The Sub Prime Credit Thread - Part V

Zack1

Innocent_Guy wrote: »

FYI, when I had an Aqua card I had an auto increase from £300 to £1100 after 6 months.

Wow, how did you get that just a letter with your statement? What kind've balances were you running up? I've had £0 (if that counts), £225, £9 & £220... this month will be about £50 (haven't actually used it but I'll use it for football and things I guess)

izools wrote: »

I wonder what to do with Three?

I have two contracts with Three, one is a SIM Only now on a Sim Zero price plan which I downgraded to when I took out my Sony X10 contract. I've had the SIM Only since February and the X10 contract since June.

Just wondering whether or not I should close the SIM Only line? Hmm. Can't decide between leaving it open to build more repayment history, and also to avoid being seen as the kind of customer who opens and closes accounts willy nilly, or closing it so that I don't look over-committed. (I have on my credit file three credit cards, two bank accounts, and two mobile contracts = seven active accounts at present).

Ponders....

I have a SIM Zero with them that I've left open. I'd leave it for the time being to establish a history... the problem with me is that nearly all my accounts started in May 2009. Well my bank shows before that, but repayment history only begins from then (as that's the only time I could go overdrawn etc), so I will close the 3 one soon (I haven't used it since I sent 1 text last August, I don't even know where the SIM Card is!) but want Aqua etc to get older first

laney85 wrote: »

I was pleasently suprised to recieve a letter along with my aqua statement saying the limit was increased from £250 to £500 especially as it is only 4th statement and Aqua say they dont do increases until 6 months or unless you did not take the highest amount available to begin. I took the £250 offered and only on month 4. Maybe there changing the rules .....who knows.

Wow that's interesting... what kind've balances were you getting on there? I suspect with such a high percentage of my credit with them currently used they don't want to give me more until I show I can pay it off, so this month was out of the question anyway... will have to see what next month brings!

laney85

Zack1 wrote: »

Wow that's interesting... what kind've balances were you getting on there? I suspect with such a high percentage of my credit with them currently used they don't want to give me more until I show I can pay it off, so this month was out of the question anyway... will have to see what next month brings!

Balance always been around £200 - £220 , paid off leaving £20 to £30 balance to allow them to earn a little intrest .

hennerz

hennerz wrote: »

I've got another 2 months left before I finish University and currently have no credit what so ever. I have two credit accounts according to my Free Search I just did using the MSE loophole check - everything else reads 0 so I am in pretty good stead. I've also been living at my parents house for 19 years or so and am on the electoral roll.

I have had an HSBC current account for over 3 years - before it was a young saver account I think. I also have 2 HSBC savings accounts. In total these have ~£6k in them.

I also have a co-op savings account which is empty and a Post Office Savings account which has ~£2k in it.

I really just want a credit card to improve my ability to get credit in the future. I will just use it for online purchases and pay it off monthly via direct debit.

However I am currently unemployed/student and I'm not getting a job for 12 months soonest because I plan on going travelling ~November.

Is it worth applying for cards in my position or will I just get declined? I'd be happy with something small and just working my way up... Any recommendations please?

I just applied for online the Capital One card listed in the OP. I got accepted there, so now just waiting to hear more! Very pleased.

costaerer wrote: »

Can you apply for a student/graduate card with your bank? That might be your best bet as they can see your incomings and outgoings. If not try vanquis or capital one.

I phoned HSBC and asked if I had any available credit or something similar as advised in another thread. They said I had a do not lend mark against my name and that I should go into a branch to discuss this.... I had previously (maybe 2-3 years ago) applied for an HSBC credit card and got declined obviously! Not sure what I should do about that - I do dislike going into the branch when so much can be done online and queuing takes so long these days!

izools wrote: »

If your bank won't give you a credit card (I'd be astonished given your savings - try HSBC as they aren't as strict as Co-Operative), then the Capital One Progress (not Classic) will be a good starting ground

My savings are with HSBC! As above might be the reason - I went for the capital one card listed in OP and got accepted via the online stages...

hennerz

Is there any merit to going to a bank and getting a secured loan - putting down a payment to cover the loan, then taking this loan to another bank and putting it down to get a secured loan, then taking this money to another bank and doing the same. Then paying the loan back asap to improve my credit history for a relatively small price, very quickly...?

Zack1

Try Aqua and Vanquis. Getting loans is going to be hard, and you'd have to check they let you repay early. I wouldn't bother to be honest, having a consistent repayment history on Cap1 and any other cards will be good enough. I had no credit, got a card from Natpest and paid it back every month etc - this then led to me being accepted for Capital One in November (I was only 18 in the May), and Aqua a few months later...

izools

hennerz wrote: »

Is there any merit to going to a bank and getting a secured loan - putting down a payment to cover the loan, then taking this loan to another bank and putting it down to get a secured loan, then taking this money to another bank and doing the same. Then paying the loan back asap to improve my credit history for a relatively small price, very quickly...?

Doing this will probably make your score worse. Even if you were able to get several loans in a comparatively small space of time, which isn't possible, this will generate a picture of an unfavourable customer being indecisive and inconsistent with credit.

You're better off just having a couple of sub prime cards, bank account, and mobile contract on your credit file and leaving be.

Being able to successfully maintain the status quo credit wise is where it's at

izools

'Evenin peeps.

Home early today as office kinda caught fire somewhat!

jackjones01

Capital One Application
Hi I was wondering if anyone could help me. I applied for a capital one classic card online on the 26/07/10. I wasn't given an instant decision and was told id be contacted me 7-10 days. I've received a credit agreement through the post to sign and return does this mean i've been accepted or could i still be declined.

My credit file is okay except for one CCJ from 2005 for the amount of £1000.00 just over. Plus i dont have any other credit except for my mobile phone.

Any assistance would be of help thanks.

izools

jackjones01 wrote: »

Capital One Application
Hi I was wondering if anyone could help me. I applied for a capital one classic card online on the 26/07/10. I wasn't given an instant decision and was told id be contacted me 7-10 days. I've received a credit agreement through the post to sign and return does this mean i've been accepted or could i still be declined.

My credit file is okay except for one CCJ from 2005 for the amount of £1000.00 just over. Plus i dont have any other credit except for my mobile phone.

Any assistance would be of help thanks.

Seems you've passed their initial credit assessment and are very likely accepted. There's a slim chance that they could still decline you but once you've signed and returned the credit agreement this is a very unlikely occurrence.

Well done!

blerk

Hi guys, hope you can help me.

I currently have three credit cards (Aqua, Vanquis and Cap One) totalling about 3k in credit limits, of which I have about 60% used.

I would like to apply for a Sygma card, and I understand they use Equifax for credit scoring.

My Equifax file looks like this,

1 default from 2005
On electoral roll
7 or 8 "trace" searches
The 3 credit cards above, with no defaults or late payments
1 mobile phone credit a/c, no defaults or late payments

I would like to shift some or all of the outstanding debt to a Sygma card, as the APR would be much lower.

Am I likely to be accepted?

(originally posted on Sygma thread - no responses)