The Sub Prime Credit Thread - Part V

efundz1

wizzywig27 wrote: »

Can I just ask for some quick advice? I have a Lloyds account, and had it since Feb, I have never been overdrawn, however whenever I apply for an overdraft online within a split second it says no, it does not even take a few seconds to load the decline page (its pretty much instant) does that mean I have something on there to say no credit products?

If so, I will go to Halifax as they gave me £100 with no quibbles....

cheers

That £100 is their std OD limit that most accounts get by default, however you need to wait at least 6months from time of obtaining the std OD before you would be able to increase unfortunately.

hth
ef..

jo-bo

inkslinger wrote: »

Why thank you, Iv been banking with Natwest now for 8 months, I have a couple of business accounts with them and my personal account is a Gold account. Everything's in credit, plenty of savings, not a single mistake of any kind in the whole of the 8 months.

My Credit report isnt great, shows a satisfied default, (about to drop off) and a couple of CCJ's (paid and satisfied, over 2 years ago, but Im currently applying for Set aside because of the circumstances), one search within the last six months.

Does anyone think it may be worth my while trying to get a Natwest Credit card? Do they operate a policy where by Im known to the bank and a good customer with them or its purely on credit check? Iv been very grateful to Vanquis, they really have helped build up my row of green O's, but Id prefer to be out of sub prime cards if at all possible.

Thanks for opinions and advice.

natwest/rbs do have behaviour scores similar to lloyds ie 1-10, 1 being brilliant and 10 being awful. They can show up pre-offers and guaranteed acceptance on loans, credit cards and mortgages-however credit cards apps always get sent to AVU which are basically a second check and even if you have been told that you are accepted AVU can still decline you. I know this as I used to work for rbs and their systems are both the same. Don't make the app unless you are happy for someone to check your credit files as it is probably wasted search. Hope this helps

stclair

Dr_Cuckoo3 wrote: »

Nat West do have a behaviour score , but they consider it to be a "trade secret"


http://www.guardian.co.uk/money/2006/aug/19/accounts.saving

"NatWest uses a combination of scoring techniques. It says these are "commercially sensitive" and only used in conjunction with external credit- rating agencies to determine suitability for lending"

I wonder who inspired that article :cool:

Nationwide have a behavioural score known as a "collections score" about 230 was the pass score for upgrades when I checked years ago , but they don't pre-approve credit cards / loans so that just upgraded cashcards to Debit cards and overdrafts etc

Years ago I was pre-approved by Nat West for a Gold Credit card , they would write offering overdrafts based on account conduct - I suspect that has all changed now , I don't even receive inserts with my statements these days

Natwest have risk bands between 1 to 10 with 1 being best and 10 worst.

inkslinger

Thank you, most appreciated jo-bo. Im going to hang on for a while as I due in court before much longer about one of the CCJ's, plus I figure the more I bank with them and the more I have saved the higher the likely hood will be Ill get one. Its really only as a repair action as I may be looking for a mortgage in 3 years time and I know I will really suffer with the interest unless my file is as good as it can be.

Zack1

Is there any way that they will tell you your risk band? I know AVU is always a risk, but if they told me I'm risk band 2/3/4 then it would be worthwhile giving it a shot... I'm probably 9 or 10 though.... :P

jo-bo

you're welcome inkslinger and zack1 they're not allowed to tell you but if you go in for a review or even ask a cashier or someone on the customer services desk what the chances are that you'll be accepted they'll be able to give you am idea what the system is suggesting. HOWEVER don't let them just do an app make sure that the chances are high, if it says GUARANTEED being as you don't have any nasties on your credit file you should be ok with AVU, if the system is saying that you CAN APPLY then you have about a 70% chance of approval.

inkslinger

Again Stirling advice.

Thank you again.

inkslinger

out of curiosity what is AVU?

stclair

inkslinger wrote: »

out of curiosity what is AVU?

Application Verification Unit

stclair

Zack1 wrote: »

Is there any way that they will tell you your risk band? I know AVU is always a risk, but if they told me I'm risk band 2/3/4 then it would be worthwhile giving it a shot... I'm probably 9 or 10 though.... :P

There not meant to tell you but if you ask they might just tell you.