Sygma (JJB / FlyBe) Approval Rate?

izools

never-in-doubt wrote: »

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?

OH banks with Lloyds TSB, but they aren't please at the moment as the overdraft is always in use. No charges since the account was opened, just the account risk score is high which I assume is due to overly frequent use of the overdraft so I'm helping my OH stay out of that more. Doing really well so far

If HBOS & Tesco concentrate on the last three years it might be better to go with one of them, then, as I don't like the idea of Sygma. Halifax were very good to me with my "One" card, I just didn't know if it would be worthwhile applying to a mainstream bank, the smaller card companies like Sygma and HFC tend to be a wee bit more lenient, no?

We'll check the Equifax score next year (seems to be honest and accurate unlike Experian score) and if it's good then Halifax are getting a call!

Actually that would work out quite well now you come to mention it - Halifax search Experian and Sygma search Equifax so thats only one per CRA.

Sorted. Just gotta wait till February now

EDIT: THANK YOU EVERYONE FOR YOUR ADVICE!

EDIT 2: I think Halifax for the Experian search, would you reccomend Sygma or Barclaycard for the Equifax search next year?

never-in-doubt

izools wrote: »

OH banks with Lloyds TSB, but they aren't please at the moment as the overdraft is always in use. No charges since the account was opened, just the account risk score is high which I assume is due to overly frequent use of the overdraft so I'm helping my OH stay out of that more. Doing really well so far

If HBOS & Tesco concentrate on the last three years it might be better to go with one of them, then, as I don't like the idea of Sygma. Halifax were very good to me with my "One" card, I just didn't know if it would be worthwhile applying to a mainstream bank, the smaller card companies like Sygma and HFC tend to be a wee bit more lenient, no?

We'll check the Equifax score next year (seems to be honest and accurate unlike Experian score) and if it's good then Halifax are getting a call!

Actually that would work out quite well now you come to mention it - Halifax search Experian and Sygma search Equifax so thats only one per CRA.

Sorted. Just gotta wait till February now

EDIT: THANK YOU EVERYONE FOR YOUR ADVICE!

EDIT 2: I think Halifax for the Experian search, would you reccomend Sygma or Barclaycard for the Equifax search next year?

Mate Apply to both HBOS and Tesco and between them you'll get a search on each CRA

However, its also worth noting that the score thing you mention is a waste of money and means nothing in the real world - its tailored to that CRA's primary customers so don't pay for these scores and deffo don;t pay attention to what the number is cos it means nothing.....

I'd suggest she does HBOS, Tesco and Barclaycard Initial - if she can get a bank account, consider leaving Lloyds (albeit she may lose overdraft) but this would generate a new behaviour score with a new lender and in 6 months she may be pre agreed their card! Like Halifax or Barclays maybe?

noah271007

Ok so if a customer have a single default on his credit file, but rest of his data is spotless and the default is more than 3 years old, it is possible the customer will pass his credit check based going back 3 years credit search?

Can you name lenders who are known to credit search 3 years and not 6 years like Nationwide, A&L etc.

HSBC i presume will be one of those lenders who credit search 3 years of credit data (although if any adverse will check going back 6years?)

noah271007

Did you know defaults are only for 3 years in most European countries? 6 years for a default is very harsh - it is very common and relatively easy to get defaults! Mobile phone companies are the worst ones!

never-in-doubt

noah271007 wrote: »

Ok so if a customer have a single default on his credit file, but rest of his data is spotless and the default is more than 3 years old, it is possible the customer will pass his credit check based going back 3 years credit search?

Can you name lenders who are known to credit search 3 years and not 6 years like Nationwide, A&L etc.

HSBC i presume will be one of those lenders who credit search 3 years of credit data (although if any adverse will check going back 6years?)

Mate I named the main ones above! But each lender changes this criteria as and when it suits them! For the last few years, HBOS & Tesco were the main 2 that only looked 3 years, if everything was in order they would leave it at that. If you had even one late payment they would go back the full 6ys quota......

HSBC take each case on its own merit mate so hard to confirm..... My mate had a default 4 years old and they asked him about it and gave him the account. His Mrs, same scenario - different branch got declined due to adverse data (they both got defaults at same time)....

never-in-doubt

noah271007 wrote: »

Did you know defaults are only for 3 years in most European countries? 6 years for a default is very harsh - it is very common and relatively easy to get defaults! Mobile phone companies are the worst ones!

