PLEASE can someone help with my vanquis hell !!!!

TFD_2

hax wrote: »

I've noticed that the Credit Checker facility on this website doesn't even ask these questions to calculate your rating. That's strange as I've always thought these questions were important.

One of the reasons why these ratings are meaningless.

izools

hax wrote: »

I've noticed that the Credit Checker facility on this website doesn't even ask these questions to calculate your rating. That's strange as I've always thought these questions were important.

It varies depending on both the creditor's score sheet and the rest of your application data. It can make a difference, how much depends on the weighting put on these criteria by the creditor you are applying to.

Finding out whether or not the creditor you are applying to weights these heavily, would be impossible. Heavily guarded secrets they be!

never-in-doubt

izools wrote: »

I've spoken to a MBNA underwriter about an application I made years ago, and he faulted my credit score because I had a credit card open in the last year. I said it's been open over six months, and he told me that they wouldn't consider an applicant to be credit worthy until they've proven for a good year that they can handle any new credit commitments.

I agree with this - it is actually unique to MBNA and I had the same problems..... don't fall into the trap of listening to one lender mate, its best to hedge your bets thus I tend to refer to the whole range and not specifically to one company.

izools wrote: »

RE: credit searches, again, personal experience. When I applied for an HFC credit card years ago I was turned down. I applied again four months later and the only thing that changed was the number of credit searches - it had reduced from five to one, and I was approved on the spot. I was also told by an Abbey National underwriter that they would only approve an extension on a loan I had with them if they can see six months without applications for credit - not even one or two - but of course, this is a loan and the criteria is different to that of credit cards, but still backs up my suggestion to a certain extent.

Again, the majority wouldn't consider this an issue but maybe (just maybe) they deemed your personal situation a risk? I don't mean that nastily but moreso in a way that each lender scores and allocates credit differently. The norm isn't to refuse someone with one credit search - its unrealistic and Martin himself campaigns about the searches being recorded when the apr may not be as advertised thus meaning 3 searches to get one decent card - that shouldn't and wouldn't be held against you...

izools wrote: »

RE: CCJ's and Defaults, again I've been told by an RBS underwriter that they don't frown upon settled defaults as long as they are not recent - they confirmed to me that the age of the defaults affects credit scoring so if everything else is in order a satisfied default from years ago wouldn't be a problem. This was in relation to a credit application my mother made to them two years ago and I helped her.

A default is a default settled or not and to be fair whoever you spoke to at RBS is talking rubbish.... there are a few RBS staff here who all confirm that any current defaults pretty much auto-decline your application. Current defaults meaning on show with your credit file....

izools wrote: »

RE: CCJ's, an old friend of the family was approved for a Natwest Bank Account and Credit Card with a satisfied CCJ from four and a half years prior. Clearly satisfied CCJs from a long time ago aren't frowned upon if everything else is in order.

Its not that they aren't frowned upon but moreso each case will be taken on its own merit and different lenders apply different logic before accepting an application. Generally speaking, a CCJ will generate an auto decline but a lot of lenders do not look beyond 3 years unless something flags up, in which case late payments/defaults/ccj's can be missed if the lender only performs a 3 year check on you. Tesco do this, for example.

izools wrote: »

I wouldn't want to give incorrect advice which is why everything I've written is from personal experience and proven to be ture either by testing the theory or being told by an underwriter.

Fair point - but don't trust everything an underwriter tells you, they are not going to give away their trade secrets (if they even know them) but instead tell you the nicest way possible what may be wrong (may being the operative word)....

izools wrote: »

As regard to time with employer / bank / address, we know that longevity is a good sign and recent move of bank or job or address is considered a sign of instability in the eyes of some creditors.

Granted, so long as the change is in line with previous details given....

izools wrote: »

As I say, these 10 points are only guidelines, but I feel they are good guidelines to follow, and as we both know, the rigidity to which the creditors stick to these critereon vary depending on their score sheet and the other application data.

I hope you can appreciate my standpoint in this matter, and of course if your personal circumstances have been different then fair enough, we all advise based on what we've personally found to be true.

Mate i've been fighting the lenders for near-on 3 years and have beat them all now (at last).... I kinda know the CRA's inside out... but agree we all make decisions and comments based on experience. However in the case of credit the rules and processes are usually far more black and white and you'll find the majority will find my explanation to be more lifelike in the general consensus, ie. lenders do refuse with defaults but not with high searches etc.... its all based on the individual so I base my assessment on the majority bot so much specific cases (hope that helps explain it lol)...

izools wrote: »

Perhaps you could share some examples that you've come accross in the past and we can work together taking each others ideas on board to come to a more mutually agreeable list of helpful points to advise members in future?

