The Sub Prime Credit Thread - Part V

kaostheory

Hey,

I have had a Vanquis CC for 9 months now with an initial limit of £250 which raised to £1000 after 4 months. I pay the balance in full every month and use it almost to capacity each month. This isn't out of need as I have a fairly decent income.

I have 2 defaults registered early in 2009.
My Bank - LloydsTSB have pre-approved me a £1000 OD which I have taken. I also have a £500 OD on a single Natwest account.

My questions:

How often will Vanquis increase my limit from here on?
When should I be looking at other lenders?
Which Ones?

I like having credit as a fall-back as it seems whenever you actually need it you cant get it so i leave all my pay in the bank and do as much spending on the CC as possible then pay off in full at every statement.

Thanks in Advance

R

BugsyBrowne

kaostheory wrote: »

Hey,

I have had a Vanquis CC for 9 months now with an initial limit of £250 which raised to £1000 after 4 months. I pay the balance in full every month and use it almost to capacity each month. This isn't out of need as I have a fairly decent income.

I have 2 defaults registered early in 2009.
My Bank - LloydsTSB have pre-approved me a £1000 OD which I have taken. I also have a £500 OD on a single Natwest account.

My questions:

How often will Vanquis increase my limit from here on?
When should I be looking at other lenders?
Which Ones?

I like having credit as a fall-back as it seems whenever you actually need it you cant get it so i leave all my pay in the bank and do as much spending on the CC as possible then pay off in full at every statement.

Thanks in Advance

R

You should start looking at other lenders early 2015, when your defaults drop off.
Until then can't see any mainstream lenders who would have you as a customer.
The other option would maybe wait for Lloyds your own bank to offer you one.

kaostheory

star-fire: thanks for the reply.

However I am glad I took a while to check back and let my impatience get the better of me after reading through a few other threads.

I applied for the following cards:

Capital One Progress - Approved
BarclayCard OnePulse - Approved
Halifax All-In-One - Declined

I don't know the limits yet but they are both better rate than my current Vanquis.

So the next question, should I cancel the Vanquis or keep it as a backup??

BugsyBrowne

kaostheory wrote: »

star-fire: thanks for the reply.

However I am glad I took a while to check back and let my impatience get the better of me after reading through a few other threads.

I applied for the following cards:

Capital One Progress - Approved
BarclayCard OnePulse - Approved
Halifax All-In-One - Declined

I don't know the limits yet but they are both better rate than my current Vanquis.

So the next question, should I cancel the Vanquis or keep it as a backup??

Keep your barclaycard, bin your Vanquis and bin your Cap1 progress!!

luke2008

A little shock with Tesco - near the end of the application it said to me we would be delighted to offer an initial limit of XXX with XX APR. I've only ever had a capital one classic so was quite amazed when they offered me £500 at 22.9% I think..with a not so old default! (It was the highest APR they do) and I now have a card and pin in hand.

ElkyElky

luke2008 wrote: »

A little shock with Tesco - near the end of the application it said to me we would be delighted to offer an initial limit of XXX with XX APR. I've only ever had a capital one classic so was quite amazed when they offered me £500 at 22.9% I think..with a not so old default! (It was the highest APR they do) and I now have a card and pin in hand.

Excellent! Great sign that your credit file is well on its way to recovery. £500 is a nice managable limit for your way back in to main stream.

Needen

Hi I am new to forums but need to start improving my credit worthiness and in the last few days have been reading a lot the early postings here and could do with some of your advice. I am not proud of the fact that due to burying my head in the sand, and changes in circumstances, I have got 3 defaults to my name which are 2,3 and 4 years old and am dealing with them.

In April 2010 I was accepted for a Virgin Contract phone; July 2010 a £250 Vanquis Card - limit not increased;August got a Very and Next Account of £100 each; November Littlewoods £600; Applied on New Years day for a Capital One Card which will have a limit of £200, and an Aqua Card with £400 limit. I have a Santander overdraft account with no overdraft and a HSBC account. I am also getting a Blue Sky Credit Builder Card to boost my profile.

I think that I have applied for a lot so far and am constantly checking Experian for my green ticks but have a low score of 332.
Can you please tell me, knowing my history, how long it will take before I can start applying for cards with lower APR's? Will I be accepted for overdrafts with my defaults? Can I trust Experians advice when it comes to applying for things? Thanks for your help.

BugsyBrowne

Needen wrote: »

Hi I am new to forums but need to start improving my credit worthiness and in the last few days have been reading a lot the early postings here and could do with some of your advice. I am not proud of the fact that due to burying my head in the sand, and changes in circumstances, I have got 3 defaults to my name which are 2,3 and 4 years old and am dealing with them.

In April 2010 I was accepted for a Virgin Contract phone; July 2010 a £250 Vanquis Card - limit not increased;August got a Very and Next Account of £100 each; November Littlewoods £600; Applied on New Years day for a Capital One Card which will have a limit of £200, and an Aqua Card with £400 limit. I have a Santander overdraft account with no overdraft and a HSBC account. I am also getting a Blue Sky Credit Builder Card to boost my profile.

I think that I have applied for a lot so far and am constantly checking Experian for my green ticks but have a low score of 332.
Can you please tell me, knowing my history, how long it will take before I can start applying for cards with lower APR's? Will I be accepted for overdrafts with my defaults? Can I trust Experians advice when it comes to applying for things? Thanks for your help.

Personally mate you are not going to get a low APR mainstream credit card until those little defaults come off your file.
You seem to be doing everything correctly at the moment but unfortunately you will have to play a waiting game b4 you start hitting the big lenders with applications.

big_Daddy_Dave

TheEffect wrote: »

Basic Bank Accounts with HSBC do not have behaviour scores. If you attempt to upgrade to a standard HSBC current account, it's entirely credit check related and you'll have to satisfy the credit check requirements as if you were applying for a new current account.

ahh thanks, i tried to upgrade it and got a message on the screen saying itll take 5 days,

then i got this email

Welcome to HSBC Advance

Thanks for your application for HSBC Advance

Your nominated current account will be converted to HSBC Advance in the next few days.* We will send you a welcome pack to confirm when your account has been converted. This pack will include a handy contact card with all the important telephone numbers you will need as well as a brochure with full details on all of the benefits of HSBC Advance.

Once you receive your pack, you can start to really take advantage of the great things HSBC Advance has to offer. Not only will you be able to enjoy preferential rates on many products, you will also get a great level of service.
Remember:

We will be there for you in person whenever you need us
As an HSBC Advance customer, you'll have access to specialists 24 hours a day, 7 days a week. You can speak to us by phone, via the internet or in branches - we will be there for you. **

We will stay in touch to ensure we understand your changing needs
We want to ensure that when things change in your life, we continue to help you make the most of your finances. We'll carry out a review with you when your needs change, as often as you want.

We will provide you with preferential rates and services
We'll continue to review HSBC Advance to ensure you always get a great deal. When benefits change, we will always keep you informed.

You can see an overview of the benefits of HSBC Advance by visiting www.hsbc.co.uk/advance

If you have any queries, or have not received your welcome pack within 7 working days, please call us on 08457 404 404 (Textphone 18001 125 563). Lines are open 8am to 10pm every day (except Christmas Day, Boxing Day and New Years Day).

* Please note that only a HSBC Current Account or HSBC Bank Account can be automatically upgraded to HSBC Advance. Customers wishing to upgrade to HSBC Advance, but hold another type of HSBC account should contact their local branch for further assistance.

** 24/7 Telephone Banking calls are answered 24 hours a day if you successfully identify yourself through our automated telephone service. 24/7 banking is by phone and internet, subject to planned periods of maintenance

usually something says subject to status or once your approved etc but i cant see it on there

does that mean i was accepted?

izools

big_Daddy_Dave wrote: »

ahh thanks, i tried to upgrade it and got a message on the screen saying itll take 5 days,

then i got this email



usually something says subject to status or once your approved etc but i cant see it on there

does that mean i was accepted?

Yes all current account account (not basic account) customers are automatically eligible for the upgrade. The account doesn't offer any further credit facilities over the standard current account ergo no further checks are required.

I assume you took advantage as a result of their nine months half price offer? Pretty good for anyone who uses breakdown assistance I reckon, I'll stick with my standard current account for now