The Sub Prime Credit Thread - Part IV

noah271007

telecomengineer wrote: »

I read somewhere using the cashpoint lowers your score as they cant track your spending and dont earn a % on the merchants is there any truth in this?

Alo they update scores around the 7th?

Yes it does help the behaviour score (BS) if you don't withdrawn cash from ATM. But i think the biggest score would how much you are crediting the account each month. £1800 salary will go a long way trust me!

They update every first monday of each month but it is best to make sure everything is perfect until after the 7th.

noah271007

Innocent_Guy wrote: »

These cretins are the people who make the decisions on our credit applications!

http://www.youtube.com/watch?v=jKztQiqS3is

rotfl

LOL...quite an eye opener!! Didn't realise they're the ones who make the decision overseas!!

noah271007

ElkyElky wrote: »

I'm on 0% till next year but almost bug*ered it up, I almost bought something using the card. I only just remembered I was on interest free before typing my pin. :eek:

I think I was accepted for the Lloyds AMEX card but I don't know for 100% sure yet. :eek:

Elky Elky, i cannot believe you got accepted (if true) for Lloyds AMEX card ...you had most of your credit cards account opened in the past 12 months...where is reponsible lending??? Looks like some banks have not learnt their lessons after the financial crisis!! That besides, congratulations!!

fairmorn308

evening all hows everyone

noah271007

fairmorn308 wrote: »

evening all hows everyone

Gone awfully quiet now where's everyone gone?....fairmorn, im good and well ta. How's u?

fairmorn308

not bad really.

Just trying to sort and clean up my CRA files but everything good tho. Looking at being debt free the end of summer which i cant wait and then time to save money

ElkyElky

noah271007 wrote: »

Elky Elky, i cannot believe you got accepted (if true) for Lloyds AMEX card ...you had most of your credit cards account opened in the past 12 months...where is reponsible lending??? Looks like some banks have not learnt their lessons after the financial crisis!! That besides, congratulations!!

I don't know myself if it actually has been accepted, but they did request ID and they usually don't do that if you're likely to be declined as it is a waste money/time/resources.

I agree. There's nothing responsible about giving a student so many credit cards but saying that, it's not very responsible of myself for applying for so many cards. If I wasn't as self-diciplined as I am, I could quite easily get in to trouble and banks themselves know students are somewhat higher risk.

Just less than 2 years ago, I had absolutely no credit history and look how quickly it has evolved. It's madness - how many more cards will they give me before they say "enough is enough".

I always make sure I have at least double my debt in savings so I'm not completely irresponsible.

Zack1

ElkyElky wrote: »

I don't know myself if it actually has been accepted, but they did request ID and they usually don't do that if you're likely to be declined as it is a waste money/time/resources.

I agree. There's nothing responsible about giving a student so many credit cards but saying that, it's not very responsible of myself for applying for so many cards. If I wasn't as self-diciplined as I am, I could quite easily get in to trouble and banks themselves know students are somewhat higher risk.

Just less than 2 years ago, I had absolutely no credit history and look how quickly it has evolved. It's madness - how many more cards will they give me before they say "enough is enough".

I always make sure I have at least double my debt in savings so I'm not completely irresponsible.

I'm amazed you've got so much credit, even without searches on my file I was getting declined, I guess once you've got a few and managed them well that can trigger more to accept you, if you've only got 1 or 2 then it's very limited history (even if it is perfect). Are you 2nd/3rd year then? I guess you're older from the "less than 2 years" part, cuz I've only had a few months.... maybe things will improve for me when I go up a year

ElkyElky

Zack1 wrote: »

I'm amazed you've got so much credit, even without searches on my file I was getting declined, I guess once you've got a few and managed them well that can trigger more to accept you, if you've only got 1 or 2 then it's very limited history (even if it is perfect). Are you 2nd/3rd year then? I guess you're older from the "less than 2 years" part, cuz I've only had a few months.... maybe things will improve for me when I go up a year

2nd year. It actually took about a year of subprime cards before I was good enough to be considered for main stream. I started with Vanquis and Capital One and it took near a year before my bank gave me one.

Like Noah said, most of my accounts are less than 12 months old. Just make sure you've got very little credit searches on your file for when that time comes to improve your chances even more.

noah271007

ElkyElky wrote: »

I don't know myself if it actually has been accepted, but they did request ID and they usually don't do that if you're likely to be declined as it is a waste money/time/resources.

I agree. There's nothing responsible about giving a student so many credit cards but saying that, it's not very responsible of myself for applying for so many cards. If I wasn't as self-diciplined as I am, I could quite easily get in to trouble and banks themselves know students are somewhat higher risk.

Just less than 2 years ago, I had absolutely no credit history and look how quickly it has evolved. It's madness - how many more cards will they give me before they say "enough is enough".

I always make sure I have at least double my debt in savings so I'm not completely irresponsible.

You're a student with a limited credit history of less than 2 years.

In comparsion to mine, i have 11 years plus of history - 6 credits cards, two of them have 6 plus years worth of payment history (Nationwide and IKEA opened in 2002) and three settled all with no adverse whatsoever. In fact my file looks very solid with proven credit history.... am in full time employment earning a decent salary and low debts. Got two active credit cards atm, one yet to be reported to CRAs (Flybe CC). Yet i have been declined for HSBC and Lloyds Duo card! The only adverse i have is Vodafone mobile account with 1,2 and 3 late payment markers back in 2004. They are due to be removed later this year. I have 3 searches with EX and 2 with EQ.

Which would you chose if you are a lender between me and Elky?

Again, as ive said it many times in the past, the credit system needs a major overhaul.