Sygma Bank Credit Cards

alfred64

People who hold sub prime cards at high interest rates are moving, when they can, to lower rate cards and sygma enables them to do this.
They need one or two for balance transfers and another for a spend card. So the sub-prime card becomes obsolete and can be cancelled. I don't think its a case of trying to get as many as possible.

There will be those who bite off more than they can chew and get into difficulties - but that has always been the case.

f10101

alfred64 wrote: »

People who hold sub prime cards at high interest rates are moving, when they can, to lower rate cards and sygma enables them to do this.
They need one or two for balance transfers and another for a spend card. So the sub-prime card becomes obsolete and can be cancelled. I don't think its a case of trying to get as many as possible.

There will be those who bite off more than they can chew and get into difficulties - but that has always been the case.

Thats my intention, keep the amount of available credit roughly static but utilise the lower apr and 0% bt period on the new cards

david.l_4

Hi i just applied for a silver card and it said i will have to wait 7-10 working days for them to "review" my application is this normal?

BugsyBrowne

David they just check a few more things..i.e they will now do a soft search on your credit report..

david.l_4

Thanks 1 more question i actually have 3 cards currently with low limits of £250 each but i havent paid anything on them for 2 months due to cash flow troubles (not even the minimum) and i was hoping to transfer the balence of 2 or 3 of them to the silver card and canx the others to make things easier do you think having that showing on my credit file is a cert that i will be declined?

kilasuit

david.l wrote: »

Thanks 1 more question i actually have 3 cards currently with low limits of £250 each but i havent paid anything on them for 2 months due to cash flow troubles (not even the minimum) and i was hoping to transfer the balence of 2 or 3 of them to the silver card and canx the others to make things easier do you think having that showing on my credit file is a cert that i will be declined?

Chances are its reported as not met the minimum payment. This will severely hinder your application. I cant say i'd hold out much hope tbh.

But please if you do end up being accepted please report it back to us all here. I'm sure there are others that would benefit from any helpful information like this

BugsyBrowne

kilasuit wrote: »

Chances are its reported as not met the minimum payment. This will severely hinder your application. I cant say i'd hold out much hope tbh.

But please if you do end up being accepted please report it back to us all here. I'm sure there are others that would benefit from any helpful information like this

True is does say on their criteria must have good payment history..
But with sygma cards you just never know.

david.l_4

No probs Kilasuit i will let you guys know asoon as i do.

f10101

FYI i was accepted for 2 Sygma cards with a late payment marker on my credit file

Relatively recent as well, jan i think but 2 green 0's after it

simples23

Thanks for all the helpful information everyone, really useful!

Just applied for a Silvercard (my first card from Sygma) and got accepted so i'm very happy ! Didn't mention a credit limit or APR though!

It just said congratulations and that a new card and pin will be sent out within 7-10 working days.

I have a couple of other cc's and credit accounts (next, additions etc) but I felt the opportunity to get a relatively mainstream lender to add a few green 0's to my file to be a brilliant opportunity!

Excellent thread everyone, as I said above, very useful and helpful!