Yes I knew mate - we've started a petition to join the EU in this respect but the CRA's are screaming in pain and fighting this all the way! You're like a year behind mate - not new news lol

We will (eventually) conform to the same criteria as the EU and retain DPA for 3 years (credit related) to align with the EU. I reckon it'll happen in the next couple of years :D

bingy_burge

Have you thought or barclay card intial. They have up to 2k limit and the rate is more than half your vanquis at 27.9

izools

RE: HSBC 3 or 6 years - I was saying about my mother on P1 who got full account, overdraft, and credit card with RBS with 4 and a half year old Default £12K outstanding - we tried HSBC in February this year for a current account with the intention of applying for a mortgage with them in November (when her default drops off) and they said "NO" only wanted to give cashcard so seems HSBC do look back full six years in some cases, although that's just one example.
-It may be a different matter with a satisfied default.

RE: Defaults easy to get Tell me about it! The default on OH's credit report that I'm talking about is from O2. It was a 3rd party company mis-selling an "Upgrade" that was actually a new contract. OH has an older default as well from nearly six years ago - another telecommunications provider "Three", but when that was paid off they agreed to remove the default altogether. O2 aren't so nice

Re: CRA Scores are useless I tend to agree in regard to the Experian and CallCredit score, they often give false hope to those with bad credit, they are very optimistic.

I have found, however, that the Equifax score is very strict, and has much more useful advice contained within, and in my experience if someone's Equifax score is "Good" they are genuinely very likely to be granted credit if the rest of the data on their application is up to snuff.

NID - have you had a look at or had an experiences with the Equifax score?

RE: Barclaycard Initial My OH's credit searches this year have been Aqua (NO), Capital One (YES - Too small a limit), and Barclaycard Initial (NO). As everyone suggests we'll wait until the most recent default / missed payment is at least 36 months old, so sometime after valentines day, and try again with Halifax, Barclays, and Tesco.

Thanks again everyone!

never-in-doubt

izools wrote: »

RE: HSBC 3 or 6 years - I was saying about my mother on P1 who got full account, overdraft, and credit card with RBS with 4 and a half year old Default £12K outstanding - we tried HSBC in February this year for a current account with the intention of applying for a mortgage with them in November (when her default drops off) and they said "NO" only wanted to give cashcard so seems HSBC do look back full six years in some cases, although that's just one example.

Yes, same as my example used, weird but I bet if she tried a different branch, they may have accepted her - maybe its the CSO's in the bank who make the overall decision?

izools wrote: »

-It may be a different matter with a satisfied default.

Could be??
- I never asked my mate whether his/his wifes defaults were settled so i'll ask when I see him cos this may shed light on it

izools wrote: »

RE: Defaults easy to get Tell me about it! The default on OH's credit report that I'm talking about is from O2. It was a 3rd party company mis-selling an "Upgrade" that was actually a new contract. OH has an older default as well from nearly six years ago - another telecommunications provider "Three", but when that was paid off they agreed to remove the default altogether. O2 aren't so nice

o2 will remove it if you send the right letter to them and pay the debt!
- - Have a mooch here to see the type of letter i'm on about: #4

izools wrote: »

Re: CRA Scores are useless I tend to agree in regard to the Experian and CallCredit score, they often give false hope to those with bad credit, they are very optimistic. I have found, however, that the Equifax score is very strict, and has much more useful advice contained within, and in my experience if someone's Equifax score is "Good" they are genuinely very likely to be granted credit if the rest of the data on their application is up to snuff.

NID - have you had a look at or had an experiences with the Equifax score?

They are all the same mate - each lender has very secretive and strict qualifying criteria, coupled with the many thousands of products on the market the CRA's cannot compete and their score is a rough assessment of how they perceive you using their scoring module. For instance, Tesco don;t care about who your employer is whilst MBNA want their name and address. As you can imagine, they would each score differently on that answer and in this case Tesco would score a 0 whilst MBNA may score it high if it forms part of their 'qualifying criteria'....

Its not me being anti-CRA-Scores (well just a bit maybe ) but they are useless and should be used in the loosest possible way, i.e. ignored totally lol

Ritchie74

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?

Completely agree, with the above a default is a default and regardless of it's age will be treated the same, I.e automatic decline. Sub prime lenders may have a different take but you will have to pay the higher APR, if accepted at all.