The Sub Prime Credit Thread - Part V

fairmorn308

never-in-doubt wrote: »

Try the tax man matey :beer:

---> http://www.hmrc.gov.uk/index.htm

Aye but i need to speak to someone who knows about it apart from the tax man etc.
Cause am working in south america now i need to find out a few things but not sure where to ask tho

Zack1

callum9999 wrote: »

Thanks, are you sure they remove the application form when they aren't there? It is still up but I would have thought they would be closed by now.

Yep they do, I tried to apply at some stupid time of night. I think now (10:30) is actually closing time. Well Monday -> Friday, which still seems late, not sure about Sat

callum9999 wrote: »

It seems to have gone through - it offered me an overdraft of £500 half way through the application process which was a bit confusing, couldn't tell whether that was a yes (for now anyway) or a standard thing. I assume specifying £500 when it says up to £1000 at the beginning implies it was personalised for me, but the only financial info they had at that point was I have 3 credit cards.

Guess I'll just have to wait and see, but I won't get my hopes up!

That seems normal, they credit search you after you put your name in (when you press next on the first screen). It's weird, it's hidden in the terms somewhere. I guess it lets you carry on and scores you as it goes along, then if you put in something terrible (£1 annual income or something) then it would tell you where to go early on, if not it lets you carry on...

The £500 might be standard, that's the limit for term 1 for first year, then up to £1000 after xmas, then £1,250 at Easter... You have to phone or go in branch to get it raised. You have to go in branch to prove you are a student to get the first one active, unless you can do that online now? (UCAS details? That wasn't an option last year). But if you set out a good reason why you need more when you get it activated (or any point during the year I guess) they may give it to you... They certainly have the ability too, having it tiered is guide not a limit

Well done for getting it, subject to AVU anyway!

PARIS_5000

Hi guys I have not posted on here for months.

I have a question I have a main account with HSBC whicn is a graduate account with a interest free overdraft. I also have a second account with lloyds TSB with no overdraft that I used for spending however I am fed up with Lloyds TSB.

I am going to open a account with Co-op and stop using lloyds as my second account. Co-Op have offered me a overdraft with my new account however they charge a yearly fee of 20 pounds for the overdraft whether you use it or not.

The monthly interest if you used the overdraft is only 1.2%. I only want the overdraft for emergenices and will not used it.

What do you guys think ?

Zack1

PARIS_5000 wrote: »

Hi guy I have not posted on here for months.

I have a question I have a main account with HSBC whicn is a graduate account with a interest free overdraft. I also have a second account with lloyds TSB with no overdraft that I used for spending however I am fed up with Lloyds TSB.

I am going to open a account with Co-op and stop using lloyds as my second account. Co-Op have offered me a overdraft with my new account however they charge a yearly fee of 20 pounds for the overdraft whether you use it or not.

The monthly interest if you used the overdraft is only 1.2%. I only want the overdraft for emergenices and will not used it.

What do you guys think ?

How much of the HSBC overdraft do you use and how much do you have left? If you have any of that left at HSBC then there's no way I'd pay Co-op to give me the same thing! Although I know you're supposed to clear your HSBC down now you've graduated, if it was an emergency you could just use that if there is any space on it?

Either way you say you won't use co-ops, so it seems like a waste of £20 to me, when most other banks will give a free one when you qualify for it


Funny this post should appear now... I'm wishing I got my overdraft put up! I've got £3 left because I've got about 2k in pending bets on this afternoon... means it's going to be a nightmare because I've effectively ran out of money on some sites Tuesday morning I'm phoning for the £1,250! And pushing for the £1,500 2nd year... despite being a fresher again! Being £997 overdrawn on Natpest isn't going to help towards me getting a better credit card with them, but meh, free money comes first :rotfl:

PARIS_5000

Zack1 wrote: »

How much of the HSBC overdraft do you use and how much do you have left? If you have any of that left at HSBC then there's no way I'd pay Co-op to give me the same thing! Although I know you're supposed to clear your HSBC down now you've graduated, if it was an emergency you could just use that if there is any space on it?

Either way you say you won't use co-ops, so it seems like a waste of £20 to me, when most other banks will give a free one when you qualify for it


Funny this post should appear now... I'm wishing I got my overdraft put up! I've got £3 left because I've got about 2k in pending bets on this afternoon... means it's going to be a nightmare because I've effectively ran out of money on some sites Tuesday morning I'm phoning for the £1,250! And pushing for the £1,500 2nd year... despite being a fresher again! Being £997 overdrawn on Natpest isn't going to help towards me getting a better credit card with them, but meh, free money comes first :rotfl:

I have not graduated yet because I am waiting for my results and could have to go back and do some of my third year. But HSBC chanaged my student account to a graduate account in July because that when I should have finished my course

MY overdraft is 1,500 interest free for the first year after graduation and 1000 interest free after the second year.

If I have to go back to uni and I could get the account changed back to a student account but I might leave as a graduate account because I might only have to go back for one semester.

The overdraft is still interest free whether its a student or graduate account anyway.

I have used most of overdraft at the moment over the summer but will pay it back soon just being using it until I know whether I going back to uni or going to be graduating.

I know that if a bank offers you a overdraft and you turn it down and can be harder to get one later on that why I am wondering if it I should just keep the Co-Op one for emergencies only.

Zack1

PARIS_5000 wrote: »

I have not graduated yet because I waiting for my results and could have to go back and do some of my third year. But HSBC chanaged my student accout to a graduate account in July because that when I should have finished my course

MY overdraft is 1,500 interest free for the Ist year after graduation and 1000 interest free after the second year.

