Sub Prime Credit Thread Part II

Innocent_Guy

never-in-doubt wrote: »

even funnier my score is 67 right now! Not bad - can only get better :-)

when I applied for card, it was 48 out of interest (= +19 points in 9 weeks)

That is a lot of points in 9 weeks. Any particular trend to follow? Another person I spoke to a few months ago said that even using a non HSBC cash machine lowers your score as it costs the bank money for cash withdrawals from other machines

never-in-doubt

Innocent_Guy wrote: »

Using your overdraft, only temp shows that you are responsible with the facilities you have been given. The impression I got from the lady was that it is sometimes good to dip into your overdraft and then come back out again @ payday

NO

Wrong - using it means you need money and become higher risk. Having it and NOT using it proves you use it as it is meant, as a last resort short term loan.....

remember an o/d can be recalled on demand within 7 days so its not designed to be used monthly! Use it rare/never use it to get higher scores... also have SO's to HSBC savings accounts and pay your vanquis card DD and set up bill payment - this shows them you pay the minimum by DD and also send extra payments - that is a good thing.

Make sense now mate?

never-in-doubt

Innocent_Guy wrote: »

That is a lot of points in 9 weeks. Any particular trend to follow? Another person I spoke to a few months ago said that even using a non HSBC cash machine lowers your score as it costs the bank money for cash withdrawals from other machines

Yes, if you use the debit card and not atm's you get higher score as they can see what you spend on. take cash out means you could be buying drugs etc.... same as if you spend in pubs on your card week in week out its bad, suggests you an alchy! Lots of pro's and con's mate

best advice is to stop typing and read/absorb my last 5 posts - this explains the hsbc internal score and how to get a high one!

mumofboys_2

Innocent_Guy wrote: »

Credit scoring is

Are you a homeowner, Married, employment lenght, time of job, lenght with bank, landline, mobile, what cards to you have i.e Electron or Visa / Mastercard so on

Credit Rating

How you have run your other credit products, late payments, missed payments, credit searches so on

HTH

Thanks Innocent - appreciate it. Still learning!

MOB

never-in-doubt

i've had an o/d for 3 months and never been near it mate - always had £100 minimum in all accounts plus I have an extra grand in a savings account that I transfer to keep every account £100 in credit at any one time. Therefore my overdraft account usage is amazing, I never use it so i'm no risk! I also use a lot of cheques and make them pay, this also shows good usage of facilities.

Never bounce anything or your sscore drops right down to basic level again which is 27 - i.e. a new customer!

Innocent_Guy

never-in-doubt wrote: »

Yes, if you use the debit card and not atm's you get higher score as they can see what you spend on. take cash out means you could be buying drugs etc.... same as if you spend in pubs on your card week in week out its bad, suggests you an alchy! Lots of pro's and con's mate

best advice is to stop typing and read/absorb my last 5 posts - this explains the hsbc internal score and how to get a high one!

Cool, lI used to have a really high internal score, but now it seems to have fluttered away........ I think its because I use my Barclays premier now.

Innocent_Guy

mumofboys wrote: »

Thanks Innocent - appreciate it. Still learning!

MOB

No probs, I'm still learing too.

Innocent_Guy

never-in-doubt wrote: »

i've had an o/d for 3 months and never been near it mate - always had £100 minimum in all accounts plus I have an extra grand in a savings account that I transfer to keep every account £100 in credit at any one time. Therefore my overdraft account usage is amazing, I never use it so i'm no risk! I also use a lot of cheques and make them pay, this also shows good usage of facilities.

Never bounce anything or your sscore drops right down to basic level again which is 27 - i.e. a new customer!

Ohh ok - What is your O/D?

never-in-doubt

Innocent_Guy wrote: »

Cool, lI used to have a really high internal score, but now it seems to have fluttered away........ I think its because I use my Barclays premier now.

Maybe but if you got barclays premier then why not use it as your main bank and use hsbc as back up only? i.e. forget the internal score mate...?

Otherwise just transfer some between banks once or twice a month to credit HSBC - even pay a couple of bills using the HSBC account to improve score. Dormant accounts stay between 40-50 all the time so lending cannot be increased but likewise isn't reduced.

Make sense?

never-in-doubt

Innocent_Guy wrote: »

Ohh ok - What is your O/D?

Only £200 mate but I got that from day one..... on my second account they said no (remember my score was low then) only went up a lot in last 9 weeks cos they have 3+ month history on me and I use HSBC for everything!