The Sub Prime Credit Thread - Part V

Zack1

AliceBanned wrote: »

Just thought I'd mention - I have only been offered sub prime cards for five years now due to one default and one ccj, and have Capital One and Vanquis. I've just been offered the new Halifax Clarity Reward card though (I have Reward current account with them) - to my great surprise. 21.9% APR. I don't know yet what the credit limit will be. Perhaps very low, but it has encouraged me to know that things can change and I won't be stuck forever with hardly anyone being willing to lend to me. I expected to be turned down, so thought I'd mention it on here in case anyone was in a position like that, ie having rebuilt some credit rating with cards like Vanquis and seeking lower APR, and perhaps having some positive history with the Halifax/BOS.

That's great news, well done How long have you been with Halifax? And how long have you had your Reward account open? I've just got a reward account, trying to build my internal score to help me get a Halifax card. I narrowed it down to either the Halifax Clarity Reward or Student as easiest ones to get by the look of it (both don't have 0% deals so should be easier). I see you get £5 cashback if you spend £300 a month, that could be an issue for me then (assuming the minimum CL would be ~£350) so may have to go for the Student


What's your guaranteed overdraft limit by the way?

Edit: I've just seen Student is set at £500 and you can move it down, so probably better off going with the Clarity one and hoping they approve me for ~£350 rather than Student which would need approval for £500 to be given

Tesco_Tom

izools wrote: »

two to three credit searches in six months is fine, any more and it's time to hold off for a while.

A lot of people who ran into trouble with Capital One have been re-accepted as a customer, some whilst they are still paying off an old cap 1 default!

Applied on line, three green ticks and signed credit agreement. Card to be sent in 7-10 days. Looks like I am back on the road to improve my credit rating again.

Are there any particular strategies other than always paying in full and on time?

Thanks for your help

izools

Tesco_Tom wrote: »

Applied on line, three green ticks and signed credit agreement. Card to be sent in 7-10 days. Looks like I am back on the road to improve my credit rating again.

Are there any particular strategies other than always paying in full and on time?

Thanks for your help

Not really, all you need to do now is run the accounts within their terms, don't apply for anything else elsewhere, and as time goes on with your continuing to maintain the status quo and demonstrate stability, you're credit worthiness will ever increase.

Give it 12-18 months and you should be able to replace these two cards with a nice low apr prime card.

Well done! :beer:

Red_Rabbit

Is izools never-in-doubt in disguise? :cool:

I got declined for creation card, I shall let you's know about capital one when I find out/get the declined letter!

izools

Why thank you Red Rabbit (I think). I hope I'm not a defensive as Niddy though...

Lol anyway, found out something interesting about Lloyds TSB Risk Scores.

As you may or may not know they get a monthly "insight" feed from Experian so they know exactly what is going on on your credit file up to date all the time.

If they see any new accounts appear on your credit file your risk score increases to 9 (the worst).

If they see any new accounts from the last 6 to 12 months (depending on how many new accounts you've had) you get a "Credit Policy Decline" marker.

I know this because I didn't have a CPD in the time between taking out my LTSB account and getting my first Sygma card.

However I've had a CPD marker since then, and my Risk Score shot up from 3 (which is when they gave me a gold account and gold card) to 9 - as a result of a monthly update from Experian's Insight feed and the only change was a new account - mobile phone from Three. No charges or returned items on my bank account and no other changes on my Experian file like searches or missed payments etc.

So opening new accounts can have a severe adverse effect with some creditors depending on their criteria and lending policies.

Zack1

:O I applied for the Virgin Money card (not realising it was MBNA) and got declined.... I then applied for Sygma because I thought my credit file would be so trashed by now it's worth a shot to see if they're stupid enough to give it to me.... Was accepted for the JJB Sports card apparently! :rotfl: See if this one makes it here (unlike Vanquis!)

What type of limit would I have? It took a lifetime at the underwriters (more than 60 seconds!). I understand that any of the Sygma stuff is good to get because now I'll have a higher rating internally within the Sygma group? So can eventually apply for other Sygma cards and be more likely to get them? Don't know how long I have to wait though, someone said a month!?

Bye bye Cap1 if this card comes through with a £200 limit or above!


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stephane_2

If you give them a call they'll tell you your credit limit and apr, I am almost certain that limit should be at least £1000

maths

Hey all, I applied for a Vanquis card last night and have just received a message saying they will call this afternoon to progress my app. Is this a good thing, or are they phoning cause they need more information?
Thanks

Zack1

stephane wrote: »

If you give them a call they'll tell you your credit limit and apr, I am almost certain that limit should be at least £1000

Wow 1k would be interesting! Will have to wait and see what I get, don't want to tempt fate or anything by phoning!

Just seen NID's Sygma thread, the last post is by someone who has a £250 JJB limit with 29.9% APR probably what I'll end up with! (Student with 2 other cards and only 18 months credit history). I know if I was their shoes I wouldn't trust a student with 1k But the first post on that thread looks promising, keep the account in order and eventually SilverMastercard here I come.... hopefully! :eek:

stephane_2

It's a good thing, they may just want your account details for direct debit or to confirm who you are...