The Sub Prime Credit Thread - Part IV

Zack1

wizzywig27 wrote: »

I wont get a decent limit, but I only got one credit card, and if I was to be accepted, it would be better APR than my Vanquis

Suppose if it's only going to be 2nd it's worth it to help with your payment history too . The APR doesn't matter on a 0 balance (Yea I know you could change that though )

Thinking about the dates I think the only reason I was rejected is because of the overdraft (when I applied first time around I hadn't had the overdraft authorised, 2nd time around I'd maxed it out) but I can't appeal now so just have to wait until May and try again...

wizzywig27

Zack1 wrote: »

Suppose if it's only going to be 2nd it's worth it to help with your payment history too . The APR doesn't matter on a 0 balance (Yea I know you could change that though )

Thinking about the dates I think the only reason I was rejected is because of the overdraft (when I applied first time around I hadn't had the overdraft authorised, 2nd time around I'd maxed it out) but I can't appeal now so just have to wait until May and try again...

Something I have never quite worked out, do you need a valid reason to appeal, or can you just appeal for the sake of it?

Looking at my credit report, it was beginning of September when I applied for Cap1

Zack1

alfred64 wrote: »

You will stay in and apply yourself to your studies, my lad!

Studies!?!? More chance of Cap1 giving me a grand limit!

Haven't been out properly for 3 weeks, can't miss out on that when term starts!

Zack1

wizzywig27 wrote: »

Something I have never quite worked out, do you need a valid reason to appeal, or can you just appeal for the sake of it?

Looking at my credit report, it was beginning of September when I applied for Cap1

Haha, it's always worth it for the sake of it .

No seriously I really do have reasons though. You should have reasons, if you don't bring anything new to the table it's very unlikely to be changed (as they are just repeating the earlier process). For example I have an ISA and other savings as well as an unusual income pattern compared to a lot of students, and I'm pretty sure when "Student" on the form is ticked they/the computer sticks us in one category about what we can afford etc (obviously less than a full-time job for example), as well as the perception that students aren't reliable - but I think my ISA & savings plus 100% payment record should be enough to get me any low level cards, hence the appeals, but we'll see! Only ever done 1 appeal (MBNA, which is still pending, due to respond by 29th...), so can't say how successful they are at the moment!

I did email an appeal through to Sainsburys to be told they don't take appeals via email and I'm not paying to print all the stuff off (as it's 0% so I've got very little chance anyway). Would've appealed Cap1 & Vanquis back in June if I'd know about appeals. If/when Halifax dare to decline me (when they eventually update their decision!) I'll be appealing that too!

Hmmm it may be fine for you if you wait a few more weeks then. One report says they searched me on 9th May (I swear it said June in my last report!?). I got my card on 9th November (ironic!) so even going by those dates that's exactly 6 months between 1 decline and getting the other card, so I certainly applied within the 6 month period. To an extent I think it's more if something has changed rather than time. My income has gone up and I put my uni email address in, so that's 2 key changes as the .ac.uk acts as more verification I'm a student (although no confirmation what difference .ac.uk makes), plus payment history compared to the none I had in May. If nothing has changed it may be worth waiting the full 6 months

wizzywig27

see since I last applied I have about 15 green o's go on from mobile phone, cats and vanquis! Dont wanna push it though, as I have a few searches in past few months! hmmmmm

Zack1

wizzywig27 wrote: »

see since I last applied I have about 15 green o's go on from mobile phone, cats and vanquis! Dont wanna push it though, as I have a few searches in past few months! hmmmmm

It's a tricky one. From May to Oct/Nov I'd have only had about 10 (rather than the 8 a month I'm getting now!), it's annoying they don't give more detailed feedback, so you know exactly why they will/won't take you. I understand why they don't, it doesn't make it any less annoying though

BTW your Barclays account, is that £100 ment as in more than £100 into your overdraft, or £100 positive (so £300 to spend?)? Since my overdraft with Natwest has been repaid I have got past the instant rejection on the Barclays pre-app check (I know that doesn't mean too much, but it's a start!), it seems overdrafts can hurt you a lot if you actually use them, that's why I haven't got my student one bumped up to the £1k it should be post-Christmas

wizzywig27

I use my overdraft every month, it is not reflected on my report though

Zack1

wizzywig27 wrote: »

I use my overdraft every month, it is not reflected on my report though

Ah that's good then . I've been in and out of my Natwest one a few times recently but it doesn't go to the CRAs luckily. I feel sorry for a lot of students, I know people that went into their overdraft in the first month and are going to spend the next 4 years at uni in it, plus when they leave paying it back. I know companies may take a slightly sympathetic view to it as so many people do it, but it's going to trash their credit scores! Glad I found out so early on and stopped using mine for 5% interest!

wizzywig27

Zack1 wrote: »

Ah that's good then . I've been in and out of my Natwest one a few times recently but it doesn't go to the CRAs luckily. I feel sorry for a lot of students, I know people that went into their overdraft in the first month and are going to spend the next 4 years at uni in it, plus when they leave paying it back. I know companies may take a slightly sympathetic view to it as so many people do it, but it's going to trash their credit scores! Glad I found out so early on and stopped using mine for 5% interest!

I have an interest free overdraft

never-in-doubt

wizzywig27 wrote: »

Ok, I really need some help here, I have just got my credit report from Equifax, and I paid £7.50 I think, can I ask, is this per month? Also do I need to cancel it? Sorry I made a spur of the moment decision, so did it (I am very umpulsive)

Mate, that is the monthly subscription - you should ring and cancel toward the end of the month - don't forget!

In future send a £2 cheque!

wizzywig27 wrote: »

1 default at current address (didnt take this credit out at current address)

Is it an account relating to you or someone else? Has it been dragged over from previous address or is it someone totally different?

If it is yours then so be it. If not, contact Experian using the reference of your report (email them) and query it as not being yours and they will remove it. Then you download a new report and it will be gone.

wizzywig27 wrote: »

3 defaults at previous address(es)

Doesn't look good mate :rolleyes:

wizzywig27 wrote: »

No CCJ's

Well, none that you can see - there could still be one but the Registry Trust would confirm this for you.

wizzywig27 wrote: »

9 searches in 9 months

That is acceptable - the defaults will stop you getting new accounts though.

wizzywig27 wrote: »

No GAIN, and no CIFAS

GAIN would only apply if you'd done a runner from your previous address without telling the lenders you moved and CIFAS can only be confirmed if you SAR them directly, not all CIFAS entries appear on your report, I have 3 and none appear on my report(s) - as they are fraud related.

wizzywig27 wrote: »

I am actually quite pleased, I know I have defaults, but I thought it would be much worse!

The defaults will continue to hinder you until they have been removed, now is the time to build green [0]'s and when all your defaults go and you have 0 searches then you'll have a very high and good chance of walking straight into a mainstream account - bear in mind by then you'll have a few years of history with your existing accounts (plus lots of green [0]'s)

wizzywig27 wrote: »

It backs up what I was saying, it is Experian who hate me and hold the most nasties!

What does your Equifax and CallCredit file say?