Mate I have threads pages long with examples, for instance sutton default thread, unenforceability thread, vanquis thread, cra thread, n hunter thread etc etc.... i've done step-by-step guides for people including how to get back on the credit ladder and appeal a decline - loads have had their decline overturned using my template..... for example

izools wrote: »

(P.S: LOL @ Point 6 - That was taken right out of the mouth of the MBNA underwriter I spoke to when he said my other credit card was too new - he said exactly that to me, six in six months or 10 in a year ; but of course, this varies from creditor to creditor and most others are more strict in my experience )

Its actually "industry standard" not MBNA or specific to any lender mate - I got a HSBC credit card with 150+ searches and 3 cifas markers. But then I know the processes used so know what strings to pull to get it overturned... ;)

never-in-doubt

hax wrote: »

I've noticed that the Credit Checker facility on this website doesn't even ask these questions to calculate your rating. That's strange as I've always thought these questions were important.

Thats because they are not important, as I stated. People simply get misled with the gossip - facts of the matter are that so long as you can repay the debt and not over indebted and have a solid background you'll usually get accepted.

TFD_2

never-in-doubt wrote: »

Its not that they aren't frowned upon but moreso each case will be taken on its own merit and different lenders apply different logic before accepting an application. Generally speaking, a CCJ will generate an auto decline but a lot of lenders do not look beyond 3 years unless something flags up, in which case late payments/defaults/ccj's can be missed if the lender only performs a 3 year check on you. Tesco do this, for example.

Just wondering if you can expand on "if the lender only performs a 3 year check"?

never-in-doubt

TFD wrote: »

Just wondering if you can expand on "if the lender only performs a 3 year check"?

certain lenders will only look back 3 years and if everything is ok they will ignore the last 3 years meaning if you had a default in 2006 and still paid your current cards and used your bank account properly, then by all accounts you'd have a decent credit file excluding the default in which case as their scoresheet only applies to check the last 3 years you'd probably get accepted.

In saying that, they may know you have the default but they can override it. Again this is unique to a couple of lenders, citi and tesco being the main two. In fact it may be different now what with them leaving rbs / in debt so cannot guarantee accuracy anymore. But in the past they would give people that classed themselves as subprime, credit accounts if their baddies were over 3 years old.

TFD_2

never-in-doubt wrote: »

certain lenders will only look back 3 years and if everything is ok they will ignore the last 3 years meaning if you had a default in 2006 and still paid your current cards and used your bank account properly, then by all accounts you'd have a decent credit file excluding the default in which case as their scoresheet only applies to check the last 3 years you'd probably get accepted.

In saying that, they may know you have the default but they can override it. Again this is unique to a couple of lenders, citi and tesco being the main two. In fact it may be different now what with them leaving rbs / in debt so cannot guarantee accuracy anymore. But in the past they would give people that classed themselves as subprime, credit accounts if their baddies were over 3 years old.

That's interesting. I've got defaults and CCJ's going back between April 04 and March 05. For the last 4 years my payment history is impeccable. It would be interesting to know which lenders would consider that ok! Otherwise 492 days to go...

never-in-doubt

TFD wrote: »

That's interesting. I've got defaults and CCJ's going back between April 04 and March 05. For the last 4 years my payment history is impeccable. It would be interesting to know which lenders would consider that ok! Otherwise 492 days to go...

I remember you applying to MBNA back in January mate! You got declined right? Try Tesco - see what they say (by the way I did say a default or ccj - just how many have you got lol?).....

Citi no longer work this way.... last time they done it was last winter mate...

TFD_2

never-in-doubt wrote: »

I remember you applying to MBNA back in January mate! You got declined right? Try Tesco - see what they sat (by the way I did say a default or ccj - just how many have you got lol?).....

Yeah been declined for various things this year. The only success was a Barclaycard Breathe at 14.9%, but hey that's progress. Oh and Barclaycard reduced the APR and increased my limit on my visa. Other than that, nowt

Tesco have also declined me recently - if they search Experian, then they will see too many searches. If they search Equifax, this isn't an issue.

I've got 3 CCJs and 3 defaults in total. In 254 days time, 2 of each will have hit the 6-year drop off, but 1 CCJ doesn't clear for a further 492 days. Not that I've got a spreadsheet counting down or anything!!

never-in-doubt

TFD wrote: »

Yeah been declined for various things this year. The only success was a Barclaycard Breathe at 14.9%, but hey that's progress. Oh and Barclaycard reduced the APR and increased my limit on my visa. Other than that, nowt

Tesco have also declined me recently - if they search Experian, then they will see too many searches. If they search Equifax, this isn't an issue.

I've got 3 CCJs and 3 defaults in total. In 254 days time, 2 of each will have hit the 6-year drop off, but 1 CCJ doesn't clear for a further 492 days. Not that I've got a spreadsheet counting down or anything!!

So there you go, at least you got a barclaycard mate - they still decline me but then i'm not fussed cos I have 3 mainstream accounts and 2 full bank accounts..... not bad considering at the time I had over 50 defaults and god knows how many cifas markers! Lotsof arguing and threats sorted it though!

Equifax is good for Sygma bank mate - try flybe or jjb card see how you get on.... they only use equifax mate. You're right, if you have a lot of searches and 6 adverse data then you're gonna struggle which is fair point really lol

Tesco can be weird, yes one day and no the next!