The Sub Prime Credit Thread - Part IV

PROLIANT

Just to clarify, Sygma bank do not issue cards on the Subprime market, they may be more tolerent of previous history and may only be interested in the data you have over the last 12/24 months and way well consider you with old defaults. However they are not a Subprime lender.

Subprime lending (near-prime, non-prime, or second-chance lending) in finance means making loans that are in the riskiest category of consumer loans and are typically sold in a separate market from prime loans. The standards for determining risk categories refer to the size of the loan, "traditional" or "nontraditional" structure of the loan, borrower credit rating, ratio of borrower debt to income or assets, ratio of loan to value or collateral, documentation provided on those loans which do not meet Fannie Mae or Freddie Mac underwriting guidelines for prime mortgages (are "non-conforming"). Although there is no single, standard definition, in the United States subprime loans are usually classified as those where the borrower has a FICO score below 640. Subprime lending encompasses a variety of credit types, including mortgages, auto loans, and credit cards. The term was popularized by the media during the "credit crunch" of 2007.
Subprime could also refer to a security for which a return above the "prime" rate is adhered, also known as C-paper.
Subprime borrowers show data on their credit reports associated with higher default rates, including limited debt experience, excessive debt, a history of missed payments, failures to pay debts, and recorded bankruptcies.

ElkyElky

I applied for a job in a restaurant yesterday and was told that I wasn't suitable for the job because I am over qualified. How the heck can you be over qualified to work in a restaurant?

They'll no doubt be receiving a nice letter of complaint in due course.

BugsyBrowne

Proliant agree i was meant to say more towards sub-prime criteria,but true sygma cards are a prime credit card,but think more lenient than other cards.

BugsyBrowne

ElkyElky wrote: »

I applied for a job in a restaurant yesterday and was told that I wasn't suitable for the job because I am over qualified. How the heck can you be over qualified to work in a restaurant?

They'll no doubt be receiving a nice letter of complaint in due course.

Over qualified to work in a restaurant they are winding you up..

ElkyElky

star-fire wrote: »

Over qualified to work in a restaurant they are winding you up..

Nope. :rotfl: That's what they told me. It's ridiculous.

seeya23

im Over qualified to work in a shop and at my age im over the hill at 36 :rotfl::rotfl:

edinburgher

Proliant, I'm aware of what subprime lending is. I commented that I thought they were 'close' to subprime lending, which was intended as a less detailed summation of the sorts of comments you made in your opening paragraph.

I wouldn't trust Wikipedia as a reference source, according to Wikipedia Burger King sell a 'crapper' burger....

How the heck can you be over qualified to work in a restaurant?

I'd imagine quite easily. Say you were applying for a 'grunt' job as a kitchen porter or dish cleaner and had a PHD. Chances are you'd get bored very quickly with the repetitive nature of tasks/menial role. I wanted to start a career as a chef and was essentially ignored by the businesses I applied to, apparently they're suspicious of anyone with a degree

The same sorts of comments are often found on adverts for library jobs (my current sector). They say things such as 'this post is not suitable for graduates', but it means the same thing.

ElkyElky

edinburgher wrote: »

I'd imagine quite easily. Say you were applying for a 'grunt' job as a kitchen porter or dish cleaner and had a PHD. Chances are you'd get bored very quickly with the repetitive nature of tasks/menial role. I wanted to start a career as a chef and was essentially ignored by the businesses I applied to, apparently they're suspicious of anyone with a degree

The same sorts of comments are often found on adverts for library jobs (my current sector). They say things such as 'this post is not suitable for graduates', but it means the same thing.

I shant declare my qualifications next time I apply for a job like that.

I only wanted a part-time job to do me over the summer holidays.

Its-A-New-Age-Thing

edinburgher wrote: »

Re. Sygma silver card - I had got the impression that they were (close) to being a subprime card and had considered applying (recently accepted for a Capital One card, Vanquis made me wait 5 weeks with no decision and so I cancelled my application with them).

When I go onto their website, however, it states that they won't accept anyone with negative credit history. Is this accurate?

I have a default from 2006 which is now closed and will be marked as "partially satisfied" and don't want to waste my time (or further dent my credit score with another application that definitely won't go through!)

flingin my 2 bits in here mate ive got a 5 year old default satisfied from 2005 its actually 4 years and 11 months its value is £350 and i got given a silver sygma card at 24.9% apr £1000 limit so they will simply put accept NEGATIVE info ALBEIT possibly not much and a LOW VALUE DEFAULT AT THAT ir some lenders have brackets and presumab;ly add a points scale to the value of a default ie AQUA card servisces run through it ure default is 0-500 1000-2500 stuff like that ive also multiple 3 mobile contracts and studio cataloguesa a settled tmobile account a settled barclays account and a settled santander account and a settled creditbuilder cashplus a vodafone a vanquis and a clydesdale account and due on shortly a 02 in addition to a cap1 progression and an aqua a nationwide and an rbs soooooo strictly speakin my files pretty decent though there is the 5 year old default carry on HOWEVER flybe FLAT OUT REFUSED ME as they score HIGHER

Its-A-New-Age-Thing

as for yesterdays comment about my vanquis going to be overdue SYGMA all is forgivven ure balance ytransfer showed up today woohoo just in time for my payment due date and my 4th mkonth increase balance will be zero just in time.