The Sub Prime Credit Thread - Part IV

flam147

Sam2009 wrote: »

Another few questions, whilst there are people about

Any recommendations about banking ? I am getting fed up of Halifax. They told me years ago that providing i kept the account in order they would upgrade me, yet now they are saying that unless I pass their credit check they wont.

7 years of good banking and nothing from them !!! Was going to try Lloyds but have read somewhere that although they give you a better debit card (not a rubbish electron!) that you can only cash withdraw from Lloyds machines .... which is no good to anyone surely ?

i went to Lloyds expecting to open a Cash account, they accepted me for a classic Account with Offline Visa Debit (works in Tesco pay at pump and on trains), plus any Link cash machine, this is already a full current account so they would be no need for an upgrade.
i have defaults on my credit file.

ElkyElky

Zack1 wrote: »

The other day was my most recent (23rd Nov), but I can't remember what that was for. It might have been England again, I know I was thinking of it. I was declined for England card in May too. Either way if I could get it on appeal it might be worth it, would it be possible to switch after a while (as I'd have history too), or just take out another MBNA card?

I got an email with "Unfortunately on this occasion, your application has been unsuccessful. For further details of our decision, please click on the link below." and get sent to a page but it asks for DOB to see the decline reason, but DOB list only goes up to 1990 so it keep saying my input is invalid (I'm 91), so I can't even see why they've rejected me. I might phone them on Tuesday then . Although given my recent application spree it probably won't make a difference, but if I apply again in 6 months then I can try appealing that too

MBNA will let you have more than one credit card. But if you get accepted for one, that doesn't mean you'll be guaranteed for a second. They probably won't tell you the reason why you were declined, they'll just refer you to your credit report or say you didn't meet their criteria.

You'll have nothing to loose if you appeal, well, except the cost of a stamp. NID has made an excellent thread with template letters for appealing but I can't find the link for it. It should be a few pages back on the credit card forum.

Zack1

ElkyElky wrote: »

MBNA will let you have more than one credit card. But if you get accepted for one, that doesn't mean you'll be guaranteed for a second. They probably won't tell you the reason why you were declined, they'll just refer you to your credit report or say you didn't meet their criteria.

You'll have nothing to loose if you appeal, well, except the cost of a stamp. NID has made an excellent thread with template letters for appealing but I can't find the link for it. It should be a few pages back on the credit card forum.

Thanks, I don't want a second straight away just I really can't remember what it was I went for! I guess it would have been England or Man Utd, unless I saw something on here about a standard card which I thought I'd go for. I'd rather have England though.

I've seen that thread before, was thinking of using it if Capital One rejected me again. I'll try it, but because of my other accounts I think the answer will still be no. If I was to appeal, fail, apply again in the summer and get rejected (possibly) then appeal again would that go against me in any way? Because the first search would have cleared from my record but they'll still have record of me internally?

PARIS_5000

You were very lucky to be accepted by lloyds with defaults on your credit file for a full current account.

I apply for account with lloyds over a year ago and was only given a cash account because I had defaults. My credit file is now clear of defaults but cannot get the account upgraded so I just use it as a spending account.

I have a full account with HSBC so I do not care about lloyd but they are a good bank.

ElkyElky

Zack1 wrote: »

Thanks, I don't want a second straight away just I really can't remember what it was I went for! I guess it would have been England or Man Utd, unless I saw something on here about a standard card which I thought I'd go for. I'd rather have England though.

I've seen that thread before, was thinking of using it if Capital One rejected me again. I'll try it, but because of my other accounts I think the answer will still be no. If I was to appeal, fail, apply again in the summer and get rejected (possibly) then appeal again would that go against me in any way? Because the first search would have cleared from my record but they'll still have record of me internally?

I doubt it'll go against you but you would have to wait 6 months before reapplying each time. The thing you'll have to watch most is the amount of credit searches you'll have on your file. If you avoid applying for anything else until you try MBNA again, you'll stand a better chance.

I have 5 searches on my file within a 3 month period. I recently got declined for the Asda credit card because of this reason. If I had less searches, they would have given me £2,250.

Zack1

ElkyElky wrote: »

I doubt it'll go against you but you would have to wait 6 months before reapplying each time. The thing you'll have to watch most is the amount of credit searches you'll have on your file. If you avoid applying for anything else until you try MBNA again, you'll stand a better chance.

ElkyElky wrote: »

I have 5 searches on my file within a 3 month period. I recently got declined for the Asda credit card because of this reason. If I had less searches, they would have given me £2,250.

Wow that seems harsh to reject you because of that, can understand why though. Don't like how searches go against you to such a degree though, if you are rejected from 1 it's human nature to try another - afterall you want credit, or you wouldn't be applying, so if one rejects you of course you'll try others :rolleyes:

I must have about 5 in 3 months though after the last week (and I still got accepted at HSD which was one of the last I applied for!!). According to my credit report I've only got 3 searches in the last 6 months (as of the other day!) and 4 that show up. I've also had a Barclaycard one since I’ve got that report done, so that’s 4 in 6 months, plus maybe MBNA again or whatever else I've applied for recently (JJB, HSD etc if they have credit checked me (I assume HSD have as I was successful, I’m hoping I failed internal scoring for the rest!)).

I've got 2 Capital One (19th May (rejected) & 21st Oct which was accepted). A Natwest one (which I know for a fact I didn't authorise but when I appealed it via Equifax Natwest told me to sod off :mad:) and Barclaycard (so 2 Barclaycard now). I won’t apply for anything now though (Tesco seemingly haven’t searched me either, I know I applied for that because me and my flatmate did) so if I leave MBNA until June (when 2 will have dropped off) I should be left with only about 4/5 max in 12 months and none in over 6 months. Plus a better, more consistent repayment history as all my accounts will have the "green 0's". And I’ll have to make sure I pay back my overdraft, but then it’s a catch 22 if they see I’ve got £1,250 or whatever it is potentially available so don’t know what to do about that

flam147

PARIS_5000 wrote: »

You were very lucky to be accepted by lloyds with defaults on your credit file for a full current account.

I apply for account with lloyds over a year ago and was only given a cash account because I had defaults. My credit file is now clear of defaults but cannot get the account upgraded so I just use it as a spending account.

I have a full account with HSBC so I do not care about lloyd but they are a good bank.

http://forums.moneysavingexpert.com/forumdisplay.html?f=20

Lloyds are a lot less fussy now since banking crisis, their risk is pritty small as most debit card transactions are authorised anyway. The banks now seem to want customers to have value added accounts with monthly fee, was recently declined cheque book on classic, wanted second cash Account for bills but ended up with Silver account with cheque book.

never-in-doubt

ElkyElky wrote: »

You'll have nothing to loose if you appeal, well, except the cost of a stamp. NID has made an excellent thread with template letters for appealing but I can't find the link for it. It should be a few pages back on the credit card forum.

Here you go matey: BEEN DECLINED - Appeal Letter Template

cosmic_girl

never-in-doubt wrote: »

They will indeed, best wait til the auto one after 6 months mate. Will either be on your 6th or 7th statement and if not then don't apply cos they will prob decline you and search you.....

Aw cool, do they do automatic increases now then (flybe that is)??? Thats good to know ..... will have been 6 months next month .... i think :T. Fingers crossed x

seeya23

cosmic_girl wrote: »

Aw cool, do they do automatic increases now then (flybe that is)??? Thats good to know ..... will have been 6 months next month .... i think :T. Fingers crossed x

i think you have to phone them and ask for a increases atfer 6 months 30% max you will get