The Sub Prime Credit Thread - Part IV

brians_daughter

CHALLISAVENUE wrote: »

No offence but it smacks of jealousy actually,my circumstances are excatky as i described,i got the card simple as that..i will post a picture to the non believers.

Your usual negative comments dont bother me really,i got the card,you didnt,now grow up.


Best Wishes

Kelly

Hey Kelly, please dont think we are doubting you. But MBNA states they do not accept ppl with adverse credit.

If you have a default and got the card it would be good for you to share your experience/situation with those that have ben refused - (i would be very interested, as i say one of my brothers got knocked back with report that is looking pretty perefect IMOA, so it may assist him in appealing or whatever)

At the end of the day we are all all here to help, assist and have a giggle along the way!

And, sadly we do get some wierdos that post 'troll' like posts, so we sometimes have our guard up!

wonderwife2008

Just to butt in and say ... I got an MBNA card through Virgin and my credit file is awful for a number of reasons. I did have a £1,500 limit but this was reduced to £700 when they realised how bad my credit was (they did a random check)!! Somehow I had managed to slip through the initial credit check unnoticed!! :rotfl:

brians_daughter

star-fire wrote: »

would it be worth someone applying on the phone and explaining to the person taking the application what chances do i have on getting this card with a default.
And see what they say and if they say no then we all know she might be winding us all up.lol

Already done this! As i was interested in one myself, but never applied as i had an AP that only was returned to normal status 12 months ago so thought i had no chance!

Spoke with MBNA (twice, 1st person wasnt helpful lol) on 0800 068 8788. I asked what the criteria was for acceptance, was told they couldnt tell me that as it is computer generated re acceptance. I asked 'if for example i had a lete payemnt would that go against me' got told to apply and see. I also asked about defaults - said it was going to drop off on June and said i was concerned about it impacting the result (ficticious- all my dafaults have FINALLY gone whhooo!!) and was told it is highly unlikly i would be accepted with adverse credit and i should wait til June, after it drops off. He did however say if i wanted to apply today i could do, but best to leave it til after the (fictional) default comes off! It did take a lot of time ot extract the datails, as i assume (maybe wronly?) that they staff are on a commission so i got the feeling they wanted me to apply anyway

Seems Kelly was very lucky! Or maybe their default is only registered with one CRA and MBNA search teh other? I dunno!

cockywatchman

I spoke to a lad last night at our pool league match he is a underwriter at bank of america(mbna) in chester he stated to me if they application goes through the system it either straight declines, refer or auto accept.

Now if there is a default that usually means straight decline, but there are exceptions such a people with notices of correction and the like.

Maybe this poster has something like this & a friend whos an underwriter there? I know my mate has sorted 4 people out of the 7 strong pool team with decent limits they would not have got without his help. Incidentally I am not one of them!.

I for one would doubt this poster got a 6k limit as in the words of my mate if the system suggests £3k for example the max they can take it to is 4.5k

BugsyBrowne

Now going to apply,i dont have any defaults but a few searches,but all my searches have been in this month,so least i know next march my credit report will have no credit searches..
Oh well gone nothin to lose.

never-in-doubt

cockywatchman wrote: »

I spoke to a lad last night at our pool league match he is a underwriter at bank of america(mbna) in chester

He wouldn't say anything of the sort! I have directly been to and worked with the most senior underwriters at MBNA and trust me, they themselves do not know the full process, maybe your mate told you the 3 outcomes which we all know - but they would never discuss anything beyond that for 2 reasons;

1. Not worth their £50k + job (plus they'd never work in the industry again) and
2. They don't actually know how the scoring model works - they will be too low down the foodchain for that

cockywatchman wrote: »

he stated to me if they application goes through the system it either straight declines, refer or auto accept.

All lenders work this way! To elaborate for others, this means if you pass the pre-set score you will get an accept, if you fail you get a decline. A refer is used when anything derogatory or unusual appears, likewise if there are notes or disputes on your credit file.

