaining a Mastercard, good credit rating or bad.
    Remember this: nothing worth doing is easy.

  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    DizzleUK wrote: »
    Yeah, they said no to me this month, sad to say. My file will be much more improved come January so maybe then.

    I do notice that, both recently and in the past, I have less of a problem getting accepted for Visa credit cards, but have never been successful in obtaining a Mastercard, good credit rating or bad.

    Sorry to hear you got KB'd - I usually do as well, but weirdly got accepted recently with good limit yet garbage APR so didn't take them up.

    They are not scored any differently though, it's just bad luck i'd say! The fact is a mastercard & visa is only the payment brand name, the actual lender is who decides yes or no.....
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    Sygma is quite a strange company really although they class themselves as a mainstream prime card,why is it they give sub-prime credit limits out,strange if you ask me as any prime card nearly always put out a £2500 upwards credit limit to start..
    Was thinking of applying for another sygma card today but think i have put myself off due to their horrendous credit limits..
    They should rename sygma'prime card with sub-prime limits'
  • izools
    izools Posts: 7,513
    Combo Breaker First Post
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    edited 27 June 2010 at 10:39AM
    Although keep in mind Sygma allow a credit limit increase after three months and subsequent increases every four months after that, most prime cards demand you wait 6-12 months and even then you'll be pushing your luck getting them to agree!

    LOVE the new thread BTW, great work, and also loving the new "Creation" card. That's a looker :D

    The way they handle credit limits seems to allow them to lend to "marginal" customers that wouldn't otherwise get prime credit (like me) but quickly up your limit to where it'd be if you weren't marginal, so long as you prove to be credit worthy.

    Good philosophy IMHO :o

    EDIT: Seems the Creation card will come with better limit by default - as it demands applicants be over 25 with an income over £20,000. That's me out on both counts but those that meet the criteria, I would imagine, get a more substantial limit to boot :)
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  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    izools wrote: »
    EDIT: Seems the Creation card will come with better limit by default - as it demands applicants be over 25 with an income over £20,000. That's me out on both counts but those that meet the criteria, I would imagine, get a more substantial limit to boot :)

    It seems to be matey - however see here: http://www.your-application.co.uk/netfinancecertegymicrosite/creation/summarybox.aspx

    Min limit £100 :rotfl: :rotfl: :rotfl:

    yea right, me thinks they'd rather decline than offer that! * Its a safety net in case they want to get rid of you, they can if they like reduce your limit to the minimum which in this case would be £100! :D
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    izools where is the picture of the creation card which you said you like the look of..
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    star-fire wrote: »
    izools where is the picture of the creation card which you said you like the look of..

    They are all (all their cards) in post 1 - have you not seen post 1??!

    card.jpg
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    They are all (all their cards) in post 1 - have you not seen post 1??!

    card.jpg

    Just seen it nid 15 months balance transfer,this card has got to be the best by far..
    I am just waiting for everyone to apply for it first lol
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    I can't believe nobody has even thanked my post 1 yet! :eek:

    Tight sods that you are :rotfl: :rotfl: :rotfl:




    * Just for that i'm wearing my lucky Germany top! :cool:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • sutton111
    sutton111 Posts: 6,302
    Name Dropper First Post First Anniversary Combo Breaker
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    I can't believe nobody has even thanked my post 1 yet! :eek:

    Tight sods that you are :rotfl: :rotfl: :rotfl:




    * Just for that i'm wearing my lucky Germany top! :cool:

    Oi!! England to win, just cos your Scottish!! :p
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