The Sub Prime Credit Thread - Part IV

seeya23

Zack1 wrote: »

, but 3 games in hand, you'll be fine...

not if we play like that :rotfl::rotfl:

brians_daughter

ElkyElky wrote: »

Is there any reference to the arrangement to pay situation on your file?

I think the late payments may go against you, considering they are only 12 months old. Although you never specified exactly how many late payment markers you have? One or two may be acceptable to many lenders but any more than that isn't good.

What is your debt to income ratio like? If you owe too much money then that'll also go against you.

Saying that, the only way you'll know for sure if you'll get a decent credit card is to apply for one and see. If you get declined, then I guess you'll just have to wait another few months.

Hi, thanks for replying. Yes it was down as an 'arrangement to pay' tbh i didnt realise the impact this had on my file. I set the arrangement up a few years ago when i got my hours cut and it was only when i rang early last year to increase the payments they changed the account to 'normal status' i have kept a small balance on there so it shows recent good payment history.

I have had 4 late payments but they will be 12 months plus old in the next few weeks. In total, looking over past 36 months i have 6 late payments including these 4

Debt to income ratio - i earn around £22k (this is made up from student loans and work, although i always state on applications i work p/t as i have had my job longer than been a student iykwim?) I owe around £6k (inc o/d) but have 'available credit of £12k so i am using 50% of my available debt. I am just about to pay off a few bits and bobs so this will drop to about £4k and i intend on getting limits reduced/close accounts.

TBH i would only be looking to apply once the late payments were over 12 months old in hope they wont matter that much. Thanks again

Zack1

brians_daughter wrote: »

Hi, thanks for replying. Yes it was down as an 'arrangement to pay' tbh i didnt realise the impact this had on my file. I set the arrangement up a few years ago when i got my hours cut and it was only when i rang early last year to increase the payments they changed the account to 'normal status' i have kept a small balance on there so it shows recent good payment history.

I have had 4 late payments but they will be 12 months plus old in the next few weeks. In total, looking over past 36 months i have 6 late payments including these 4

Debt to income ratio - i earn around £22k (this is made up from student loans and work, although i always state on applications i work p/t as i have had my job longer than been a student iykwim?) I owe around £6k (inc o/d) but have 'available credit of £12k so i am using 50% of my available debt. I am just about to pay off a few bits and bobs so this will drop to about £4k and i intend on getting limits reduced/close accounts.

TBH i would only be looking to apply once the late payments were over 12 months old in hope they wont matter that much. Thanks again

Not too sure about the rest of it, but how much is the overdraft? Even if it's a student one, it hurts your credit score as it can be ordered to be repaid in full at any time, that's why I was trying not to use mine anymore (that's gone out the window recently though....). Even if credit card debt is bigger, lenders know you only have to pay back like 3% or whatever it is, so they base your affordability on that . With the overdraft if you were ordered to pay back 1k etc in X days, would you then keep up with your other payments...that's the problem they have unfortunately

seeya23

zack are you having a bet at cheltenham

Zack1

seeya23 wrote: »

zack are you having a bet at cheltenham

Haha, nope I don't do that because of the "rule 4" or whatever it is (if someone pulls out they reduce your winnings = big trouble if you've done matched betting!). Eventually I will, but at the moment I stick to football (or should we say soccer :mad:) and other sports I know well. I know if you read the rules etc there is no reason for you not to do other sports (I had rugby the other day) but with football I can tell what errors are, e.g. if Man Utd were 2/1 to win at home anyone even remotely interested in football would know that's wrong so wouldn't then match it at another site, with Rugby or whatever if England were 2/1 I wouldn't think twice about that potentially being wrong (and so they can scale it down when they pay out, or void it) and thats where you can lose money

I appear to have "won" both parts of a bet the other day, I checked the bit I thought I'd lose first, so I was a bit surprised when it was there, and I'd weighted it towards the other outcome so was like oh damn And requested the withdrawal.... then I go onto the other site this morning and see I won there, so manually check the result and it appears my weighting was right afterall, I shouldn't have won or been paid by the first site! If that stands that's student finance come early :rotfl:

Gillianh2

How good a credit rating do you need for the sygma card? Mine not fantastic but may have picked up as I have recently had 2 acceptances for the dreaded vanquis and a mobile.

izools

Sygma aren't as strict as other prime lenders as they offer "Rate for Risk" APR bands upto 24.9% (which most of us fall in to) as well as 16.9% and 19.9% on their cards.

What is your history like? Have you any defaults? When did you last miss a payment? Are Vanquis currently your only credit card?

Gillianh2

Hve pmd you Izools.

izools

Gillianh2 wrote: »

Hve pmd you Izools.

Awesome so you're definitely going in the right direction.

I'd wait until you've held the vanquis card at least six months before applying for Sygma, given you don't have any other cards on file.

I'd had sub prime cards for about 18 months before being accepted for the Silver card but then again my being too "apply happy" was keeping my score down.

As long as you don't apply for anything else over the next six months and keep using your vanquis card each month (no doubt you'll be clearing it fully each month to avoid that awful interest rate, huh?) you should be good to go Sygma wise.

Couldn't hurt to apply now but I wouldn't hold your breath

Gillianh2

Ooooooooooooooh thank you but I too am having a "apply happy day" roflol. Think I might step away from computer for a while. Roflol