The Sub Prime Credit Thread - Part IV

TheEffect

Innocent_Guy wrote: »

Stay away! Dont do it! LOL.

Effect, why do you want this account sooooo much? Is it the generous pre-approvals or something?

I didn't apply in the end, and the urge is gone now. about 7 searches are going to drop off my file at the end of December, as I turn 19. Just after my 18th, I applied for quite a few things. Now I have 1 years worth of credit history, those searches are going to start dropping off.

I want to get First Direct, but the earliest I can apply is in February, meaning I'd have around 5 months of no searches if I don't apply until then.

never-in-doubt

flam147 wrote: »

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.

No mate, all banks have strict account criteria and Lloyds are no different. They make decisions based on risk, as do all banks, and if you were lucky (if you can call an account at Lloyds as lucky) enough to get a full account - it doesn't mean they are easy (they aren't)... ;)

Its called credit scoring and you passed - quite simply.

never-in-doubt

TheEffect wrote: »

I didn't apply in the end, and the urge is gone now. about 7 searches are going to drop off my file at the end of December, as I turn 19. Just after my 18th, I applied for quite a few things. Now I have 1 years worth of credit history, those searches are going to start dropping off.

I want to get First Direct, but the earliest I can apply is in February, meaning I'd have around 5 months of no searches if I don't apply until then.

Wise choice mate - i'm going to wait until you apply cos then I know i'll have waited 6 months as well cos we done it around the same time.... In fact I may have done it May last time so could even try applying tomorrow (Niddy has a think and decides to wait lol)...... :D

My logic - if they will accept you then i've got every chance myself hahah (joke)..... First Direct here I come (in Feb 2010).....

Zack1

Innocent_Guy wrote: »

Not really as I earn a resonable salary. I might have 5k of available credit but in the real world this is nothing as for example my dads credit limit on his CC is over 15k

Innocent_Guy wrote: »

Remember you need to prove to lenders that you can manage a high limit. It may also flag up to lenders that your other accounts have not increased your limit as you run you account badly

Wow, is that 15k on one card!? Or split between them?

That's the thing with mine, the credit limits don't really matter at the moment, because I always pay in full I don't even know the interest rates of the cards, I think they are both well above 20% though. It's when I eventually get cards with 0% that it's going to be more worthwhile.

I see what you mean about needing to prove I can have a high limit, I never thought of that - but equally I don't want them seeing I've got too much available credit, and that HSD I will rarely use TBH, I just want the 0's (and did like the jeans I ordered the other day!), but unless I want a wardrobe full of jeans it's going to go mostly unused! So I'd probably like it upped a bit, which then helps if I want to buy anything electrical, but not too much.

Ooooh I just realised.... Natwest card was applied for and opened in late June (despite them credit checking me on 15th May :mad:). I can request an increase after 4 months I think they said in my welcome stuff. Would they credit check me for it or go by their internal score? I'd like that upped if MBNA decline me and Capital One are going to keep their one at £100 for a while. I've maxed them both out until my DD on the Capital One goes through in 2 weeks...

I think I'll see how this MBNA appeal goes first though. How long will they take to respond?

hax_2

Hi NID

Would you mind looking at my thread please?

http://forums.moneysavingexpert.com/showthread.html?t=2111953

It seems like you know this kind of stuff.

Thanks.

TheEffect

never-in-doubt wrote: »

Wise choice mate - i'm going to wait until you apply cos then I know i'll have waited 6 months as well cos we done it around the same time.... In fact I may have done it May last time so could even try applying tomorrow (Niddy has a think and decides to wait lol)...... :D

My logic - if they will accept you then i've got every chance myself hahah (joke)..... First Direct here I come (in Feb 2010).....

How many searches have you got in the last 3 months and overall, NID?

never-in-doubt

hax wrote: »

Hi NID
Would you mind looking at my thread please?http://forums.moneysavingexpert.com/showthread.html?t=2111953

Done mate :beer:

never-in-doubt

TheEffect wrote: »

How many searches have you got in the last 3 months and overall, NID?

