The Sub Prime Credit Thread - Part V

snoopy1984

izools - thanks for that, and thanks to everyone else for the advice too.

The defaults are all settled - in fact the two that are due to drop off in April were settled in 2007 (the other in 2008).

I have another default with Egg, that is due to drop off in Jan 2010.

Last late payment was in 2008, and that was because of a direct debit mistake with Barclaycard, my fault but still annoying! I still have the Barclaycard but because of my low credit score they reduced the credit limit to £100 years ago and steadfastly refuse ot increase it.

I had a pretty rough time in 2005/6 as I ended up paying my parents mortgage for them - my mum was taken ill and dad's business took a nosedive; straight out of uni on a low salary I got far to overstretched hence all these problems, but mum is now fighting fit and my disasters are slowly sorting themselves out. By next year they will be a distant memory.

I haven't made a credit application for over twelve months so nothing dodgy on the file in that respect. I'm not looking for more credit, i just want to move it to the cheapest possible alternative whilst I get rid of it so i will write to Sygma and see how i get on - will keep you posted!

Once again thanks all - these boards have been so useful over the years, i've managed to successfully claim a fair amount of fees and charges back which has been a massive help in sorting things out.

izools

Well good luck with your future endeavours & credit applications - from the sounds of things you should have no problems come April / May when your defaults have dropped off your credit file.

One other option for you to consider would be a Loan from Yes Secure; you are able to put up an advert for why you want to borrow and why you are trustworthy, investors / savers decide on the APR they are happy to lend at, and if fully funded you can decide whether or not to accept the loan.

Yes-Secure's credit scoring is very lax and my partner has just secured a loan via them despite having two defaults (one not settled) and some missed payments scattered around over the last several years.

Couldn't hurt to give it a bash, I suppose:

http://www.yes-secure.com/

(Edit: If the APR you end up with at the end of the listing is higher than you are happy to pay you have the option to turn down the offer)

ARTooD2

Just a quick question...is it 6 months you have to wait before applying for a sygma card if you have been declined? Any advice would be grand. :beer:

izools

Technically yes but I applied last March, two months after being declined, and was approved.

ARTooD2

Well its two days...It was the 18th of July I last applied. I should probably just wait.

izools

you need a score of 70+ to be pre-approved (i.e. soft search with CC and behaviour score)

40+ to get an account
50+ to get overdraft/cgc (or wait 6mths)
60+ to get credit card (or wait 6-9 months)
70+ to get loan (or wait 12 months)

Transpires that this isn't the case any more.

Spoke to HSBC today on the phone and for the second time they confirmed that all credit applications are fully credit searched. They confirmed that applications do of course take into account your account conduct so a high account behaviour score can counter a low national credit score but no such thing as pre-approvals any more

My Behaviour Score is reportedly 67 (not bad given I've only held the account for three months I suppose) but that doesn't generate a pre-approval for a credit card any more

That makes me a saaaaaad panda.

Dr_Cuckoo3

izools wrote: »

Transpires that this isn't the case any more.

Spoke to HSBC today on the phone and for the second time they confirmed that all credit applications are fully credit searched. They confirmed that applications do of course take into account your account conduct so a high account behaviour score can counter a low national credit score but no such thing as pre-approvals any more

My Behaviour Score is reportedly 67 (not bad given I've only held the account for three months I suppose) but that doesn't generate a pre-approval for a credit card any more

That makes me a saaaaaad panda.

Being approved on the basis of behavioural score and/or behaviour score with no adverse CRA data is becoming a thing of the past

HSBC appear to be the last major bank to approve on this basis

There is an informative thread on HSBC behavioural scores here https://forums.moneysavingexpert.com/discussion/665563

The other banks appear to use Experian Delphi score (or equivalent) to override the behavioral score

"Every week, Experian monitors the customer file for significant events. If one is detected, the customer is re-scored using the Delphi for Customer Management scorecards. A file is then passed back from Experian containing the events and the new scores on either a weekly or monthly basis."

My Barclays pre-approved offers disappeared a few months ago - this must be based on CRA feed /Experian Delphi score as account throughput has been consistent , however I had opened new "credit" accounts elsewhere - this seems to have caused the pre-approved offers to disappear

Plenty of posts about Experian Delphi Score https://forums.moneysavingexpert.com/discussion/2230909

Ritchie74 wrote: »

Hi all, at risk of receiving abuse (!) here is what I know about bureau scores.

First off I do not work for a CRA, but worked with them and used their outputs in different role in risk management at 3 different UK banks/ financial services companies. Not read the full thread so apologies for any repitition in advance.

Here is what I know about CRA scores. There are many different scores banks buy from CRAs (application, marketing, behaviour, indebtedness to name the main 4). These are created by the bureaus and only the bureaus know the scorecard used to create. All the info used in the scorecard, banks also receive in the form of raw data (no searches, bal, lim & util, delinquency, public info to name a few).
As well as receiving the bureau score, banks use the raw data to compile their own scorecard to output an 'internal score'.

As the same raw data is used to create both, the correlation between scores is very high (as seen by deciling both scores and cross tabbing). Therefore internal scores are very indicative of bureau scores.... even though different scorecards are used, and likely different variables are used (a lender may put more weight on util, for eg, than the bureau does).
Now, as the bank knows exactly what is fed into their internal scorecard, this is used for application decisions. However, the bureau score can and is used also (I have seen them used for limit assignment at origination, and limit decrease strategies (if bureau score <x then reduce limit)).

One more thing, I have seen many posts where posters have stated they have a score of 999. This does not ring true with scores I have seen on our book. I can only assume that these scores are created purposly for the customer as an indication of how good/bad they are, but is not one of the actual scores the banks receive. Happy to be corrected on this, never having bought my own score.

In short, the scores (eg Delphi at experian, Risk Nav at equifax) can/are used in its entirity at banks, however all app scorecards I have seen are internally built.
Banks pay money for the scores and do indeed use them but I do not beleive these are the same as the ones you can buy.

Sorry for long post, R

I have the best behavoural score at COOP Bank "1" - they will pre-approve then decline due to CRA non-adverse data (soft search thankfully)

izools

Dr_Cuckoo3 wrote: »

Being approved on the basis of behavioural score and/or behaviour score with no adverse CRA data is becoming a thing of the past

HSBC appear to be the last major bank to approve on this basis

There is an informative thread on HSBC behavioural scores here https://forums.moneysavingexpert.com/discussion/665563

The other banks appear to use Experian Delphi score (or equivalent) to override the behavioral score

"Every week, Experian monitors the customer file for significant events. If one is detected, the customer is re-scored using the Delphi for Customer Management scorecards. A file is then passed back from Experian containing the events and the new scores on either a weekly or monthly basis."

My Barclays pre-approved offers disappeared a few months ago - this must be based on CRA feed /Experian Delphi score as account throughput has been consistent , however I had opened new "credit" accounts elsewhere - this seems to have caused the pre-approved offers to disappear

Plenty of posts about Experian Delphi Score https://forums.moneysavingexpert.com/discussion/2230909




I have the best behavoural score at COOP Bank "1" - they will pre-approve then decline due to CRA non-adverse data (soft search thankfully)

Fascinating stuff, Dr Cuckoo. Thanks for that, a great read.

As for STUCKUPTART I do pity you. Its pretty obvious who you really are. I won't get involved again. You're welcome to be as judgemental as you feel you need to be to satisfy your petty needs.

I think everyone can see very transparently from the tone and quality of both your posts and mine who is more credible, sensible, or worth talking to / listening to.

If you don't believe me, call HSBC telephone banking, choose the option for new products after entering your HSBC a/c details, and ask the same question yourself. Feel free to call back and ask several people the same question if you like.

Or just keep posting badly written, badly spelled, curse-word ridden posts. Your prerogative.

Does interchanging the term "Partner" with "Friend" constitute a crime? Didn't think so. Does it constitute a crime if I share experiences of speaking to an underwriter on behalf of my Partner? Thought not.

Oh, and just as a final point, if I was heading back toward bankruptcy as you suggest, why would I have closed #8,130 worth of credit lines in time for the new year? Why would I have only one credit card by choice? Why would I have a minimum bank balance of #750 and average bank balance of #1,250 despite having a #1,000 overdraft?

Some people... Hopefully you'll be banned soon.

big_Daddy_Dave

how accurate is checkmyfile? i want to check all my reports, i could send for the statutory report but that seems like itll take years i just know theyll keep sending back letters asking for more and more stuff so i may aswll use this

will it be a carbon copy of my files or will they add their own stuff?

BugsyBrowne

big_Daddy_Dave wrote: »

how accurate is checkmyfile? i want to check all my reports, i could send for the statutory report but that seems like itll take years i just know theyll keep sending back letters asking for more and more stuff so i may aswll use this

will it be a carbon copy of my files or will they add their own stuff?

Its a waste of money if it was that good the lenders would use them,but check my file has 50% on there reports compared with Equifax or Experian..