The Sub Prime Credit Thread - Part IV

ElkyElky

noah271007 wrote: »

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.

Couldn't agree more. It doesn't make sense how someone like me can get so much credit, but you who has years of history can't?

noah271007

ElkyElky wrote: »

Couldn't agree more. It doesn't make sense how someone like me can get so much credit, but you who has years of history can't?

I didn't mean to take it out on you or anything like that. In fact im delighted for you. I just don't understand how they accept you at this time where credit is restricted for the many, and as you are aware, many lenders have increased APRs to people with excellent long credit histories. Something is clearly wrong here!!

Still lets hope you will bag the Lloyds AMEX card and get rid of Capital One Plus....you honestly don't need it.

ElkyElky

noah271007 wrote: »

I didn't mean to take it out on you or anything like that. In fact im delighted for you. I just don't understand how they accept you at this time where credit is restricted for the many, and as you are aware, many lenders have increased APRs to people with excellent long credit histories. Something is clearly wrong here!!

Still lets hope you will bag the Lloyds AMEX card and get rid of Capital One Plus....you honestly don't need it.

No, you've made a fair point.

I'll be closing a few cards in the near future I think, mainly the ones which the 0% offers have ended. I don't really need 6 cards and it's becoming a nightmare to manage.

I don't have any incentive to use the Capital One, there is no rewards like my Tesco card and the limit is useless.

Zack1

ElkyElky wrote: »

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.

Ah cool! I've only been 10/11 months now. I won't be going back to Sygma again if they search twice for one application though! I just want Vanquis and/or Tesco really, so I'm going to go for both of them on the same day in the hope they won't see each other when they search . With any luck Cap1 will give me an early birthday present next week and put my limit up.... then again pigs might fly!

I def agree about the searches though, but as a certain useless CRA won't give me my report I can't have a look as to when they will drop off!! I'm guessing some will drop off by May.... I wanted to try and pin down the exact date Natwest gather information to report (if it is an exact date) but as I can't see my file I don't know!

When I renew my o2 contract that won't be credit scored will it? They should just give me a new one? As I'm on one of their highest plans as it is!

plumber2009

Generally you need 2 years of clean history to become a mainstream borrower.
companies also look at the diversity of credit that is being used. ie mobile, catalouge, bank account, credit card. The more diversity the better.
Companies also take into consideration of how profitable you will be for them. If you pay credit card in full every month this could be viewed negatively in regard to being a profitable customer.
I always allow the card companies to make a small profit. My vanquis card was paid in full for 3 months then i payed 80% of balance each month to enable them to make a small profit from me. My limit went form £500 to £2000 within 8 months yet my outstanding credit is 42k with 4 defaults.

PROLIANT

Just been accepted for a Flybe card £1000 limit @ 19.9% APR and 0% on balance transfers for 6 months.

That is 2 Sygma cards within the space of 6 weeks.

seeya23

PROLIANT wrote: »

Just been accepted for a Flybe card £1000 limit @ 19.9% APR and 0% on balance transfers for 6 months.

That is 2 Sygma cards within the space of 6 weeks.

well done proliant :beer:

sutton111

PROLIANT wrote: »

Just been accepted for a Flybe card £1000 limit @ 19.9% APR and 0% on balance transfers for 6 months.

That is 2 Sygma cards within the space of 6 weeks.

Congratulations P. Another good limit and good rate too.

BugsyBrowne

Proliant how many searches have you got on equifax,cause i might apply for the days card

PROLIANT

star-fire wrote: »

Proliant how many searches have you got on equifax,cause i might apply for the days card

12 in the last 6 months.