The Sub Prime Credit Thread - Part V

Its-A-New-Age-Thing

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 a £300 limit is a lot think of all the penny sweets that can buy.............the mind boggles

big_Daddy_Dave

izools wrote: »

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).

if cards and catalogues dont count as credit accounts, then what are they?

Its-A-New-Age-Thing

big_Daddy_Dave wrote: »

if cards and catalogues dont count as credit accounts, then what are they?

yeah so accordin to IZZY actual credit accounts dont count as credit accounts............he must be on about, magazine subscriptions or somethin.............

so yeah no more than 5 magazine subscriptions GOT IT.

izools

Sorry perhaps I should have put that on two separate lines:

Loans, cards, catalogues. Anything regulated by the consumer credit act

Mobile Phones and Bank accounts don't count towards your five as these aren't credit accounts anything not regulated by the consumer credit act. This would include for example british gas accounts

BugsyBrowne

izools wrote: »

Sorry perhaps I should have put that on two separate lines:

Loans, cards, catalogues.

Mobile Phones and Bank accounts don't count towards your five as these aren't credit accounts

You sure you are right there about mobile phones,remember martin lewis once saying on gmtv that having a mobile phone as a credit agreement helps towards your credit.
unless i have read your thread wrong.

never-in-doubt

To avoid any confusion, if I want to log-in and make posts I will.... I have no need to use an AE, i've just spent an hour or so reading all the latest gossip.....

iZools = cheers my man - good job! :beer:

Hope to see you all around, you know where i'm at if you wanna chat! Just click my name and select website.... :beer:

never-in-doubt

star-fire wrote: »

You sure you are right there about mobile phones,remember martin lewis once saying on gmtv that having a mobile phone as a credit agreement helps towards your credit.
unless i have read your thread wrong.

Mobiles & bank account most certainly do count toward any credit profiling - of course they do, regulated or not they are credit products - end of!

I am categorically 100% definite of that! lol

Time to go back to my new home, laters - have fun everyone :T

Dr_Cuckoo3

stclair wrote: »

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

stclair wrote: »

Just ask whilst your on the phone to telephone banking charm the advisor and they may tell you. If some one was to ask me id just tell them personally they wont think your suspicious or anything

How often do you check your behavioural score ?

Surely you can guess your score and are seldom wrong

I don't see the point of having a scale larger than 0 - 9

70 at HSBC is surely the same as 7 at HBOS

Having said that I was an 8 at HBOS whilst 70 at HSBC , 249 at Nationwide , 2 at Coop , 650 at Abbey all at the same time :cool:

fawinds

never-in-doubt wrote: »

Mobiles & bank account most certainly do count toward any credit profiling - of course they do, regulated or not they are credit products - end of!

I am categorically 100% definite of that! lol

Time to go back to my new home, laters - have fun everyone :T

Hey Mr NID, don't go away! Nice to see you here again. Just a pity it is for just a couple of posts.

This board is a great tool and your posts were much appreciated. They were really helpful. I hope time will bring you back here. Now that I've got an HSBC bank account it would be nice to chat with you every now and then about them.

Brian1966

star-fire wrote: »

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

How on earth can you say that catalogue searches are a waste of time :mad:
ANY credit account be it card, full bank account, catalogue or mobile phone will always help as regards building POSITIVE payment history.
UP TO DATE green zero's can make or break an application regardless of where they come from.
I have 2 PRIME cards coutesy of payment history as still have 2 old defaults, also have a sub-prime card with a £3k limit so all positive history helps no matter what.
Obviously other factors come into play, salary, available credit but unless lenders can see evidence of repaying borrowings you can earn 100k a year and it will count for very little in the way of automated decision making.