The Sub Prime Credit Thread - Part IV

never-in-doubt

thussein wrote: »

sorry! i just thought that because it was over 2 years ago that when they looked back it might of been out of range lol.

Yes but it is too many within the 3 years scope...... it will be picked up as adverse, as a result. Basically, you need these to be 3+ years old - or you'll likely be declined.

I actually stated one late payment from 2 years ago would have no affect, what you describe will have an adverse affect.

never-in-doubt

thussein wrote: »

my barclaycard has 5 1month late payments in 2008. so for two years i have no late payments on anything and only 1 credit card (barclays) with a balance of 450 pounds

see above - no matter how you try and twist it, until the late payments are 3+ years old forget applying - or do so and post back when you get declined due to "Adverse data obtained from your credit report" - I promise you that is what will happen.

Wait until the last entry is 3+ years old or you will get a full 6 years search performed and an auto decline/refer-to-decline. Trust me.

thussein

cheers n.i.d it was along the same line as i was thinking just wanted a kind of cofermation.

lemma1968

Just got my 4th statement on my Capital One Progress Card.

My credit limit has been increased from £300 to £800. Happy Days. Its a good start. Could do with a higher one though. I have heard they don't raise them again very often. We shall have to wait and see.

brians_daughter

I got my cap 1 statement too today.. they have upped my limit from £500 to £1000.

Lapchien

never-in-doubt wrote: »

Actually there is mate

And I am one of the ones that does know lol. They all work to the same principle, except for building societies etc such as nationwide/coventry. The principle is they search back 3 years to begin and if everything is ok, the account will be offered. If it picks up any adverse then it checks back the full 6 years as standard. However, dependant upon the specific lenders criteria, they may revert to a second credit search.

So, in the case of say natwest/RBS - they always check back 3 years and if anything adverse appears they will then switch to another CRA and perform an additional check. If it is the same outcome, i.e. a late payment or whatever then they will make a decision based on that. If anything extra comes up they will then do a full 6 year search on the 2nd CRA and base any decision on that.

However bear in mind not all lenders attribute a score toward late payments so places such as Tesco (albeit the issuing bank is still RBS) only search 12 months and if all is clear they may issue a card.

Each lender pretty much works to the above standards as it is part of the built in scoring technique - however coventry and nationwide are known to search 6 years irrespective, tesco seacrh 1 year and Lloyds search 2 years initially but sometimes do 3. RBS search 3, HSBC search 3 and barclays search 3 for bank accounts and cards.

Obviously any of the above can switch CRA's and perform a full 6 year search if something derogatory comes up. All the above usually check for late payments within the last 12 months - so one late payment from 2 years ago will have no affect on an application. 5 late payments from 3 years ago may impact you, as it would flag as adverse within the initial score...

Hope that helps!

Though I guess if you have any default information from any time, such as 4 or 5 or 6 years ago, then this would be seen in any searches?

Lapchien

Does anyone know how the RBS 'in branch' score works? I have a high score in branch (according to the branch clerk) but 3 defaults on my file from 4 years ago, means that all proper applications are being declined right now. Are there any products that the branch can offer without it going to a full search?

floria

:j :rotfl: :T
Does anyone know if Royal Bank of Scotland is open on Saturday anywhere in West Yorkshire?!!?

laney85

floria wrote: »

:j :rotfl: :T
Does anyone know if Royal Bank of Scotland is open on Saturday anywhere in West Yorkshire?!!?

http://www.rbs.co.uk/microsites/general/branch_locator/step1.asp

click saturday openings

Zack1

never-in-doubt wrote: »

Each lender pretty much works to the above standards as it is part of the built in scoring technique - however coventry and nationwide are known to search 6 years irrespective, tesco seacrh 1 year and Lloyds search 2 years initially but sometimes do 3. RBS search 3, HSBC search 3 and barclays search 3 for bank accounts and cards.

So now I'm 19 I have 1 years worth. If Tesco would only search one year does that mean they wouldn't be able to see that I haven't had any credit before that? So as all my accounts in the last year are paid on time etc they'd be ok with it and maybe give me a card? As most lenders seem to consider 1 year to be a limited credit history, but if I waited until say August Tesco would only be able to see Aug 2009-Aug 2010 and not know my history is actually rather limited and doesn't go back much further than that?

I'm still amazed Aqua gave me the card with my overdraft tbh! They'll probably swipe it back off me....
Statement date is the 29th, which is more or less what I wanted (got a 19th/20th with Natpest, 23rd with Cap1 and 29th with them)