The Sub Prime Credit Thread - Part V

ElkyElky

safc118 wrote: »

Just confirming a few things as i have a few inside answers to your thoughts


currys do use creation finance at the moment there are 2 options

1. £249.99 or over 2 and 3 year finance with 19.9% apr (10% depo required)
2. 1.5k and that rate goes down to 9.9% apr over 2 or 3 years (10% depo required again)

most of the currys/pc world stores sell iPad (approx 300 out of 500 atm so if there is a big store by you that will be the 1 to go for)

and yeah as a part of the renewal and transformation plan they initally were upgrading stores individually however they did a few trials and they found that combining and upgrading the stores had a much higher increase in sales with lower costs (by only having 1 lease not 2)

If you would like my advice wait until christmas as they will be adding BNPL to the finance options although there is always the pesky £25 admin charge

:money:

Would you consider creation finance to be strict?

I'm not a fan of BNPL setting aside it'll cost you more in interest(I assume?), but postponing repayment for several months after christmas will just leave people in a worse position than if they were to start repaying immediately.

19.9% isn't too bad of rate. I believe their last finance company was like 29.9% or so?

safc118

ElkyElky wrote: »

Would you consider creation finance to be strict?

I'm not a fan of BNPL setting aside it'll cost you more in interest(I assume?), but postponing repayment for several months after christmas will just leave people in a worse position than if they were to start repaying immediately.

19.9% isn't too bad of rate. I believe their last finance company was like 29.9% or so?

Yeah your right BNPL is good if your planning on paying it off, if you want to pay over 2 years then its a bad idea because if you dont pay it off within the bnpl period they will charge you intrest from day 1 plus BNPL is 24.9% APR if you go over the date so its to be used with care so to say lol

yeah the old provider HFC's rate was 27.9% apr on all the finance options so there is some silver lining. I personally wouldnt see creation to be strict at all i dare say they are a even softer at giving credit than HFC if you havent gessed i work at currys and some of the people that get credit and the sheer amounts they get is quite astounding (although you cant judge a book by its cover).i think one reason why they are more strict is that they have more protection in place from fraud e.g the deposit has to come off the card that you use as id (as you only know your pin)

On a personal level as im on £13,000 a year atm ive got 1 creation card with £750 limit and ive just got a new couch on 2 years intrest free with creation and they offered me a 5k avilable balance to spend instore to repay over 2 years (4 years i could understand a bit more because of longer payment time) . Personally i think its great that ive been offered that as it shows im climbing up the credit ladder, but it would be too too tempting for others.

ElkyElky

safc118 wrote: »

Yeah your right BNPL is good if your planning on paying it off, if you want to pay over 2 years then its a bad idea because if you dont pay it off within the bnpl period they will charge you intrest from day 1 plus BNPL is 24.9% APR if you go over the date so its to be used with care so to say lol

yeah the old provider HFC's rate was 27.9% apr on all the finance options so there is some silver lining. I personally wouldnt see creation to be strict at all i dare say they are a even softer at giving credit than HFC if you havent gessed i work at currys and some of the people that get credit and the sheer amounts they get is quite astounding (although you cant judge a book by its cover).i think one reason why they are more strict is that they have more protection in place from fraud e.g the deposit has to come off the card that you use as id (as you only know your pin)

On a personal level as im on £13,000 a year atm ive got 1 creation card with £750 limit and ive just got a new couch on 2 years intrest free with creation and they offered me a 5k avilable balance to spend instore to repay over 2 years (4 years i could understand a bit more because of longer payment time) . Personally i think its great that ive been offered that as it shows im climbing up the credit ladder, but it would be too too tempting for others.

I'm actually more tempted to try applying for finance now however I know I shouldn't.

How does refunds work when you buy on finance? I assume they'll just cancel the finance agreement and return the deposit?

Yah there's only one entity who'll tell you whether you are credit worthy or not and that's the lender themselves. So you're definitely heading in the right direction, although the further you are towards the 'right direction', the more temptation will kick in.

safc118

ElkyElky wrote: »

I'm actually more tempted to try applying for finance now however I know I shouldn't.

