Sub Prime Credit Thread Part II

never-in-doubt

clio wrote: »

YEP matey
So applications at this time will could result in declines even though i have 5 years history and nothing but goodness on all my accounts..

It's what they think they see is a problem innit?? ie lots of cards = possible loss of money due to over spending/commiting!

How many cards you got then m8??

No you'd not get declines at all mate, just dont have too many accounts that you don't use - they only go against you. Also stops a good card increasing your limit if your available credit is too high.....

Different lenders all use different data and ways of scoring. For instance, Tesco do not use salary or credit commitments to score you. It is purely based on credit search. There is no scoring method if that makes sense?

tesco is therefore a good card to have!

nick49

just a hbos current account, which i opened in jan. and a rejection from cap1 and aqua, i've applied for vanquis that went referred but i'm not holding my breath. other than that nothing beacuse i moved house about 4 years ago and didnt apply for credit til last october.

never-in-doubt

clio wrote: »

YEP matey
So applications at this time will/could result in declines even though i have 5 years history and nothing but goodness on all my accounts..

You'd only get declined if you got bad data (not the case as you say) and if you had too many cards! If I were you i'd be looking to apply for a Barclaycard Platinum or a Lloyds TSB Duo or even be brave and go direct for the Amex Platinum credit card (not the charge card).

M&S also have a good card..... if you got good credit then i'd be considering going to 1st Direct for my main bank and credit card - they are the numero uno when it comes to banking mate

never-in-doubt

nick49 wrote: »

just a hbos current account, which i opened in jan. and a rejection from cap1 and aqua, i've applied for vanquis that went referred but i'm not holding my breath. other than that nothing beacuse i moved house about 4 years ago and didnt apply for credit til last october.

are you on electoral roll and what does it say under years at address? If it says only one (assuming you updated last year) then this could be bad cos it may be that you're lying and Hunter will have a record of this and alert any possible lender. I cannot get aqua nor cap1 but do have a vanquis. I also have 2 gold cards (weird eh?)

clio

Do tesco search when asking limit increases. Virgin put mine up last week and i bet they done a search. So what does it mean when they say you are credit scored before we accept you for a card then??

never-in-doubt

clio wrote: »

How many cards you got then m8??

I only have 3! Vanquis / Citi Gold / BOI Gold

never-in-doubt

clio wrote: »

Do tesco search when asking limit increases. Virgin put mine up last week and i bet they done a search. So what does it mean when they say you are credit scored before we accept you for a card then??

yes tesco do a search mate.... but is will be a soft search (i.e. like when you log in and see your report, only you see them other lenders do not)

sutton111

clio wrote: »

Do tesco search when asking limit increases. Virgin put mine up last week and i bet they done a search. So what does it mean when they say you are credit scored before we accept you for a card then??

What limits do you have Clio?

Sammy_Girl

Oooh, hello. Can I join the club please

never-in-doubt

clio wrote: »

So what does it mean when they say you are credit scored before we accept you for a card then??

It is just an expression cos some lenders score you using address, work, salary, marital staus etc and some just use stuff obtained from CRA.

All lenders will credit score you, but their strength depends greatly so tesco's score is 100% relevant to two things; electoral register and current credit file.

Your income etc doesn't come into it for decision purposes, only to allocate limits and increments mate.