The Sub Prime Credit Thread - Part V

chexum

tigerlily44 wrote: »

Surely the whole point is that to be sub prime they are necessarily going to be more lax? Why charge the astronomical interest rates if they are trying to be mainstream?

tiger

Based on moneysupermarket's checker, Aqua consistently comes up for me with a "Low" chance - which suggests, that their criteria includes having "not too much" credit available. If you have more than one other cards, they seem to freak out as they don't have control over how much more credit you can get by asking for increases. It sort of makes sense to me.

If you have more than two credit accounts (or even just one current account+credit card), you should not need Aqua anymore, you just need some patience for your credit file to stabilise - 6-12-18 months...

ElkyElky

tigerlily44 wrote: »

Surely the whole point is that to be sub prime they are necessarily going to be more lax? Why charge the astronomical interest rates if they are trying to be mainstream?

tiger

They are much stricter than some mainstream lenders, no idea why. I guess they are very select about whom they have as customers, possibly to limit their losses. I personally wouldn't recommend them to someone who is trying to build their history simply because it may (or may not) be a wasted search, more so for those who've suffered debt problems previously.

Babache

:think:
Spent some time reading thru some threads - got side-tracked in the "Sygma Bank Cards" for a couple of hours but no nearer to the answers ...

Have no credit history as lived abroad until June last year. Am lodged with family, have a new bank a/c (finally) in my name and on the electoral role for this address. Bank would't give me either loan, o/d facility or card other than Flex debit card. According to Mgr I have "fair" credit rating :doh:

Interview next week for job paying circa £21k. Need funds for commute (purchase of "recent" s/h car so around £3k or more) OR deposit, first month's rent and some furniture ...

My lack of history and what I've read here would point to a sub-prime card. However, I doubt I'd qualify for the limit I'm looking for for one thing. Another thing that worries me is I'll apply for Aqua / Sygma / Cap1 or Vanquis and get turned down making my no credit history bad credit ... if you see my gist?

What to do? Please, please advise the time-scale is getting shorter and when the interviewer asks about my commute or re-location plans, I'll like to say something pretty positive (this was a pre-requisite for the intervew!!).

Thanks all

Babache

BTW ideally I'd want to pay off any loan or CC in a short time - as little as 6 months as this is the "guaranteed" contract on offer with company!!

izools

Bottom line Babache, is that with no credit history you simply won't get the lines of credit you're looking for within the time you have given yourself.

You'll need to find a workaround that you can do without borrowing.

You should be accepted for a sub prime credit card with a low limit now, I see no reason why not, but you'll have to have held your job, bank account, sub prime card, and current abode for at least 12-18 months without a change in circumstances for you to be a good candidate for prime credit I'm afraid.

Good luck with the new job! :beer:

DizzleUK

My Aqua card arrived yesterday. £750 limit to start (at the 4th time of trying over the past couple of years).

Also have £100 with Capital One and £500 with Vanquis.

Barclaycard Initial are still not interested in giving me a card, nor are any mainstream lenders.

Dr_Cuckoo3

Babache wrote: »

:think:
Another thing that worries me is I'll apply for Aqua / Sygma / Cap1 or Vanquis and get turned down making my no credit history bad credit ... if you see my gist?

Vanquis approved my application with 5 credit searches in the last 3 months (£1000 limit)

Sygma search Equifax only , Vanquis search Experian only

Sygma approve with quite a few searches , so I would apply for Capital One /Aqua then both Sygma and Vanquis

This thread lists which Credit reference agency each bank uses https://forums.moneysavingexpert.com/discussion/2419785

I have held a Nationwide account for 20 years (full flex account) and would not recommend them for credit cards/loans to existing customers

You live in north Kent so Metro Bank are an option , they are likely to offer at least what you have at Nationwide and will manually consider credit card applications (I have a Metro Bank current account) , they approve applications with a few credit reference searches too

Zack1

I applied for a Sygma increase (£200 really is useless now Natpest have decided they fancy giving me a credit card again). It said within 24 hours it would update, this was Friday. It still hasn't, as today is a working day I'm assuming I've been declined.... ?

izools

Zack1 wrote: »

I applied for a Sygma increase (£200 really is useless now Natpest have decided they fancy giving me a credit card again). It said within 24 hours it would update, this was Friday. It still hasn't, as today is a working day I'm assuming I've been declined.... ?

They do it manually, might be stuck in someone's queue - give them a call?

BugsyBrowne

izools wrote: »

They do it manually, might be stuck in someone's queue - give them a call?

I take it you haven't spoken to Sygma for a while izools as increases only come by form of a 30 day letter now.
Hopefully someone will come on here to verify this if not I am going to look a t*t again!!