The Sub Prime Credit Thread - Part V

Mezzle

Bit of a n00b here - so bear with me

I've recently been accepted for a Vanquis "Granite" card (I thought, why the hell not, I might as well apply), and also, a Jacamo account (I just signed up to buy some stuff by card, and they set me up an account),

My credit report shows 2 defaults (about 5 months left till they dissapear), and a CCJ (satisfied), plus one "Account" with £2 CR on it (cause I cancelled my phone contract, but they still haven't sent me a check for the £1.97 they owe me).

My credit score shows as 539 as of today, and the "improve my score" suggests that if I do nothing for the next 6 months, then I'll have a credit score of 915 - 997 (I played with a couple of settings to get the range) - I highly doubt that this will happen though!!!

I'm curious though as to advice to using the Vanquis Granite Card / Jacamo account to improve my credit rating. Should I just use them a bit, then pay them off each month in full? (which I'd presume would show as £0 owed in the reports). Should I buy some stuff, and pay back some of it each month (so that payments are being showed as on time, but also show that I'm utilising my credit), or should I just not use them, but have them available?

BugsyBrowne

Mezzle wrote: »

Bit of a n00b here - so bear with me

I've recently been accepted for a Vanquis "Granite" card (I thought, why the hell not, I might as well apply), and also, a Jacamo account (I just signed up to buy some stuff by card, and they set me up an account),

My credit report shows 2 defaults (about 5 months left till they dissapear), and a CCJ (satisfied), plus one "Account" with £2 CR on it (cause I cancelled my phone contract, but they still haven't sent me a check for the £1.97 they owe me).

My credit score shows as 539 as of today, and the "improve my score" suggests that if I do nothing for the next 6 months, then I'll have a credit score of 915 - 997 (I played with a couple of settings to get the range) - I highly doubt that this will happen though!!!

I'm curious though as to advice to using the Vanquis Granite Card / Jacamo account to improve my credit rating. Should I just use them a bit, then pay them off each month in full? (which I'd presume would show as £0 owed in the reports). Should I buy some stuff, and pay back some of it each month (so that payments are being showed as on time, but also show that I'm utilising my credit), or should I just not use them, but have them available?

Would you give yourself a credit score in 6 months times as excellent with a satisfied CCj and no credit history.

Mezzle

star-fire wrote: »

Would you give yourself a credit score in 6 months times as excellent with a satisfied CCj and no credit history.

Nope - That's why I said I don't believe it, and asked for advice over how to manage my "new" accounts. Have a re-read of what my post said.

Also, I do have credit history, from the phone contract which is still showing as open (because they haven't refunded me) and £2 in credit, with over 2 years of paid on time. Ok, it's not much of a history...

And also note 2 "new" accounts (yet to show up) that I mentioned above.

BugsyBrowne

Mezzle wrote: »

Nope - That's why I said I don't believe it, and asked for advice over how to manage my "new" accounts. Have a re-read of what my post said.

Also, I do have credit history, from the phone contract which is still showing as open (because they haven't refunded me) and £2 in credit, with over 2 years of paid on time. Ok, it's not much of a history...

And also note 2 "new" accounts (yet to show up) that I mentioned above.

You have done the right thing in getting the granite card,basically keep payments on time for the next 18 months or so then think about getting yourself a credit card with a lower APR.

Are your 2 defaults settled?

Mezzle

star-fire wrote: »

Are your 2 defaults settled?

Just looked again! I thought both were from back when I was a student, but they're not. One is related to the CCJ (which is settled) and the other hits the 6 years in 5 days. (but not settled)

BugsyBrowne

Mezzle wrote: »

Just looked again! I thought both were from back when I was a student, but they're not. One is related to the CCJ (which is settled) and the other hits the 6 years in 5 days. (but not settled)

At least that will come off your report which is good.

onefortheroad_2

why do Sygma only give you a low limit on a jjb card ie £250 but give you £1000 on a silver card within weeks of apply for the first card

BugsyBrowne

onefortheroad wrote: »

why do Sygma only give you a low limit on a jjb card ie £250 but give you £1000 on a silver card within weeks of apply for the first card

I think the JJB might be the easiest card to get in the sygma range TBh,and probably very lenient on applications,so don't think you would need that good credit history to be accepted for this card.

A friend of friend got accepted for one of these also got a £250 limit and apparently some of his credit report is shot.

onefortheroad_2

star-fire wrote: »

I think the JJB might be the easiest card to get in the sygma range TBh,and probably very lenient on applications,so don't think you would need that good credit history to be accepted for this card.

A friend of friend got accepted for one of these also got a £250 limit and apparently some of his credit report is shot.

i was saying i got a £1000 limit on my new silver card what i got today in the post . but why did they only give me £250 on my jjb card ?????

BugsyBrowne

onefortheroad wrote: »

i was saying i got a £1000 limit on my new silver card what i got today in the post . but why did they only give me £250 on my jjb card ?????

I just think the JJb is at the lower end of the sygma cards mate TBh,don't think ive read a thread yet were someone has a jjb card with a high limit.

Think sygma designed this card purely for for low limits but don't know but by reading other threads this seems to be the case.

Might be in your interest in a couple of months to ditch your JJb card and apply for the flybe which give limits out anything from £1k to £5k