Sygma (JJB / FlyBe) Approval Rate?

izools

I suppose that's good news then!

Congrats on the Accessory card, after two declines I bet you weren't holding your breath!

It was early 2007 that the default was generated so I'll get my OH to hold off until it has been three years since the default was filed.

I find it very strange Vanquis don't accept balance transfers, how can they decline a payment? It doesn't make sense to me, I didn't think it possible!

I suppose the other option would be to call Vanquis to make a card payment and provide them with your Sygma card details?

--EDIT: Or ask Sygma to do a manual transfer then, I guess

puppywalker23

Sorry N-I-D you are right,2yrs old default will probably be a decline.

When I think about it the 1 default I had is now 6yrs old ,and only 2 years ago the only cc's I could get were Vanquis and Capitalone,and I did try a few.Only now it seems I am on the up.

never-in-doubt

puppywalker23 wrote: »

Sorry N-I-D you are right,2yrs old default will probably be a decline.

When I think about it the 1 default I had is now 6yrs old ,and only 2 years ago the only cc's I could get were Vanquis and Capitalone,and I did try a few.Only now it seems I am on the up.

Yea, thats how it works. I'll explain again to help newbies out:

Lenders can search as far back as 6 years, usually any public data (CCJ's) will auto flag a decline or manual review, however defaults can be seen in one of 3 ways dependant on how the lender uses the search data they applied. So, usually most lenders want to see the last 3 years and if everything is ok, they may accept you.

If you have defaults between 0-3yrs then 99% of lenders will decline you.

If you have a default between 3-6 years but that is all thats bad (i.e. 1 default only) then you may get accepted by some lenders such as Vanquis/Cap1/B'card etc.

If you have a default between 3-6 years but have other bad data such as several defaults, the lender will seek to search the whole 6 years and usually decline you.

izools

never-in-doubt wrote: »

Yea, thats how it works. I'll explain again to help newbies out:

Lenders can search as far back as 6 years, usually any public data (CCJ's) will auto flag a decline or manual review, however defaults can be seen in one of 3 ways dependant on how the lender uses the search data they applied. So, usually most lenders want to see the last 3 years and if everything is ok, they may accept you.

If you have defaults between 0-3yrs then 99% of lenders will decline you.

If you have a default between 3-6 years but that is all thats bad (i.e. 1 default only) then you may get accepted by some lenders such as Vanquis/Cap1/B'card etc.

If you have a default between 3-6 years but have other bad data such as several defaults, the lender will seek to search the whole 6 years and usually decline you.

I have to admit my first hand experience has been totally different.

My mother was approved for an RBS Credit Card with a £5,600 limit with a default, showing a £12,000 outstanding balance, from four and a half years prior. She had held an account with them for only six months, although it was run flawlessly. I was absolutely shocked when they said "YES!" to her CC application (it was an instant yes, too, not a referral) - given they searched EX and EQ, and on EQ she has a Barclaycard in an AP as well as the default!


I was approved for Vanquis with 39.9% with Current Arrears, 11 defaults from the preceeding 18 months, and only two months after discharge from bankruptcy - so it seems there is most certainly some leeway or give in the lenders approach to what decision they make with adverse credit data.

I guess it really can be a gamble sometimes!


I will certainly heed your advice though and wait for my OH to have 36 months of absolutely spotless CRA history before applying.

I think maybe Sygma and then if no, Barclaycard Initial? Seem like a good plan?

never-in-doubt

izools wrote: »

I have to admit my first hand experience has been totally different.

Not using the examples above/below

izools wrote: »

My mother was approved for an RBS Credit Card with a £5,600 limit with a default, showing a £12,000 outstanding balance, from four and a half years prior.

Yes, as I said in option 2 above (1 default after 3 years may be ok) - so that tallies in.... also did your mum bank with them (internal scores can help bypass bad data from CRA's)....

izools wrote: »

I was approved for Vanquis with 39.9% with Current Arrears, 11 defaults from the preceeding 18 months, and only two months after discharge from bankruptcy - so it seems there is most certainly some leeway or give in the lenders approach to what decision they make with adverse credit data.

Yea, Vanquis - says it all. lol. As I said, some may do but majority will not. If you don't like the answer, then apply! When they decline you don't waste time appealing cos that's the reason. 11 defaults will 100% guarantee refusal from Sygma cos they are not a subprime lender, Vanquis are.

izools wrote: »

I guess it really can be a gamble sometimes!

Its nothing to do with gambles, its to do with risk - 100%! Vanquis are reknown as the sub prime lender, basically if you;re on the electoral register and no fraud they may accept you. I had 50 defaults and got a card with them (yea was I.D fraud but still).... however, some people on here say they struggle with no defaults. It varies and credit scoring takes into account more than just data retrieved from the CRA's....

Good Luck whatever you decide matey.....

never-in-doubt

izools wrote: »

I will certainly heed your advice though and wait for my OH to have 36 months of absolutely spotless CRA history before applying.

I think maybe Sygma and then if no, Barclaycard Initial? Seem like a good plan?

I'd hold fire for three years, if you start getting multiple searches now and start a spiralling decline then you'll regret it this time next year when you have to wait for these searches to drop off!

If anything, go for one of the easier ones, like Aqua and if they say no then forget Sygma....

Cash_Flow

never-in-doubt wrote: »

You're missing the point - the default is only 2yrs old (isnt yours like 6 years old?) and will generate a decline! I'd suggest definitely not wasting time cos its too new and this will be immediately picked up and referred to which the u/w will say no chance, bye!

I'll get an u/w to confirm this if it helps? Ritchie74 - where are you?

To be fair no one on this forum knows what the exact criteria is for any of Sygma/Creation products.

never-in-doubt

Cash_Flow wrote: »

To be fair no one on this forum knows what the exact criteria is for any of Sygma/Creation products.

But an u/w from Sygma would :p:p

izools

never-in-doubt wrote: »

I'd hold fire for three years, if you start getting multiple searches now and start a spiralling decline then you'll regret it this time next year when you have to wait for these searches to drop off!

If anything, go for one of the easier ones, like Aqua and if they say no then forget Sygma....

I respect your advice NID, I was just noting some personal experiences is all.

I think you might have got the details in my sig mixed up with my other half.

I have no intention of applying for any credit for a long time to come, I have my two sub prime cards slowly building credit as the years tick by until it's been six years since my Bankruptcy and I'll leave it at that.

It was my other half I was asking about who has no public record history, no links to me, and only one default, which as you advised, I will advise my OH holds off until it's been 36 months (three years) or so from the default date.

Which isn't holding off for three years, it's holding off for five months, by which time neither EX nor EQ will show any applications in the last six months atall.

As I said I will heed your advice, I think you or I got a little confussled somewhere

never-in-doubt

izools wrote: »

It was my other half I was asking about who has no public record history, no links to me, and only one default, which as you advised, I will advise my OH holds off until it's been 36 months (three years) or so from the default date.

Which isn't holding off for three years, it's holding off for five months, by which time neither EX nor EQ will show any applications in the last six months atall.

As I said I will heed your advice, I think you or I got a little confussled somewhere

Sorry mate I did get confused but you've got it spot on, in 5 months the default will be over 3 years and as you say, no searches which will only help your wifes case..... if she applies for a few now and gets declined, then that 5 months becomes a year

You do right to wait, yea they may say no but bear in mind Tesco look back 3 years and so does HBOS (to an extent, i.e. Aqua and their standard card) so you may be ok to apply in a few months..... good luck

As a side note, who does she bank with and what type of a/c does she have?