If I have to go back to uni and could get the account changed back to a student account but I might leave as a graduate account because I might only have to go back for one semester.

The overdraft is still interest free whether it a student or graduate account anyway.

I have used most of overdraft at the moment over the summer but will pay it back soon just being using it until I know whether I going back to uni or going to be graduating.

I know that if a bank offers you a overdraft and you turn it down and can be harder to get one when later on that why I am wondering if it I should just keep the Co-op one for emergencies.

Ah that's fair enough. If you'll be paying your overdraft back then I'd just use what you've already paid back as your emergency fund - in a few months you'd have paid £x back and then would have that available again, should you need it.

Turning the overdraft down with them might make it harder to get one with them in future (although that seems a very strange way of working!) but it won't make it harder to get one elsewhere, so personally I'd try somewhere else, unless you think you won't be accepted? Surely if they'll take you then someone like Barclays will? Then you'd only pay interest for when you're in the overdraft, which seems like a much better option if you don't plan to actually be in it.

I guess if it's worth the £20 in your situation depends on how valuable it would be should you need it... If you have a car that could breakdown suddenly or pets that could get ill etc then it could be well worth the £20 if you were unable to get the money elsewhere

I still think paying £20 for that is a rip off unless you plan to constantly be in it. Nothing compared to Halifax's £1/2 a day, but it still seems wrong... guess this is going to be the future of banking though!

PARIS_5000

Zack1 wrote: »

Ah that's fair enough. If you'll be paying your overdraft back then I'd just use what you've already paid back as your emergency fund - in a few months you'd have paid £x back and then would have that available again, should you need it.

Turning the overdraft down with them might make it harder to get one with them in future (although that seems a very strange way of working!) but it won't make it harder to get one elsewhere, so personally I'd try somewhere else, unless you think you won't be accepted? Surely if they'll take you then someone like Barclays will? Then you'd only pay interest for when you're in the overdraft, which seems like a much better option if you don't plan to actually be in it.

I guess if it's worth the £20 in your situation depends on how valuable it would be should you need it... If you have a car that could breakdown suddenly or pets that could get ill etc then it could be well worth the £20 if you were unable to get the money elsewhere

I still think paying £20 for that is a rip off unless you plan to constantly be in it. Nothing compared to Halifax's £1/2 a day, but it still seems wrong... guess this is going to be the future of banking though!

I agree its better than Halifax one pound a day thats a total rip off but I think that all banks are going to be changing a monthly or yearly fee for overdrafts in the future because Lloyds Tsb are introducing a monthly fee plus interest from December.

I am moving house in a couple of months which can bring your credit rating down.

So think it better to apply for any new credit while my rating good because I am going to wait at least 6 months to apply for anymore new credit when I move house to allow my credit rating to go up again.

PARIS_5000

Zack1 wrote: »

Yep, I had £250 which I assumed was the minimum.... They like me enough to take me, and want the merchant fees & possible interest etc, but don't want to take potentially a massive hit, for the time being. Makes sense, if only more companies did that, rather than Capital One Increase and Natpest.

And about my above post, Aqua was 28th April Increase time in the middle of November.... I'm playing it safe and waiting for that statement to clear before asking, although I think it's possibly October (I seem to have had a statement for 1 day, but thought I better exclude that from my calculations!!)

I had my Aqua card since March and they automatically put my limit up form 250- 500 in August which was less than six months.

All I did was just paid my balance in full on their website on the day that my statment is produced and stay within my credit limit.

I had my card the month before you so I quess that your limit should automatically go up in September.

Zack1

PARIS_5000 wrote: »

I agree its better than Halifax one pound a day thats a totally rip off but I think that all banks are going to be changing a monthly or yearly fee for overdrafts in the future because Lloyds Tsb are introducing a monthly fee plus interest from December.

I am moving house in a couple of months which can bring your credit rating down.

So think it better to apply for any new credit while my rating good because I am going to wait at least 6 months to apply for anymore new credit when I move house to allow my credit rating to go up again.

Yea it's going to be standard eventually

Yea, it's best to apply now... as you'll have to wait 6 months you might as well try somewhere else to see if they take you with an overdraft, if they do then that's the co-op sorted because you won't need their overdraft. If they don't then you may have to use co-op, and the searches aren't a big deal as you won't be applying for anything for at least 6 months from the move

I've got to find out if Royal Mail will let me add a 3rd and 4th year to the redirection, if they won't I'm going on a major application spree before it expires!

PARIS_5000 wrote: »

I had my Aqua card since March and they automatically put my limit up form 250- 500 in August which was less than six months.

All I did was just paid my balance in full on their website on the day that my statment is produced and stay within my credit limit.

I had my card the month before you so I quess that your limit should automatically go up in September.

Ah that's interesting. I guess that would depend more on account conduct and their rating of you though - including your credit file (their monthly feed of it) and internal rating etc. So they obviously feel you can afford it so have put yours up, rather than it being a automatic thing that will happen to everyone I'll ask for it if I don't get it though!

My Aqua statement date is 29th, but bank holiday has probably messed that up... I'll login to their hellish website and have a look.... if it doesn't go up this time and does next time that's for Freshers...

Zack1

Ok then scrap that!





I think I am on their system as getting the card the same time as you, as although I got it a month later I was activated on 28th and got given a statement on 29th, that was reported to CRAs as a 0 under month 1, so they must have counted that 1 day as a full month internally to :rotfl:

When can we ask for more? Whenever we feel like or 6 months?