The Sub Prime Credit Thread - Part IV

spiritual1_2

never-in-doubt wrote: »

Nooo - all they can see is the product...

If you look at your credit file, you'll see the data all listed kinda like:

Barclays Bank - Account Type - Current Account

Then the start date and payment history with limit right? Well, when a lender searches you they see exactly the same (including the last 6 digits of the account number) except they cannot see the lender name like you can so their view would be like this:

Account Type - Current Account

Hope that makes sense.... thus you'll see the company name is in a separate place on your credit file, cos it is dropped from the electronic version lenders can see... if they could see you use Vanquis, they could start to use peoples credit record as a marketing tool for instance they could search everyone and those on low incomes etc could be targeted for higher rate products.... the lender name has and always be omitted...

yeah it does PERFECT sence, heres me thinkin id reached a point where i understood the industry perfectly and learned somethin new today

though from a purely bein picky point of view say i had to appeal somethin which i havent done from my early teens when i i aquired all my mainstream cc's theyd ask TYPICALLY i send them in a hard copy of my credit file, that then being the only time they would then but ANYWAYS ill stand corrected lol

paulq

good to know that information. you would of assumed they would of knew what card you had and everything. The only thing to take into consideration is - if you apply for something with a lender you already have credit with eg: applying a for another card with the same issuer?

never-in-doubt

paulq wrote: »

good to know that information. you would of assumed they would of knew what card you had and everything. The only thing to take into consideration is - if you apply for something with a lender you already have credit with eg: applying a for another card with the same issuer?

Well in this case they would already know cos the moment you applied it would match you to your CiN (customer identification number) and this would then match the other account and depending on their lending policy, it could mean a straight credit policy decline, for instance with Vanquis you can only have one account so usually if you have one and reapply, it will instantly reject you because you're not eleigible to apply.

However say you done this with MBNA, as you can have multiple cards, then they would score you higher using the existing account and that would form the basis of their decision.

Basically, if you apply to the same company, they will know you have an account linking from your CiN - not from the CRA data. :p

Anything else you guys need to know? lol :D

never-in-doubt

spiritual1 wrote: »

yeah it does PERFECT sence, heres me thinkin id reached a point where i understood the industry perfectly and learned somethin new today

though from a purely bein picky point of view say i had to appeal somethin which i havent done from my early teens when i i aquired all my mainstream cc's theyd ask TYPICALLY i send them in a hard copy of my credit file, that then being the only time they would then but ANYWAYS ill stand corrected lol

Now that is how the lenders get to find out about you, yes. For instance when they ask for your credit file you can (by rights) obscure the lenders names if you so wished, as it is irrelevant to them in every way - who cares the company name, its how you manage the account that matters....

If you appeal, always send the full file as it helps you in the long run, why hide it? Makes you look dodgy, in a way..>? :p

I wasn't correcting you mate, was merely poiinting out the facts so you weren't going off on a tangent which wasn't quite accurate lol.... i.e. before worrying if they see a lenders name, best to nip it in the bud early cos they simply cannot see the name.

never-in-doubt

seeya23 wrote: »

that funny when i had a loan off welcome the lady told me i owed ltsb £1367 from 1999 but that was in 2004

Welcome ask to see your file though, did they with you? .... they would never know this mate, unless you told them on your application (i.e. you mentioned you had a lloyds product) - i'll guarantee that even in 2004 they could not see the lenders name - its just not allowed nor is it possible to see that much data..... :D:D

spiritual1_2

thatll do niddy, i now feel COMPLETE and that i now officially know EVERYTHING lol, u wouldnt believe it im like a trainee niddy with my friends and family im the credit expert as far as there concerned:rotfl:

kerryberryboo

I didn't know that either - I just presumed they can see everything. Anyone got any idea why Vanquis declined me and Aqua accepted? I know that it is irrelevant but I thought their criteria was pretty similar. The letter I got through says simply to check my details and sign and the return the Aqua CCA.:cool:
Does Capital One give a call back? I haven't heard anything from them at all. Maybe because I had a card with them from a few years ago they will be apprehensive about issuing another one? The account was fully settled.:T
I thought I had this all sussed, now I realise I have SooooOOoo much more to learn LOL! :rotfl:

spiritual1_2

kerryberryboo wrote: »

I didn't know that either - I just presumed they can see everything. Anyone got any idea why Vanquis declined me and Aqua accepted? I know that it is irrelevant but I thought their criteria was pretty similar. The letter I got through says simply to check my details and sign and the return the Aqua CCA.:cool:
Does Capital One give a call back? I haven't heard anything from them at all. Maybe because I had a card with them from a few years ago they will be apprehensive about issuing another one? The account was fully settled.:T
I thought I had this all sussed, now I realise I have SooooOOoo much more to learn LOL! :rotfl:

kerry phone cap1 urself i got a 7 to 10 responce phoned the following morning saying hi im just curious to see how my applications going, anything else u guys need to know etc and they replied oh hi no its fine ure application has now been processed and ure limit is £300 :A

never-in-doubt

kerryberryboo wrote: »

I didn't know that either - I just presumed they can see everything.

Noooo - well now you know :D

kerryberryboo wrote: »

Anyone got any idea why Vanquis declined me and Aqua accepted? I know that it is irrelevant but I thought their criteria was pretty similar. The letter I got through says simply to check my details and sign and the return the Aqua CCA.:cool:

They score differently and Aqua being HBOS may have something to do with it, do you bank with them? Vanquis are a funny bunch, i'd not worry about it - someone last month got a Virgin card and was refused Vanquis - go figure :mad::mad:

kerryberryboo wrote: »

Does Capital One give a call back? I haven't heard anything from them at all. Maybe because I had a card with them from a few years ago they will be apprehensive about issuing another one? The account was fully settled.:T

Have you applied to all three ion one day or something? Space out applications - dont fall into the snowball decline!

kerryberryboo wrote: »

I thought I had this all sussed, now I realise I have SooooOOoo much more to learn LOL! :rotfl:

Nobody can suss the whole credit industry, anyway it changes in the summer when we join the Euro Guidance (hopefully) - this will mean we can share data throughout europe and also means data is removed a lot quicker, like 3yrs for defaults and so on... but i'll explain that nearer the time!

kerryberryboo

No I don't bank with Halifax. I applied for Aqua about two weeks ago and Vanquis and Capital One last week on the same day. Is that really bad? I've only got those three searches, a search in September 2009 and the Credit Expert searches (two of these for same thing??) on my file. Is that too many searches on my file?:eek:
I earn an ok wage, my boyfriend is on quite a good salary, we privately rent our flat and I'm looking to build my rating because *eventually* we'll buy together :eek: and I'd hate for my credit rating to hinder our mortgage choices.
Reading this thread, I presumed that getting a sub prime card or two, being extremely sensible with it would benefit me in the long run, am I barking up the wrong tree? :cool: