The Sub Prime Credit Thread - Part V

izools

Just thought I'd make a mention of new P2P lending sites.

I presume everone has heard of Zopa? They are a P2P lending site whereby anyone can request a loan amount and their lend is then made up of lots of tiny loans from tens or hundreds of other lenders, regular savers like you or I.

Zopa is extraordinarily strict with their credit scoring, however, and until recently has put P2P borrowing out of reach for most of us.

There are some new sites now offering a similar thing:

Yes-Secure, Quakle, and Ratesetter

Ratesetter is similarly strict to Zopa but Yes Secure is the one that interested me.

Yes-Secure have approved both my OH and my Mother for loans where all other lenders turned them down, my OH because of a few old defaults and my mother because of her age and Debt to Income ratio.

Yes Secure also search CC so those with many searches on EQ and EX can still find finance.

Rates on Yes are still pretty high, but then again, they seem to lend to all kinds of credit histories, so understandable.

jw30

Yes-secure have a minimum score of 530 for acceptence through callcredit

izools

They use their own scoring system though; it's been tailored for them and uses a different scale.

I.e. my mother's Call Credit "score" as sold by Call Credit themselves is over 1,000 points but her score on Yes-Secure came up 589.

jw30

560 on experian for quakle i was just telling people what the min is save them messing about if they have a lower score

izools

jw30 wrote: »

560 on experian for quakle i was just telling people what the min is save them messing about if they have a lower score

Fair play, thanks for that

Yes indeed for Quakle, 560; but Yes use a different scale to call credit themselves so buying a score from Call Credit mightn't help the applicant gauge whether Yes would say YES. :P

Although they do seem to say yes to pretty much anyone...

kilasuit

izools wrote: »

Fair play, thanks for that

Yes indeed for Quakle, 560; but Yes use a different scale to call credit themselves so buying a score from Call Credit mightn't help the applicant gauge whether Yes would say YES. :P

Although they do seem to say yes to pretty much anyone...

yes inc me

snoopy1984

Hi,

Please could I ask for some advice? This year I am hoping to pay off all my outstanding credit card balances and I would like to find out if there is any chance of me getting a lower rate card so I can pay them off even quicker....

I have a Vanquis card (limit £1500, balance £1000 and I pay off £100/month at the moment plus minimum payment, I try to reduce the limit by £100 every 2 months) a Capital One card (limit £1600, balance £1200 and I pay off £100/month plus minimum payment).

I have recently ended my HP agreement with British Credit Trust (December, £200/month) and I will finish paying off a Welcome Finance Loan in Feb (£165/month) - this obviously will free up a lot of extra cash which I intend to pile onto the cards.

I have 3 defaults, two of which will leave my file in April this year, the final one (with Egg card) will leave my file in Jan 2012. I also have a managed loan with HSBC, it is 1% above base rate, and I pay £150/month (basically my student credit card and overdraft) when i left uni - as it is the lowest interest form of credit i have i'm planning to pay this off last.

My salary is £30k, but I live in central London so my outgoings are pretty high - not withstanding that, now I have settled some other credit I now have £365 a month with which to reduce the balances, and I've worked out I should easily be able to clear these by the end of this year. I haven't had a missed payment or over limit fee for over two years, and I check my Experian reguarly and it is all up to date and correct.

What I want to know is, is there a card I can apply for as things stand at the moment with a lower rate of interest that I can transfer some of these balances onto to pay them off even faster? I'm not expecting anything special, but something that charges less that 39% would be great.

Thanks!

big_Daddy_Dave

do utility bills show on on a credit report? like if you have a late payment or miss a payment or something

izools

Snoopy - Sygma Bank credit cards can be sympathetic to people on their way out of sub prime like yourself - they gave my mother three credit cards whilst she had a barclaycard in an arrangement to pay and have been known to also approve discharged bankrupts.

Do a google for Sygma Silver MasterCard and apply, from the sounds of things you're in with a pretty good chance of approval.

Big dave - very few utilities show up on your credit file. Bt don't, sky don't, council tax doesn't (ime), and the vast majority of gas / electricity providers don't. British gas being the exception to the rule.

Zack1

Haven't been around much over xmas, just got my letter from Natpest with my card... Still only 350 for some obscure reason, they seem to dish out 350 or 500 limits... thought I wasn't getting it though so it'll do...

Waiting for them to answer the phone and activate it. I assume I scrapped through AVU Although if they haven't checked it yet they can snatch it back from me!

Elky I was replying to your last post on the train and my laptop battery died! All of it is profit. Only risk is possible voids. I had my first ever one voided the other night = £330 loss (stake returned but not the payout). Made that back already... obviously if you lose even say 1k (unlikely, most I've staked in one pair is 2 x £750, so if the winner is voided you lose the other £750) at £12k up it doesn't matter as much, I don't really class it as "my" money as such. If I lost it to start with, while playing using my overdrafts etc, then it would've been obviously much worse situation!!