The Sub Prime Credit Thread - Part V

marilyna

I applied for the JD Williams catalogue yesterday, and the screen said I had been accepted with a £150 starting limit. I was pleased. I happened to go through some of the old sub prime threads. I noticed some people had applied, got accepted, then when they logged back in were declined. So, I decided to log in from work, and sure enough could not find details of my account, with items that I ordered. I rang customer services up, and they said my application had been declined:eek:

What I don't understand, is why didn't I get an all out rejection yesterday:mad:

A strange way of working.

samwsmith1

marilyna wrote: »

I applied for the JD Williams catalogue yesterday, and the screen said I had been accepted with a £150 starting limit. I was pleased. I happened to go through some of the old sub prime threads. I noticed some people had applied, got accepted, then when they logged back in were declined. So, I decided to log in from work, and sure enough could not find details of my account, with items that I ordered. I rang customer services up, and they said my application had been declined:eek:

What I don't understand, is why didn't I get an all out rejection yesterday:mad:

A strange way of working.

You got me a bit worried then!
Just logged in and it's still showing as me having £125 - although I opened mine in July.

BugsyBrowne

marilyna wrote: »

I applied for the JD Williams catalogue yesterday, and the screen said I had been accepted with a £150 starting limit. I was pleased. I happened to go through some of the old sub prime threads. I noticed some people had applied, got accepted, then when they logged back in were declined. So, I decided to log in from work, and sure enough could not find details of my account, with items that I ordered. I rang customer services up, and they said my application had been declined:eek:

What I don't understand, is why didn't I get an all out rejection yesterday:mad:

A strange way of working.

Try and save up instead of wasting application searches on catalogues.

Zack1

star-fire wrote: »

Try and save up instead of wasting application searches on catalogues.

A catalogue account is fine... it's a credit account. I've got 2 (1 now JDW has gone) just to build my credit rating.

I don't agree with a lot of the prices on the sites - I've only ever brought 1 thing and that was £5 cheaper than in normal shops, I doubt i'll ever buy from either of them again. However, telling somebody to 'save up' and stop 'wasting application searches' is totally out of line. For a start it's not a waste if it improves your credit file, and secondly if it's the prices you are getting at then say that - if it's not then your comment is unnecessary.

BugsyBrowne

Zack1 wrote: »

A catalogue account is fine... it's a credit account. I've got 2 (1 now JDW has gone) just to build my credit rating.

I don't agree with a lot of the prices on the sites - I've only ever brought 1 thing and that was £5 cheaper than in normal shops, I doubt i'll ever buy from either of them again. However, telling somebody to 'save up' and stop 'wasting application searches' is totally out of line. For a start it's not a waste if it improves your credit file, and secondly if it's the prices you are getting at then say that - if it's not then your comment is unnecessary.

Thanks for that zack.

Just think this time next year zack if your lucky someone might give you a £300 limit on your cards,must be hard knowing everytime you fill your car up you are maxing out your cards.

izools

star-fire wrote: »

Thanks for that zack.

Just think this time next year zack if your lucky someone might give you a £300 limit on your cards,must be hard knowing everytime you fill your car up you are maxing out your cards.

The limits he has been offered are based on his income as a student not having several catalogues.

I've previously held six catalogues with a cumulative limit of £6,400 and been approved for £1,500 credit card on the spot despite being on a £15,000 income at the time. This was in 2007.

marilyna

star-fire wrote: »

Try and save up instead of wasting application searches on catalogues.

I have never used catalogues before, and the purpose of applying for it was to rebuild my credit. I had been advised by a number of people on this forum to do that. More active accounts on my file with green zeros the better. It is not a case of saving up for me, as I buy my clothes in shops as and when I want to.

Zack1

star-fire wrote: »

Thanks for that zack.

Just think this time next year zack if your lucky someone might give you a £300 limit on your cards,must be hard knowing everytime you fill your car up you are maxing out your cards.

Hey clown, 2 of my limits go above £300 in 2 months :rotfl:

BugsyBrowne

marilyna wrote: »

I have never used catalogues before, and the purpose of applying for it was to rebuild my credit. I had been advised by a number of people on this forum to do that. More active accounts on my file with green zeros the better. It is not a case of saving up for me, as I buy my clothes in shops as and when I want to.

Fair enough i was not saying it in a bad way,just know catalogues have always been a bad thing in my eyes.

izools

marilyna wrote: »

I have never used catalogues before, and the purpose of applying for it was to rebuild my credit. I had been advised by a number of people on this forum to do that. More active accounts on my file with green zeros the better. It is not a case of saving up for me, as I buy my clothes in shops as and when I want to.

You're right, mostly.

One thing to remember though is just because you get lots of accounts building green zeros doesn't mean your credit is getting better. Taking out several accounts in a short timeframe (i.e. within a year) will make you look desperate for credit. I made this mistake this year.

It is important not to take on board any more than one new credit commitment every six months or so if you want to optimize your credit score and try to avoid holding more than five credit accounts at any one time (Loans, cards, catalogues. Mobile Phones and Bank accounts don't count towards your five as these aren't credit accounts).

More than five credit accounts and / or more than two accounts taken out in the last year could put you in a worse position than where you started in the eyes of some creditors' scoring models (MBNA in paticular).