The Sub Prime Credit Thread - Part IV

jinty271

Have been accepted for a Halifax Rewards Current account ( without overdraft) but am quite hopeful this is a step on the ladder to becoming more mainstream ? Any thoughts ?

Thanks

desperate-dan_5

Hope I am posting in right place, please can anyone advise for my friend really.

She has just applied for vanquis card and been declined. She has no credit outstanding on her equifax credit file just basc bank account with lloyds tsb. No history of defaults etc showing up although she has two showing as settled on equifax.

She then applied for sainsburies and was declined and has just applied for argos catalogue/card who have said thy need futher info etc b 4 decision, So doesn't look good and dont know hy if thy are only using experian then I dodnt know why.

Said I would post for her. Can anyone recommend another for her or should she leave now for a while?

Thankyou

Zack1

desperate-dan wrote: »

Hope I am posting in right place, please can anyone advise for my friend really.

She has just applied for vanquis card and been declined. She has no credit outstanding on her equifax credit file just basc bank account with lloyds tsb. No history of defaults etc showing up although she has two showing as settled on equifax.

She then applied for sainsburies and was declined and has just applied for argos catalogue/card who have said thy need futher info etc b 4 decision, So doesn't look good and dont know hy if thy are only using experian then I dodnt know why.

Said I would post for her. Can anyone recommend another for her or should she leave now for a while?

Thankyou

Capital One's lowest card? That's what I got despite a rejection with Vanquis. I did get rejected 6 months ago though, only just got accepted for it after applying again. I've heard Aqua are easy too, and Sygma (I know Flybe & JJB use them). If you want a shopping one then JDW accept lots of people (I was accepted with their lowest limit (£125)). I'm never really going to use it but it's a good way to get 0's which will help her in the future. Likewise 3 SIM Zero contract

Beware of having too many searches though. Good luck

desperate-dan_5

Thanks for that just rung her and she has just applied online it said they will do additional checks and she will hear form them in next 7 days - is this usual?

Thnaks everyone for advice

Zack1

desperate-dan wrote: »

Thanks for that just rung her and she has just applied online it said they will do additional checks and she will hear form them in next 7 days - is this usual?

Thnaks everyone for advice

Who's that for, Cap1? If she only applied now then yea because it's out of hours (everything out of hours get referred). I got that and thought I was bound to get a decline....card turned up (before the pin!) a week or so later! Only £100 limit though (up to £200 next month then never up again it seems!)

never-in-doubt

desperate-dan wrote: »

Hope I am posting in right place, please can anyone advise for my friend really.

She has just applied for vanquis card and been declined. She has no credit outstanding on her equifax credit file just basc bank account with lloyds tsb. No history of defaults etc showing up although she has two showing as settled on equifax.

She then applied for sainsburies and was declined and has just applied for argos catalogue/card who have said thy need futher info etc b 4 decision, So doesn't look good and dont know hy if thy are only using experian then I dodnt know why.

Said I would post for her. Can anyone recommend another for her or should she leave now for a while?

Thankyou

There is obviously something amiss with her credit file for her to get rejected so frequently, however that said the pure lack of any credit may be the underlying factor here.

Its that same old catch 22 - you need to build a credit history, but nobody will give you credit! The first thing she should do is get a full bank account, with the same place she currently uses (Lloyds?) as they may be able to upgrade or use behaviour score types.....

The settled defaults mean the same as current defaults, they are classified as adverse data and will have a major impact on any credit application she makes. If they are within 3 years she will struggle, some places like Vanquis/Cap1/Barclaycard/Aqua accept people with a default older than a year - but if Vanquis declined her then it's time to sit back and check the credit file.

Sainsburys is Halifax and Argos is Santander (ex GE Money) so bear that in mind before any other applications. That means forget Aqua, as she will have to wait 6 months before reapplying to halifax cards.

never-in-doubt

desperate-dan wrote: »

Thanks for that just rung her and she has just applied online it said they will do additional checks and she will hear form them in next 7 days - is this usual?

Thnaks everyone for advice

If she just applied to Aqua then she will get declined as she recently applied to Sainsburys..... if Crappy1; then they are likely to decline as well, the defaults are causing applications to be manually referred and the minute the underwriter sees the defaults, they are likely to decline it unless they are old.

noah271007

How old defaults have to be for it to be disregarded NID? 3 years plus?

Zack1

never-in-doubt wrote: »

If she just applied to Aqua then she will get declined as she recently applied to Sainsburys..... if Crappy1; then they are likely to decline as well, the defaults are causing applications to be manually referred and the minute the underwriter sees the defaults, they are likely to decline it unless they are old.

Ah didn't notice the default bit! I was thinking it was a lack of history like me. Like NID says defaults will make it a lot harder then

never-in-doubt

noah271007 wrote: »

How old defaults have to be for it to be disregarded NID? 3 years plus?

They are never disregarded mate, more 'ignored' by the lender. Some say 1 year (vanquis etc), some say 2 years (Tesco etc) and others like Sainsbury and the other main ones vary from 3 - 6 years.

There is no hard rule, basically depends on a case by case basis. :cool: