The Sub Prime Credit Thread - Part V

Zack1

Just got the old ER information deleted from my report, will the new one show up next month or something or not until the update (whenever that is!?). I emailed my council proof of the change and they said they'd added me under a new name, that was only done on Tuesday though.

Also....

An enquiry by SYGMA BANK UK on 02/09/2010 has been deleted from your credit report.... huh!?

ElkyElky wrote: »

It doesn't matter what the OD limit is.. you'd be crazy to pay them £1 a day for the privledge of using it. Anyway, I think my OD limit was like £500 when I was accepted for a credit card from them so the limit isn't always a sign that your internal score is going up. The highest my limit ever went was £3700 and that was sometime after I got my credit card.

Yea I've got no intention of ever using it - even Natpest will give me a bit less for free....

Surely if your limit is high though they would take you for a card, even just a small amount to start with? For example what is to stop me taking the 1.7k on there now, going to a Halifax branch and withdrawing all of that and my own money and then wasting it all and not paying back?

If they stuck me on a credit card for say £500 that's got to be less risky? They could even bring my overdraft limit down to 1k for all I care - which would then be £200 less liability for them if I was to go crazy? And would the interest on a Credit card (whatever it is) not work out more if I was maxed out, than the £1 for using a 1.7k OD?

chexum

Zack1 wrote: »

If they stuck me on a credit card for say £500 that's got to be less risky? They could even bring my overdraft limit down to 1k for all I care - which would then be £200 less liability for them if I was to go crazy? And would the interest on a Credit card (whatever it is) not work out more if I was maxed out, than the £1 for using a 1.7k OD?

You mean they already rejected you for a card, or you just get no pre-approved offer for it?

Although both are easy to access credit lines, in my experience, the limits given to both are somewhat distinct - the overdraft offer shown with my bank seems to hover around 10% of the salary. It goes higher if the last few months income is varying, but the limit seems to be a well defined one, so it just doesn't go up after that's reached.

Actually, I still have much less credit limit with the credit card from them, than the overdraft offer, but I'm sure it's because the gradual approach I've taken with the card as I've got others.

I would think the credit limit for a card is not as dependent on the guaranteed overdraft you see. Maybe they just need a much longer sample of the account conduct to gather confidence to actually offer new credit (the card), instead of just increasing the overdraft on the current account. A new application can help, if your other circumstances are fine.

What seem to matter more is the guideline that most of the credit accounts should be older than 18 months to qualify for mainstream deals. I need to sit tight for a while after what I've done this year :cool:

Zack1

Nope not rejected, just no pre-approved yet. I haven't applied again - I can't until March anyway as I was rejected in August, was just wondering about how it all worked.

The account was only opened in August so in about March they will see 6 months usage, hopefully enough to give me a decent chance

As for the 18 month thing, I only turned 18 18 months ago o2 were my first contract and Natwest my first card. Closed Natwest after 13 months and o2 now I'm out of contract (18 months). My next oldest are the bank accounts (start dates of 2003 but reporting for 18 months since being 18) - in terms of cards it's Capital One for 13 months, so I may well be declined in March as it would be about 16/17 months

Also Aqua (which appears as Halifax on my report) which will be 10/11 months and Sygma which will be about 6/7. Maybe a newer Sygma too...

ElkyElky

I received another debt collection letter today addressed to the previous tennant of my address. It's odd though, because I've only just started receiving them which makes me think the person has changed their address with the bank to my address, knowing they were going to default.

Anyway, after a little research, I found out the current address of the !!!!! using my address for her debt and I've forwarded the debt collection letters to her and have also gave the DCA her current address... just for my own amusement.

She's not on the E/R at her current address, probably to prevent the DCA from finding her. It's funny that I'm able to locate this complete stranger but the DCA can't. :rotfl:

Sam2009

Not been here for ages, although have been popping on and reading every now and again (sure has been quiet in here lately!)

After almost a year Vanquis finally increased my limit from £250 to £500. No idea why it took so long as account kept in perfect order

Anyway as its been a year since i applied for any credit, i gave Capital One a go today. Filled in the application and it said it had been accepted I completed the online signature thingie and it said my pin and card would come out in the post.

Now I am wondering if i have been accepted or not as no mention of what the credit limit would be ? Is this normal ?

My credit file is starting to look better with little green dots all over the place and its been over 3 years since i got any nasties, thank god! One of my two defaults has just fallen off aswell, so thats good !

stephane_2

Sam2009 wrote: »

Not been here for ages, although have been popping on and reading every now and again (sure has been quiet in here lately!)

After almost a year Vanquis finally increased my limit from £250 to £500. No idea why it took so long as account kept in perfect order

Anyway as its been a year since i applied for any credit, i gave Capital One a go today. Filled in the application and it said it had been accepted I completed the online signature thingie and it said my pin and card would come out in the post.

Now I am wondering if i have been accepted or not as no mention of what the credit limit would be ? Is this normal ?

My credit file is starting to look better with little green dots all over the place and its been over 3 years since i got any nasties, thank god! One of my two defaults has just fallen off aswell, so thats good !

You have been accepted, you'll know the credit limit once you get the card, alternatively you could give them a call if you are desperate to know.

Sam2009

stephane wrote: »

You have been accepted, you'll know the credit limit once you get the card, alternatively you could give them a call if you are desperate to know.

Thanks

No am not desperate to know. Not even desperate for the tiny credit limit they are bound to give me lol ... just trying to do all i can to improve my credit rating.

I am a bit confused with regards to defaults and CCJ's though, not sure if anyone can advise ?

I know they stay on your credit file for 6 years, but is it true that they are pretty much disregarded after 3 years, or at least looked at not so damaging ?

I read different things so not really sure that the truth is on that one. I do remember previous posts regarding tesco's credit card not really looking at anything past 3 years ?

stephane_2

That will depends on some lenders....some will look as far back as 6 years of credit history others will only search 3 years but if they see something they don't like during those last 3 years they will search the full 6 years....

Sam2009

So in theory i could start looking at less sub-prime stuff as mine are over 3 years ?

I guess i would need to figure out who only looks for 3 years then cause my file is squeeky clean for the last 3 years with plenty of green dots.

Not going to do anything now, but will give me something to think about for next year

stephane_2

If I were you if you want to try a main lender then I would try a Creation credit card from Sygma....they only search equifax and they are far more lenient on past history
https://www.creation.co.uk