Overall (ahem) 123 (Ex) and 117 (Eq). Last 3 months only about 4 so not that bad..... most of the ones will drop off in Jan/Feb/Mar as I was messing with hbos at that time :rotfl::rotfl:

Oh, my 2 cifas markers (fraud cat. 4) will drop in Feb as well....

never-in-doubt

Zack1 wrote: »

I think I'll see how this MBNA appeal goes first though. How long will they take to respond?

If you appeal they will either a) ring you if they are 'tempted' or b) write to you if they decline you again!

So, if you get a call from one of their underwriters have some witty answers at the back of your mind for their questions, such as 'why do you want the card' and 'why have you made so many app's recently' etc etc..... for instance, it is good to say 'you've made a few app's recently to get the best deals for you, not all the accounts were kept open and proof of closure can be sent if required'. Similarly, with respect to the 'recent account' you may have opened, simply say 'yes it was a new account but the apr offered does not reflect my needs and so the account was closed within the cancellation period offered'.

See what I mean, its easy to think of a plausible excuse when put under pressure...... beat the underwriter and the account will be yours

Zack1

never-in-doubt wrote: »

Overall (ahem) 123 (Ex) and 117 (Eq). Last 3 months only about 4 so not that bad..... most of the ones will drop off in Jan/Feb/Mar as I was messing with hbos at that time :rotfl::rotfl:

Oh, my 2 cifas markers (fraud cat. 4) will drop in Feb as well....

You have 123 searches :rotfl::eek:

Are there even 123 different decent products you can apply for!? How did you end up with that many!? :eek::eek:

never-in-doubt wrote: »

If you appeal they will either a) ring you if they are 'tempted' or b) write to you if they decline you again!

So, if you get a call from one of their underwriters have some witty answers at the back of your mind for their questions, such as 'why do you want the card' and 'why have you made so many app's recently' etc etc..... for instance, it is good to say 'you've made a few app's recently to get the best deals for you, not all the accounts were kept open and proof of closure can be sent if required'. Similarly, with respect to the 'recent account' you may have opened, simply say 'yes it was a new account but the apr offered does not reflect my needs and so the account was closed within the cancellation period offered'.

See what I mean, its easy to think of a plausible excuse when put under pressure...... beat the underwriter and the account will be yours

Ah thanks, so it won't just be a reply with a card or a welcome letter or anything like I got with Capital One then?! (That wasn't an appeal but it said 7-10 days and I assumed it would be unsuccessful).

Ah that sounds interesting! I do really want the account though (although I don't have a clue which card I applied for! I think it might be England again, I recognise the signup page from June, but don't think I did it again recently!). So obviously if it's England (I'm fairly sure it wasn't Man Utd and I'm not sure what else they do) I can demonstrate that I want the account and want to use it responsibly as my main account and I'd be willing to tell Natwest to clear off too.

I only really want it (if it's not England) to give me a better shot at getting England later on. However, if they don't tell me what card (the confirmation email doesn't say ) it is when they phone "Hi, we are phoning about your application for X card" or similar, would it be possible to say something like "Now you're on the phone, can I just confirm what card I would get, if accepted", or something like asking if I could have the England card as I realise they are through MBNA or something? Because if it's England I love football and I'd just bore them with football talk and how much I want it to be my main card and how I'd love to be seen using it (within the agreed limits!) etc etc . Or I can try and talk about general stuff, but if I don't know what card I'm getting I can't really say what I'd like and why I have the other searches and closed other accounts!

NID can you look at this one too please (I have done the letter but haven't printed it yet (will print it at uni) just want to check a few things are ok before I do it).

http://forums.moneysavingexpert.com/showpost.html?p=27360647&postcount=125

Thanks

Oh ignore the bit about overdrafts as I was told in another thread to pay that back, so I'll mention in the "adverse info" bit that I used it so I didn't have to use my other savings, but as the cash was readily available all along this was a stupid idea and I've now paid it back in full and won't be using it in future. It's mainly the last paragraph. I'm thinking they might tell me to get lost (again), but my some of that stuff could make them change their mind (as things like ISA info can't go on an application form)

Also I'm sending originals, so I've included a bit saying I'd be grateful if they return them in their own time, after reviewing their decision. Is that pushing my luck? It's just that I like to keep copies of stuff, and I'm sending copies of O2 bills & Credit Card bills, so my collection is going to be rather short (I'm sending about 10 bits of paper, Student Status etc!)