The Sub Prime Credit Thread - Part V

cifpower

Does Halifax not offer the best student account?

paulmcerlean

Red_Rabbit wrote: »

Anyway back to business. anyone know how long it takes capital one to decline an application? I had a letter from sygma/creation saying go forth and multiply but still waiting on capital one.

Interestingly in my creation finance decline letter they did say they used data from N Hunter and Cifas so I may send a subject access to them and see what it shows.

All their declines state that - it doesn't always mean that's the reason why you have been declined.

Zack1

Red_Rabbit wrote: »

Anyway back to business. anyone know how long it takes capital one to decline an application? I had a letter from sygma/creation saying go forth and multiply but still waiting on capital one.

Interestingly in my creation finance decline letter they did say they used data from N Hunter and Cifas so I may send a subject access to them and see what it shows.

Was just about to say that's probably standard.

cifpower wrote: »

Does Halifax not offer the best student account?

They are hell to get though. And *if* they give you the full overdraft they do.... the problem is it's hell to get the account and you're unlikely to get more than 1k for 1st year (and even the likes of Natpest beat that).

Personally I'm still with Natpest because they give me a railcard.... I'd buy it anyway if they didn't but it's £96 over the 4 years I don't need to spend now No other banks give decent benefits really if you don't use the overdrafts (I don't really use mine apart from betting in the big fixture weeks). Lloyds give 3 NUS cards, but they're only worth a tenner

Gillianh2

Had a little bit of success with Vanquis, they had charged me £12 for a missed payment which I hadnt missed I had paid by debit card. Took ages to get the thick so and so to realise that If I paid on the 29th July (he stated the date) and the payment wasnt due till the 2nd then the payment wasnt late:mad::mad:
He huffed and puffed and then said oh all right then Ms Witch as a gesture of goodwill I will refund the £12 on this occasion:T:T

Trouble is I am now on statement 6 and still no increase from £250 and this I am thinking is gonna be unlikely to change. Dont want to chance my arm with Cap1 just yet....................BUT bloody washing machine has just gone caput!!!!! ARGH!!!!!!!!!!!!!!!!

Dr_Cuckoo3

izools wrote: »

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.

You have already said that the CPD marker was due to using your authorised overdraft - now you are saying it is due to opening new accounts

Which is correct ?

izools wrote: »

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.

So you haven't always had a CPD marker on your Lloyds Tsb account

Have you ever received pre-selected credit offers via internet banking or post from Lloyds TSB , for example when the CPD was not present ?

izools wrote: »

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.

You said that the CPD is separate from the risk indicator , therefore the CPD could exist with a risk indicator of 3 - the CPD has no bearing on the risk indicator or vice versa

Dr_Cuckoo3

izools wrote: »

No it wasn't. You're right. I don't think there's a soul on this planet that can make head or tail of their stupid risk score system... even the branch managers seem to make it up as they go along :mad:

Behaviour scores are easy to understand

If you ride a bike you should know what gear you are in without looking and if you don't you may encounter problems

If you have a bank account you should know what your behaviour score is without looking (most posters seem to be risk 3 at Lloyds TSB) and if you don't you may encounter problems

And that is why I don't encounter problems :cool:

Dr_Cuckoo3

Zack1 wrote: »

So what's the point in having a manual review department!?

Because the Data Protection Act requires it


http://www.ico.gov.uk/what_we_cover/data_protection/your_rights/preventing_automated_decision_making.aspx


The Data Protection Act gives you, as an individual, a limited right to prevent significant decisions being taken about you solely by automatic processing. This affects only those decisions made by a computer where there is no human involvement in the decision. It could include, for example, a decision about your performance at work or your credit worthiness.

Some fully automated decisions are exempt from these provisions. These are where the decision is taken and -

steps have been taken to safeguard your legitimate interests, such as, there is an appeal to the decision.

Zack1

Dr_Cuckoo3 wrote: »

Because the Data Protection Act requires it


http://www.ico.gov.uk/what_we_cover/data_protection/your_rights/preventing_automated_decision_making.aspx


The Data Protection Act gives you, as an individual, a limited right to prevent significant decisions being taken about you solely by automatic processing. This affects only those decisions made by a computer where there is no human involvement in the decision. It could include, for example, a decision about your performance at work or your credit worthiness.

Some fully automated decisions are exempt from these provisions. These are where the decision is taken and -

steps have been taken to safeguard your legitimate interests, such as, there is an appeal to the decision.

Ahh thanks, that explains it then! They have it because they have to have it not because it'll actually make any difference :rotfl:

Oooooh somebody has paid £2.61 into my Natpest account, aren't I rich :rotfl: No idea who/what it is, it's the account nobody but Student Finance have details for Maybe it's compensation for them messing up my file last year.....

edinburgher

Oooooh somebody has paid £2.61 into my Natpest account, aren't I rich

Well, I've currently got about £30 until I get paid in a fortnight, so it's all relative

ElkyElky

Since NatWest is a part of RBS, is it possible for NatWest to transfer all of your accounts over including internal scores etc to RBS?