Credit card eligibility / clean up

elljay · 28 July 2016 at 1:37PM

I've just done the credit card eligibility checker on here and my highest chance is 10%, which is pretty galling considering my money management has been brilliant since I became bankrupt in Sept nearly 2 years ago, despite an IPA. I've read that others have had success in applying so not sure what I'm doing wrong.

Looking at Noddle, I see that most of my pre-bankruptcy accounts are in the closed tab, showing as settled with no markers for 2016, but 2, Barclaycard and 1st Direct loan, are still showing as current and with a red DF each month with a balance. Is that wrong or is it as it should be? Clearscore shows everything in the closed tab.

Neither of them show the Natwest business loan which is the main thing which triggered my bankruptcy. Is that likely to show somewhere else that I haven't checked?

I've read the sticky about improving credit rating but afraid I still don't understand it all. To be honest, I didn't really want a credit card (until I found I couldn't have one!!) but would like to improve my rating a bit, if only for myself!

Thanks

EJ

A4445 · 28 July 2016 at 8:33PM

I had pretty much the same results as you 10%

I tried the Capital One quick check checker and it said I was pre approved. I applied and they gave me a card straight away. Give it a go and see what it says.

TheGardener · 28 July 2016 at 10:30PM

I put off doing the CRF clean up for ages as it looked like a real faff...but in fact when I actually sat down - put in my BR dates and account numbers for each account (still had them all on my BR paperwork) then printed out the template letters and got them in the post - the queue at the Post Office for the recorded delivery took longer than the letters themselves.

All my creditors (usual high street banks and stores) responded within 2 weeks with letters confirming they have amended the entries. I suspect they have a standard quick response to MSE template letters!! :rotfl:

There isn't much point trying to credit build if you don't get the files cleaned up

elljay · 29 July 2016 at 10:23AM

Thanks A4445. I'll take a look at that Capital One card, good idea.

Thanks also to TheGardener, always a source of great advice (and huge kindness!) However, I'm not sure if my record is correct or not. As mentioned, there's nothing about the NatWest bus loan in either Noddle or Clearscore, and should Barclaycard and 1st Direct still show as open accounts with a red marker each month currently? Maybe they should or maybe they shouldn't. After all both are still defaulted (ie not paid) but its the same with other accounts which are showing as closed with no recent markers. Most of mine show as defaulted way before the date of the bankruptcy (Sept 2014) but the DF red blobs tend to peter out into 2015.

I may just leave it, thanks anyway.

EJ

Mollie_Guinness15 · 29 July 2016 at 11:38AM

I had success with Capital One and a £1000 starting credit limit. I was discharged end of 2015.

A4445 · 29 July 2016 at 6:35PM

£1000 is really good considering you were only discharged in 2015. Capital One seem to being generous this month! :T

[Deleted User] · 29 July 2016 at 7:43PM

Aye Cap1 aren't on MSE list.

I get 10% or nowt on everything on the MSE list. Strangely AA Cards (Bank of Ireland) rate me at 30%. I did put in a cheeky app.... surprise surprise it was referred and declined!

Aqua approve me online (despite MSE saying 10%), and then decline by letter. Vanquis tell me to clear off. I'd try one of those 2 if Cap1 don't give you anything.

Nationwide are another that approve then decline me, so I've put a complaint in as my H2B ISA would cover the credit limit I requested!

(I know I have no right to credit, especially with them.... but worth a shot. I've gone for the 'why are you baiting people with approval then decline when they ask for 40% of suggested limit' line.... at least wastes their time even if they still say no

)

TheGardener · 29 July 2016 at 8:48PM

elljay wrote: »

.. and should Barclaycard and 1st Direct still show as open accounts with a red marker each month currently? Maybe they should or maybe they shouldn't. EJ

In a nutshell - a default should be no later than the date of your BR and the 'satisfied/partially satisfied date should be no later than your date of AD. During your year of BR - defaulted accounts may continue to be updated with default marks but after your AD date - they should stop being updated each month with a default and show a 'satisfied date' as above. (At least I think that's right - it took me a while to get my head round it too

It seems to me the creditors and CRA's don't often do the updating unless you ask - but then they are pretty quick to amend them. If everything is tidy on dates for your AD - then the 6 years till it all disappears can happen at the earliest possible date.

[Deleted User] · 30 July 2016 at 8:09AM

I wonder if Cap1 are using a different CRA???

I was hard searched for them at Equifax for my apps in March (2 apps - 1 normal, 1 secured card) and on 9th May.

Their eligibility check soft searched me on 29th May, 30th May, 5th June and 24th June (all said no eligible).

Early July I was pre-approved for 1k limit by the eligibility check.... No soft or hard search on my Clearscore (Equifax) report (updated today).

I doubt it's cached data they've used to approve me - since they searched so many times (2 consecutive days at one point)

I'm not sure my Experian (if that's what they searched) is a great deal better than the other 2, but it possibly has less searches on it!!!

A4445 · 30 July 2016 at 5:51PM

When I applied for capital one cards last October and January this year they searched all 3 CRA.

The_Real_Cheddar_Bob · 30 July 2016 at 11:26PM

it is essential you get your credit file up to date and everything marked correctly. It doesnt take too long and is worth the effort.

If obtaining credit essential for you, get a couple of mobile phone contracts. Start with a sim only with orange, after 3 months there is an option to upgrade to a contract. From there it will help build your credit file.

Avoid "bad/adverse credit" companies, they often have more stringent criteria than mainstream businesses.

It sounds easier than it is. Things can happen, it takes time.

Credit card eligibility / clean up

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