The Sub Prime Credit Thread - Part V

BugsyBrowne

Letfromspain wrote: »

Good afternoon all

I've viewed this thread on a few occasions but only just set up an account so that I can ask for an opinion on my 'credit' position.

I went into a Debt Management scheme back in 2005. I was issued with a few defaults in 2004 and a CCJ in 2005.

As of now, the defaults have gone but the CCJ won't clear until early October 2011. I have three subprime credit cards.

Capital 1 - £100 limit - opened in March 2009.
Vanquis - £500 limit - opened in October 2009.
Aqua - £650 limit - opened in October 2009.

I have never missed a payment on each account.

I have a Lloyds Basic bank account (i.e debit card/cashcard - no cheque book or overdraft facility).

I have an Orange contract mobile that I have never missed a payment on since inception which was around August 2008.

I am employed full time.

I have been on electoral register since 2005.

So, once the CCJ drops off next October, what is the likelihood I'll be accepted for mainstream credit cards and if I apply to get my Lloyds account upgraded to a standard account, will this be a formality?

Thanks in advance.

By the sounds of it once your CCJ falls off and you say rest of your payments are up to date,don't see why you can't apply for a mainstream lender.

Remember to many credit searchers are a killer on a credit report.

ElkyElky

star-fire wrote: »

Remember to many credit searchers are a killer on a credit report.

Not necessarily. Each lender varies on how they view credit searches. My searches most definitely exceeds 10 yet I'm still being accepted for credit.

Some lenders don't mind 10 searches, whereas others don't even like to see 2. It just comes down to how anal their computers are. :j

BugsyBrowne

ElkyElky wrote: »

Not necessarily. Each lender varies on how they view credit searches. My searches most definitely exceeds 10 yet I'm still being accepted for credit.

Some lenders don't mind 10 searches, whereas others don't even like to see 2. It just comes down to how anal their computers are. :j

Yeah think it all depends on which company TBH.

To many credit applications in a short space of time wrecks your chances of being accepted.

BugsyBrowne

Just had my second flybe increase.

brians_daughter

hum, my silver sygma card came this morning and i wanted to do a balance trans.
However, the letter stated they would be at 24.0%. I have asked 3 times (once when my application was accepted and twice when i activated my card)and been told 3 times its 0% for 6 months, but when i ask why the letter states 24.9% they tell me thats for after the 1st 6 months...call me a sceptic but do i move it over when the letter staes 24.9%?

I havent brought the T&C's to work with me so cant read through them !

Thoughts on a postcard from silver card holders please?

UnderPressure

brians_daughter wrote: »

hum, my silver sygma card came this morning and i wanted to do a balance trans.
However, the letter stated they would be at 24.0%. I have asked 3 times (once when my application was accepted and twice when i activated my card)and been told 3 times its 0% for 6 months, but when i ask why the letter states 24.9% they tell me thats for after the 1st 6 months...call me a sceptic but do i move it over when the letter staes 24.9%?

I havent brought the T&C's to work with me so cant read through them !

Thoughts on a postcard from silver card holders please?

Hello I would give them a ring explain your concerns and ask the if they can put in writing that the BT will indeed be 0% for the first 6 months.

star-fire wrote: »

By the sounds of it once your CCJ falls off and you say rest of your payments are up to date,don't see why you can't apply for a mainstream lender.

Remember to many credit searchers are a killer on a credit report.

Letfromspain wrote: »

Good afternoon all

I've viewed this thread on a few occasions but only just set up an account so that I can ask for an opinion on my 'credit' position.

I went into a Debt Management scheme back in 2005. I was issued with a few defaults in 2004 and a CCJ in 2005.

As of now, the defaults have gone but the CCJ won't clear until early October 2011. I have three subprime credit cards.

Capital 1 - £100 limit - opened in March 2009.
Vanquis - £500 limit - opened in October 2009.
Aqua - £650 limit - opened in October 2009.

I have never missed a payment on each account.

I have a Lloyds Basic bank account (i.e debit card/cashcard - no cheque book or overdraft facility).

I have an Orange contract mobile that I have never missed a payment on since inception which was around August 2008.

I am employed full time.

I have been on electoral register since 2005.

So, once the CCJ drops off next October, what is the likelihood I'll be accepted for mainstream credit cards and if I apply to get my Lloyds account upgraded to a standard account, will this be a formality?

Thanks in advance.

Hello and welcome to the forums

Are you 100% sure you have never missed a payment, or gone over your credit limit with Vanquis? The reason I ask is I notice you have this card now for 12 months, from other threads on the forum Vanquis are "usually" quite good at increasing credit limits every 4 months, looking at other peoples threads after 12 months I would expect your credit limit to be at least £1000 if not more............

BugsyBrowne

Agree just noticed that still a £500 limit from october 2009,i wonder if theres anything lurking on his report.

Letfromspain

UnderPressure wrote: »

Hello and welcome to the forums

Are you 100% sure you have never missed a payment, or gone over your credit limit with Vanquis? The reason I ask is I notice you have this card now for 12 months, from other threads on the forum Vanquis are "usually" quite good at increasing credit limits every 4 months, looking at other peoples threads after 12 months I would expect your credit limit to be at least £1000 if not more............

Thanks for the responses.

The Vanquis account was opened late October 2009 and I went slightly over my limit in December 2009 due to interest charges and I rectified this as soon as I realised. I've not missed a payment on any account. I also went 5 pence over my Capital 1 limit in June 2009 which presumably scuppered any chance of an increase from them.

By the way, I've registered for e-vanquis and can't believe how bad the online statements and summary movements are. Take this month, I'm happy with the overall balance but it doesn't show the interest charge for the month? and the estimated interest for next month is £0.00? which is just nonsense seeing i owe them £350.

Another quickie, I've had the Capital 1 account for over 18 months now. A friend of mine who IMHO has a worse credit report than myself, recently applied and was granted a Capital 1 card (he was turned down by Aqua and Vanquis). His opening credit limit is £300 and he said that the mimimum limit is £200. I haven't used my Capital 1 card for over 6 months because of the pathetic limit, so should I close it and reapply? If so, how long do I wait before I reapply?

Thanks in advance

badcredit

Hi I am after some advice please.

BAsically a few years ago I defaulted on quite a few things, mobile phone, credit cards etc.

I recently applied for a capital one classic card which I was accepted for, but unfortunately I went over the limit by £4 and was given a £12 default sum which took me to £16 over limit.

I made a payment on the same day the statement was issued to bring my balance under the limit.

Does that mean I have another default on my account, Have I pretty much blown my chances at re-building my credit history.

I'm so stressed as I applied for the card to try and re-build my credit

Is this "default sum" the same as a default? How will this now effect my credit report?

stephane_2

This is not a default, you've been charged an over limit fee, they may report it as a late payment but they may not....not much to be worried about.