The Sub Prime Credit Thread - Part IV

ElkyElky

If I open a BOS student account, will I be credit checked even though I'm already a customer?

I'm thinking of stoozing an interest free overdraft. Never thought about doing that until today but I have 7 credit searches within 3 months.

Zack1

ElkyElky wrote: »

If I open a BOS student account, will I be credit checked even though I'm already a customer?

I'm thinking of stoozing an interest free overdraft. Never thought about doing that until today but I have 7 credit searches within 3 months.

Stoozing overdrafts does hurt your credit record though. Seems like 0% cards are better, that's why I'm not using my Natwest overdraft, so I can try and get more cards eventually

ElkyElky

Zack1 wrote: »

Stoozing overdrafts does hurt your credit record though. Seems like 0% cards are better, that's why I'm not using my Natwest overdraft, so I can try and get more cards eventually

Yeah it'll make you look like you're in more debt, however I won't be applying for any more credit for a while so I thought I could make some money from an interest free overdraft in the mean time.

But since I have 7 searches, I'm not sure if that'll cause any implications with my application or whether they'll give a smaller overdraft.

Zack1

ElkyElky wrote: »

Yeah it'll make you look like you're in more debt, however I won't be applying for any more credit for a while so I thought I could make some money from an interest free overdraft in the mean time.

But since I have 7 searches, I'm not sure if that'll cause any implications with my application or whether they'll give a smaller overdraft.

Yea if you don't need credit then it's worth it, I'd love to make decent use of mine if I didn't want more credit!

I don't know about them, but Natwest didn't search me (I was an existing customer). The clowns searched me a month before for no reason though, and somehow that was my fault (I know I didn't even phone them, I had exams all of the week they said it is!). Ah well, it'll drop off soon!

It's probably worth making the application anyway, then apply for a bigger overdraft later on if they give you a lower one. If they decline you then just try in 6 months I guess. If you are an existing customer, go into a branch and just play along with the "I'm a student, can I have a overdraft for my.........." (rent payment or something), maybe the branch staff can have some kind of influence on it

never-in-doubt

HBOS will credit check you Elky - existing customer or not! We all get checked....

MediaFrenzy

Evening all,

I applied for the Accessory Card on 5/12; just checked my Equifax credit file - Sygma searched the file on 05/12, Creation Financial did an 'other' search, also on 05/12. Ok, so far...

Creation Financial then carried out four further 'other' searches on 08/12 - is this normal?

I've had no response yet, will post when I do.

I also applied to Barclays for a Current Account, they've only done an Authentication search - is that a decline coming my way if they didn't even credit search me?

MF

never-in-doubt

MediaFrenzy wrote: »

Evening all,

I applied for the Accessory Card on 5/12; just checked my Equifax credit file - Sygma searched the file on 05/12, Creation Financial did an 'other' search, also on 05/12. Ok, so far...

Creation Financial then carried out four further 'other' searches on 08/12 - is this normal?

I've had no response yet, will post when I do.

I also applied to Barclays for a Current Account, they've only done an Authentication search - is that a decline coming my way if they didn't even credit search me?

MF

Yes it is normal - Sygma are the bank, creation are the finance company and they pretty much search you as well plus do a fraud/id check so you end up with 2 searches (Sygma & Creation) and one footprint (Creation).....

Not necessarily with Barclays, they do this (footprint) so may lead to full search - ring them and ask?

MediaFrenzy

Cheers NID.

I will ring them if nothing comes through the post in the next few days.

Decent thread BTW, and some very useful posts on other threads - good to see people like you helping others.

I've got a Vanquis, Capital One, B'card Initial so like most on here I'm trying to get the green 0s built up.

Not on electoral roll though (in case psychotic ex finds me!) so will be a while before I can get decent credit.

Thanks again.

MF

never-in-doubt

MediaFrenzy wrote: »

Not on electoral roll though (in case psychotic ex finds me!) so will be a while before I can get decent credit. :oMF

That is going to cause you issues, you can though appeal stating the reason you're not on there is cos you're avoiding a violent relationship and they will then respect that and may overturn it - its a damn good excuse but it will stop you getting credit a lot of the time.....

But you can appeal, guess what? Template here! lol

BEEN DECLINED - Appeal Letter Template

MediaFrenzy

Cheers for the link... I'll use it if they come back with a decline.

I realise it causes issues but eases my mind! It was a while ago so I'll maybe get back on it next year. (I know it's an offence to not be registered before the 'holier than thou' brigade get wind.)