The Sub Prime Credit Thread - Part IV

BugsyBrowne

jo-bo wrote: »

star-fire, is that to do with roofs and swimming pools?!, my hubbies a butcher and i'm is his laccy!!!!!

nah no swimming pools or roofs its mainly putting up false walls..

Zack1

plumber2009 wrote: »

Firstly, the trouble with students is that they are generally not in any stable employment and therefore find credit difficault to obtain. The best way for students to obtain credit is via their own bank where they have a current account.

Secondly, as far as credit cards are concerned. Any more than 5 and you will become to exposed and would therefore find that obtaining further credit will become far more difficault.
I personally never exceed this number and always close down 1 card before applying for an additional card.

I know, also it's because they can be deemed to be unreliable etc (normally not helped by those muppets at SLC - e.g. they paid me some of my money 3 months late!). It's unfair though. If students have the money they should get the card, at least with a low limit that can be raised (Natpest (my own bank) have told me mine won't be going up. Cap1 never seem to put any up until this week!). IF they miss payments take it off them. IF they pay late, take it off them. IF they have a perfect credit record and always pay in time, why not give them some more?

I've always been brought up thinking if you prove yourself you get rewards - e.g. in a job, if you turn up and do sod all/the bare minimum you'll probably get sacked, you certainly won't be in first in line for a promotion! If however you turned up and worked all the time, and did unpaid overtime (obviously which job you do and how you're paid would affect that) then you'd be looked on favourably for a promotion/internal application for another job etc etc. With credit it's basically the complete opposite - if you haven't done well in the past (how can we!?) then you're getting nothing, cheerio.....

As for being exposed, that's true, but with my limits I don't think any bank in their right mind could seriously look me in the eye and say I'm too exposed or have too much credit. Their silly computers might tell them that, but the reality is me (and others I know) have been refused credit that we'd have managed perfectly well

noah271007

kerryberryboo wrote: »

:mad:HEEEEEELLLLP!!!:mad:

I just persuaded my boyfriend to apply for 0% for 15 months Virgin Credt card.
He has £1800/£2000 on a BOS credit card, no overdraft - an excellent credit history. Never missed payments etc. His 0% interest on his BOS card is running out, he didn't want to transfer but using my feminine charms I persuaded him otherwise.:)

He got declined.:eek:
I'm in the MAJOR bad books. How can they decline him???:mad:
I don't think he'll even look at applying for another one because he thinks one decline means all will decline. He had one credit search in January but nothing else besides that.

Gah!

I suspect your boyfriend was caught out due to the fact he is on a 0% promotion deal with BOS. CC companies do decline those (even with excellent histories) as now CAIS data on Experian for example is more detailed ...it even state whether the applicant is on a 0% promotion deal. Credit scoring is not just about risk but also PROFIT!

kerryberryboo

jo-bo wrote: »

kerrykerryboo, mbna are really hard to get, who does he bank with?

he's with BOS and thats who his CC is with too!

The things I'm going to have to do to cheer him up LOL!! :rotfl::rotfl:

plumber2009

kerryberryboo wrote: »

:mad:HEEEEEELLLLP!!!:mad:

I just persuaded my boyfriend to apply for 0% for 15 months Virgin Credt card.
He has £1800/£2000 on a BOS credit card, no overdraft - an excellent credit history. Never missed payments etc. His 0% interest on his BOS card is running out, he didn't want to transfer but using my feminine charms I persuaded him otherwise.:)

He got declined.:eek:
I'm in the MAJOR bad books. How can they decline him???:mad:
I don't think he'll even look at applying for another one because he thinks one decline means all will decline. He had one credit search in January but nothing else besides that.

Gah!

He will have to try a diffrent bank. Dont make to many applications in a sort time though.

If the credit score was good then the folowing reason was probibly the case.

The reason for decline is probobly due to the fact that he was not seen as a profitable customer. If cards are paid in full every month some lenders will not batter an eye lid as they see very little in the way of potental profit to them as a lender.

Part of the scoring process also looks at the potential of the customer taking out additional products and services, such as mortgages and loans. So someone with little credit may also show no potential profit to the lender in this area also. (This is expalined by martin lewis on this site)

Hope this helps.

kerryberryboo

plumber2009 wrote: »

He will have to try a diffrent bank. Dont make to many applications in a sort time though.

If the credit score was good then the folowing reason was probibly the case.

The reason for decline is probobly due to the fact that he was not seen as a profitable customer. If cards are paid in full every month some lenders will not batter an eye lid as they see very little in the way of potental profit to them as a lender.

Part of the scoring process also looks at the potential of the customer taking out additional products and services, such as mortgages and loans. So someone with little credit may also show no potential profit to the lender in this area also. (This is expalined by martin lewis on this site)

Hope this helps.

I see, think he'll just pay the 15.9% interest - he won't want to apply anywhere else - Stubborn!!

plumber2009

Zack1 wrote: »

I know, also it's because they can be deemed to be unreliable etc (normally not helped by those muppets at SLC - e.g. they paid me some of my money 3 months late!). It's unfair though. If students have the money they should get the card, at least with a low limit that can be raised (Natpest (my own bank) have told me mine won't be going up. Cap1 never seem to put any up until this week!). IF they miss payments take it off them. IF they pay late, take it off them. IF they have a perfect credit record and always pay in time, why not give them some more?

I've always been brought up thinking if you prove yourself you get rewards - e.g. in a job, if you turn up and do sod all/the bare minimum you'll probably get sacked, you certainly won't be in first in line for a promotion! If however you turned up and worked all the time, and did unpaid overtime (obviously which job you do and how you're paid would affect that) then you'd be looked on favourably for a promotion/internal application for another job etc etc. With credit it's basically the complete opposite - if you haven't done well in the past (how can we!?) then you're getting nothing, cheerio.....

As for being exposed, that's true, but with my limits I don't think any bank in their right mind could seriously look me in the eye and say I'm too exposed or have too much credit. Their silly computers might tell them that, but the reality is me (and others I know) have been refused credit that we'd have managed perfectly well

Best thing to do is manage what credit you have as well as possibe. Once you have between 1 and 2 years credit history you will start to find it much easier to obtain further credit.
My first credit card was with CAP1 and i found it extremely difficault to obtain this card. Once i had this card running for 2 years without missing a payment i suddenly found that i was being accepted left right and centre for all types of credit.
My credit limit was only £200 but after establishing a good credit history my card was then increased to £1100.

So trust me when i say this, Just give it time. 1 to 2 years max of good account conduct.

Zack1

plumber2009 wrote: »

Best thing to do is manage what credit you have as well as possibe. Once you have between 1 and 2 years credit history you will start to find it much easier to obtain further credit.
My first credit card was with CAP1 and i found it extremely difficault to obtain this card. Once i had this card running for 2 years without missing a payment i suddenly found that i was being accepted left right and centre for all types of credit.
My credit limit was only £200 but after establishing a good credit history my card was then increased to £1100.

So trust me when i say this, Just give it time. 1 to 2 years max of good account conduct.

I know what you mean, that's my plan all along, but I can't see too much improving, even with good account conduct. To get told by Natwest to do one when I asked for £150 extra, despite being an existing customer for 6 years and paying everything on time, is a disgrace. If I get another card I'm leaving those jokers for sure!

For now it looks like it'll be up to Vanquis or Sygma to see if they want to accept me!

BugsyBrowne

zach apply for flybe

noah271007

Go for it Zach. Let show Natwest what muppets they are!