The Sub Prime Credit Thread - Part IV

Miles30

never-in-doubt wrote: »

Yes less than 12 per annum would not affect you - although some top cards reduce this to 8 - such as Amex and certain top end cards that stoozers and the like get (low apr and high limits).... Canny is the expert on best deals and probably knows the harder lenders more than I do.... but the norm for a typical mainstream card is 12 searches or less in any 12 month period is ok....

Thanks for advice mate.
Do you know what effect new accounts have on credit score? Basically, I have 2 searches on Equifax but my report shows 6 new accounts in last 3 months. Will that give me a low score if i apply to any lender that uses Equifax?

Also, if I have more searches with EX but few with EQ and I apply to a lender that uses both, will i still get declined for more searches on EX?

Thanks.

CannyJock

Miles30 wrote: »

Thanks for advice mate.
Do you know what effect new accounts have on credit score? Basically, I have 2 searches on Equifax but my report shows 6 new accounts in last 3 months. Will that give me a low score if i apply to any lender that uses Equifax?

Also, if I have more searches with EX but few with EQ and I apply to a lender that uses both, will i still get declined for more searches on EX?

Thanks.

If they search both on application, assume they merge the information and make a decision based on a combined picture.

never-in-doubt

CannyJock wrote: »

Just wanted to point out to pjread that it's not just the number of searches, but the frequency and age that counts.

Standard advice to people who are looking for 0% or low APR cards is to make 1 application every 3 months and keep on doing it until you've moved your debts onto a low or 0% APR basis. That would be my rule of thumb if you don't want to have any affect on your credit score More than that and within a 6 month period your searches will start to lose you points.

Hiya

Thanks for clarifying - I knew you'd have a better idea of the high end cards. Obviously it goes without saying, my advice is purely specific to the average mainstream cards with what, nominal limits and higher APR's - if you want a top rated card, then it'd be clear that less searches will improve your chances.

For the same respect, my saying that 12 searches a year is acceptable does not mean you can have 0 searches for 10 months then go mad and apply for 12 things over a 6 week period, this would probably result in a decline as it would show desperation for credit.

Its a fine balancing act, but pretty accurate in that if you want the best deals you need to have a decent credit report and not apply for 100's of accounts!

Zack1

Just had 2 alerts from Equifax.... one is my Aqua (well comes up as Halifax) card being added. Does this mean Halifax might be nice to me now and finally give me the reward current account!?

Oh and one search has gone


An enquiry by CAPITAL ONE BANK (EUROPE) PLC on 09/05/2009 has been deleted from your credit report.

seeya23

Zack1 wrote: »

Just had 2 alerts from Equifax.... one is my Aqua (well comes up as Halifax) card being added. Does this mean Halifax might be nice to me now and finally give me the reward current account!?

Oh and one search has gone


An enquiry by CAPITAL ONE BANK (EUROPE) PLC on 09/05/2009 has been deleted from your credit report.

my wife as got auqa they still wont give her a reward current account

Gillianh2

Well been a bit naughty, had a bad bout of insomnia and got "apply happy":eek: Now had the message from Aqua we need to make a few more enquiries this is your reference number and you should hear from us within 7/10 days.:cool:

Is this a good sign or is it just a wait for a NO GO FORTH AND MULTIPLY:rotfl::rotfl::rotfl:

My file is getting better on 3rd vanquis statement and 4th orange contract.

Know should have avoided applying but....................... any advice anyone apart from stay away from the apply button:rotfl::rotfl:

Parki_2

Mr NID, with what you have said in regard to going back 3 years. My experian report is completely clean except for one missed payment 30 months ago. But my Equifax is not so clean, I have got a few 4 markers from 2005. So will this not affect me?

Parki_2

Gillianh2 wrote: »

Well been a bit naughty, had a bad bout of insomnia and got "apply happy":eek: Now had the message from Aqua we need to make a few more enquiries this is your reference number and you should hear from us within 7/10 days.:cool:

Is this a good sign or is it just a wait for a NO GO FORTH AND MULTIPLY:rotfl::rotfl::rotfl:

My file is getting better on 3rd vanquis statement and 4th orange contract.

Know should have avoided applying but....................... any advice anyone apart from stay away from the apply button:rotfl::rotfl:

Good luck but Aqua would never have me. Hopefully a big vanquis increase next month should help you out

never-in-doubt

Parki wrote: »

Mr NID, with what you have said in regard to going back 3 years. My experian report is completely clean except for one missed payment 30 months ago. But my Equifax is not so clean, I have got a few 4 markers from 2005. So will this not affect me?

If you apply to someone that only searches Experian you should be ok.....

Parki_2

never-in-doubt wrote: »

If you apply to someone that only searches Experian you should be ok.....

Well I have my Bank of Scotland CC, Barclays Current Account and im still waiting for Yorkshire Bank to get back to me. I was thinking Nationwide ? Not much other choice for Experian only as I may have possibly burnt my bridges with Egg and Mbna.

You any idea how MBNA are likely to treat a new application from me? I was on a dmp plan with them paying a set amount but I have full Green o's on them from my credit file. It worth a go?