How does refunds work when you buy on finance? I assume they'll just cancel the finance agreement and return the deposit?

Yah there's only one entity who'll tell you whether you are credit worthy or not and that's the lender themselves. So you're definitely heading in the right direction, although the further you are towards the 'right direction', the more temptation will kick in.

yeh got it in 1 cancel the agreement and then return deposit, its quite good as HFC refunds used to take 15-30 mins creation ones you just login and cancel enter a reason takes 5mins tops must say from what ive seen from the very short time weve been selling finance with creation they seem a lot more friendly and much easier to use (paying off etc...) than HFC

Yeh the temptation is always there i like to try and keep myself grounded and think do i really need it before i jump in at deep end lol

seems like your well on your way in the right direction :beer:

ElkyElky

safc118 wrote: »

yeh got it in 1 cancel the agreement and then return deposit, its quite good as HFC refunds used to take 15-30 mins creation ones you just login and cancel enter a reason takes 5mins tops must say from what ive seen from the very short time weve been selling finance with creation they seem a lot more friendly and much easier to use (paying off etc...) than HFC

Yeh the temptation is always there i like to try and keep myself grounded and think do i really need it before i jump in at deep end lol

seems like your well on your way in the right direction :beer:

LOL Whenever I ask myself 'do I need it', the answer is always YES for some reason.

fairmorn308

good morning troops its been a while since i have been on here

wizzywig27

wizzywig27 wrote: »

Cheers Zack, just got my credit report, looking good, one late payment back in April to Orange for an account that is settled and should never have been marked as late, so im gonna go to Orange to get that removed, apart from that all Green [0]'s (even for ones I feel I may have been slightly late on) - I also have 5 searches in past 5 months at current address and 3 at previous....but 14 in past year....4 to drop off in 2 months....I do feel that Experian data will be somewhat worse though!

one query though, I have 16 credit accounts (I dont as some are settled) but when do these drop off? Is it 6 years? I also noticed now I have been here for three years, companys aint checking my old addresses, does that mean they can see defaults from there or not?

also, does anyone know who Express Gifts - Studio (I) are? I have an inactive account with them? It says Mail Order Company? it has a not updated for Jan, Feb and Mar then a Zzz for Apr, May, Jun and Jul.....does this class as a credit account?

haha, this company are a bunch of amateurs, I queries it, and this is what they said:

Dear Lee

Search Information - Express Gifts - Studio (I)

The company has investigated your query and have advised Equifax that the information is correct and should remain unchanged. All applications are subjected to a credit search and this clearly stated on their website.

This information is supplied by the company and we are unable to remove it without their permission. We suggest that you contact the company directly if you need further information.

Contact Details
Address: Clayton Le Moors Business Park, Accrington, BB5 5JY.

The note previously added stating that your information was in dispute has now been removed.

You’ll find more information about your credit report at: https://www.equifax.co.uk/help. If you have a question, you should find the answer in our FAQ section. If not, you can send us an online query, and attach your documents to it - no need to worry about them getting lost or delayed in the post.

I hope you find this useful. If there’s anything else we can do for you, please let us know.

Kind regards

Equifax Customer Services

but I am happy for a credit search to be on my account, its the fact they state I have a credit account with them that bothers me!! :mad:

ElkyElky

Sent an account closure form off to Bank of Scotland today to have my current account closed as I no longer use them. I will only have the credit card left with them, which will be closed soon.

Got my RBS student account open so I can start stoozing the interest free overdraft in my NatWest ISA. I'll need to set up some standing orders from my HSBC to make sure my RBS student account has 1 credit and a standing order from my RBS to Natwest for the 3 debit transactions. God, this is going to be confusing.

Zack1

wizzywig27 wrote: »

but I am happy for a credit search to be on my account, its the fact they state I have a credit account with them that bothers me!! :mad:

Write to the address and ask for details of the account that is appearing on your credit report. On the report you should see an account number/reference, include that and your name etc. Or say that you wish the account to be removed as you have never opened it - if they won't remove it argue it with Equifax, or just close it now so it's not active anymore...

seeya23

i ve won £198 on football bets so far this week ...need to apply for somethink but do not know what to apply for befor i go to work @ 12