The Sub Prime Credit Thread - Part V

sutton111

star-fire wrote: »

Cheers

Thought it might be 12 but previous posts suggest they only look back 6 months,but yeah only the cpu knows.

It's 12 months. Only Outstanding debt searches say on your file longer.

IIRC Callcredit keep 24 months on their systems, but the lender only see's 12 months.

sutton111

Zack1 wrote: »

Haha, was going to go for Leeds getting smashed, that's always a good option :rotfl:


Haha, I get Zach, Zac, Zak and now Jack

Glad your Aqua arrived! Hopefully you'll get the increase after 5 months like me and Paris, we went from £250 to £500, but apparently more is possible!

Haha, Yeah I know what you mean I know 2 Zacks. One spells it Zack and the other spells it Zak. Jack that's a new one to add to your collection. :rotfl:

sutton111

ElkyElky wrote: »

Hey, least it wasn't an instant no like it was for me.

Still frustrating though, nevermind. I don't need it anyway. Just handy if they'd given me one.

sutton111

mnomis wrote: »

:T

Well done, have you rang to activate it?

Activated and I christened it with a Car Wash from Tesco!! lol

dingledangledongle

star-fire wrote: »

Am i on the wrong thread or does anyone know?

It depends on the lender, most major banks penalise you for searches in the last 42 days - this varies wildly though. I've worked for one that went back three months, but I've not known anybody go back further than that.

sutton111

dingledangledongle wrote: »

It depends on the lender, most major banks penalise you for searches in the last 42 days - this varies wildly though. I've worked for one that went back three months, but I've not known anybody go back further than that.

So 6 weeks? Is that all?

Who did you work for?

dingledangledongle

Bosie wrote: »

Can I just ask with me only using roughly 9% of my available credit, in an odd way can that work against me,ie having too much credit left?

Yes. Lenders consider any unused capacity on existing credit accounts. Often, when they conduct affordability assessments, they take a percentage of the limit rather than the current balance, this is worst case scenario in case you were to spend on that in the future. The Irresponsible Lending Guidelines, when they come in (if they haven't already) will require almost all lenders to capture income details, and there'll be under far greater pressure to do a thorough affordability assessment. So this practice can only become more widespread. Debt to income ratios are also likely to consider total limits on revolving accounts, rather than total balances in the future, which will make it even tougher.

Also, underwriters often take the view of 'Why don't they use that?' when they see unspent limits on credit cards.

dingledangledongle

sutton111 wrote: »

So 6 weeks? Is that all?

Who did you work for?

I've worked for several large banks and finance houses in risk management roles, prime and sub prime. Bizarely the sub prime lender cared the most about searches.

fawinds

sutton111 wrote: »

Well HSBC said "No" for an Overdraft. Should of waited like, NID said.

On another note my, Aqua card arrived this morning , it's been activated. The limit is £250, but I'm not going to use this one much, it'll be used and fully paid off!

How much should you wait?

My account was opened on 30 June, I applied by mid August and they said no. I plan to re-apply for an overdraft and credit card by January.

In order to get a better internal score I have opened a ISA and regular saver accounts with them. For the reg saver I have an standing order to transfer £250 per month and for the eISA I pay in the money from child benefit, which is £81.20 every four weeks.

I also have a few direct debits and pay in over £2000 per month.

Am I likely to obtain an overdraft and credit card by January? If I get them I will go further and try a loan for car finance by February or March.

What I need to know is whether they will rely on internal score or perform a credit search. Not that I have any nasties, but just about 18 months credit history.

kilasuit

fawinds wrote: »

How much should you wait?

My account was opened on 30 June, I applied by mid August and they said no. I plan to re-apply for an overdraft and credit card by January.

In order to get a better internal score I have opened a ISA and regular saver accounts with them. For the reg saver I have an standing order to transfer £250 per month and for the eISA I pay in the money from child benefit, which is £81.20 every four weeks.

I also have a few direct debits and pay in over £2000 per month.

Am I likely to obtain an overdraft and credit card by January? If I get them I will go further and try a loan for car finance by February or March.

What I need to know is whether they will rely on internal score or perform a credit search. Not that I have any nasties, but just about 18 months credit history.

I believe it is both as they look at internal scores which are
40+ account
50+ od
60+ cc
70+ loan

and then also conduct a check with Experian and Call Credit.

IIRC it was n-i-d that told us this - a few times too