In the main, you are scored on 3 areas which are:

• The borrower who is applying for a credit card (i.e. you or me) completes an application form, which provides the lender with lots of information about the applicant. This information is all entered into the credit scoring process.
• The lender i.e. the credit card company. When making a decision whether or not to lend money to you, the lender needs to establish that you are who you say you are, whether you can handle the credit that they might offer, whether there is a risk that they will lose money if you can not pay it back, and whether you are likely to be a profitable customer. In order to do this, they will give you a credit score based on the information that you have provided on your application form together with information that they obtain from a CRA. When a lender requests information from a CRA, it is known as a "credit search" or "credit check".
• The CRA's collate information from various sources including the electoral roll, other lenders and publicly available information such as County Court Judgements, Bankruptcies and IVAs (Individual Voluntary Arrangements). They use this information to tell the lender that you are who you say you are and to provide them with your credit history. If required, a CRA can also produce a credit score for the lender, but most lenders in the UK do their own credit scoring.

The above, to save time, was taken from here: http://www.stoozing.com/g_score.php

cockywatchman wrote: »

Now if there is a default that usually means straight decline, but there are exceptions such a people with notices of correction and the like.

You cannot straight decline with all adverse, it has to be pulled for a manual intervention.... If you have any Defaults, CCJ's etc then you'll get straight declined on policy fail (part of the scoring 3 stages mentioned above)...

cockywatchman wrote: »

Maybe this poster has something like this & a friend whos an underwriter there? I know my mate has sorted 4 people out of the 7 strong pool team with decent limits they would not have got without his help. Incidentally I am not one of them!.

Haha - bollox - sorry mate, it does not happen. If you'd like to PM me his name i'll tell you mine and he will know me no question of a doubt, in which case he'll soon realise that he's made a mistake!

Incidentally, you know I worked in internal fraud for the banks going in and finding fraud and mismanagement of customer profiles? Put it this way, he'll be caught soon enough if not already and when someone has a career in underwriting they will not risk it all to "help a mate" - unless of course you mean he's a low level adjudicator that needs the level 5 CSM authority to release the limit/card/account? So which is he?

cockywatchman wrote: »

I for one would doubt this poster got a 6k limit as in the words of my mate if the system suggests £3k for example the max they can take it to is 4.5k

Again, MBNA do not restrict underwriting and certainly not to 50% above pass score suggested limit... one person on here was offered £5k and appealed for £22k and got it - he is a stoozer bear in mind...

Point is, your mate is either bullsh!tting you or you're bullsh!tting us...

Sorry, but what it is with all this nonsense lately? :mad: :mad:

never-in-doubt

wonderwife2008 wrote: »

Just to butt in and say ... I got an MBNA card through Virgin and my credit file is awful for a number of reasons. I did have a £1,500 limit but this was reduced to £700 when they realised how bad my credit was (they did a random check)!! Somehow I had managed to slip through the initial credit check unnoticed!! :rotfl:

The reason your limit was dropped was as a result of risk (at the monthly CAIS/INSIGHT feed) - I am assuming you do not have any adverse, i.e. defaults or CCJ's though? If so, this would have been post account acceptance right? i.e. you never had a default when you got the account - did you?

Of course, let me add that MBNA are like other lenders and can (if they want to) overturn a decline if you have a default but you'd need a bloody good reason and proof, such as ID theft and you have proof you're fighting the case with official paperwork etc... but really, MBNA do not give to adverse people... as rule of thumb.

PARIS_5000

star-fire wrote: »

Now going to apply,i dont have any defaults but a few searches,but all my searches have been in this month,so least i know next march my credit report will have no credit searches..
Oh well gone nothin to lose.

Good luck with that.

never-in-doubt

PARIS_5000 wrote: »

Good luck with that.

Hi matey - this guy applies for most things - won't get accepted though - but he also doesn't listen to our advice lol

BugsyBrowne

Nid for once i am listening to your advice,i am trying not to post anymore !!!!!!,yes you were right about john lewis.
personally i do like reading the threads on here as deep down they do help,so no more applications for a few months unless anyone else come with things like MBNA are taking people with defaults.nid i will show you my equifax file then you might be able to put me in the right direction..