Sub Prime Credit Thread Part III

never-in-doubt

Go on mate - hit apply and let us know what it says.... what's one search?

Innocent_Guy

PROLIANT wrote: »

Nationwide have carried out a quotation search with Experian, they will credit search you when you hit apply and will give you an answer.

What is the difference? Both times they will have checked my credit history?

Innocent_Guy

never-in-doubt wrote: »

Go on mate - hit apply and let us know what it says.... what's one search?

1 more on top of another lol. I think I must be mad, why would they accept me LOL. I am subprime!

never-in-doubt

Innocent_Guy wrote: »

What is the difference? Both times they will have checked my credit history?

They can go into the original search (or soft search) and convert it to a full search if you continue with the application mate.

i.e.: I get a quote and rate by them performing a soft search on me, then I click apply and this soft search will convert to a full one and either give the same offer/rate or change the offer/rate or decline my application.

If I cancelled out the application before hitting submit, then the soft search becomes a quotation or a non showing search that only you see (has no bearing on your credit report)

That's how the system works matey

CHANGEyourMP

Innocent_Guy wrote: »

The simple way would have been to budget properly and not use the personal reserve?

It wasn't my account, it was my o/h, they had gone into once by accident.

BUDGET PROPERLY, IS THAT WHAT YOU DID TO END UP SUB-PRIME!:A

ElkyElky

I passed my car theory test today (only just!) and quickly scarpered to the BSM office to book a fast track course thing. £620 split between two credit cards and I'm now dreading looking at the balance on online banking.

I had plans on using my savings to make a large purchase in June however I'm now thinking about using it to pay off the credit cards. Doing that will save me a ton in interest but I won't be able to buy what I wanted come June. Can't decide what to do!

izools

It's always better to use money to clear credit card balances before you save.

If you owe anything it's not worth saving, because you'll always be charged many many many times more interest on credit than you earn on savings

ElkyElky

I absolutely agree. However I had to save some cash for this purchase in June, which will be a substantial amount and if I pay by cash.. I should hopefully get a few hundred knocked off the price.

If I clear my cards using the savings, I doubt I'll be able to re-save that amount before June. So I don't know... can't have it both ways.

izools

Will the saving you make by paying cash not credit card in June be more than the interest you will be charged on your credit card in that time? That could be the deciding factor...

joel10873

hooray lovely shiny new barclaycard initial turned up today