The Sub Prime Credit Thread - Part V

foolishboy

Gazwa wrote: »

Hi,

i'm sure ive read in this thread about hsbc current accounts but cannot find it...

can anyone confirm hsbc will only credit check you for your past 3 years history for an application on a current account...?

I know halifax state they will open you an account if you have had 36 months clean history but im hoping to open a new hsbc account soon as my history is nearly 36 months clear..


Cheers

Gaz

I'm 3 years clean and HSBC gave me the cold shoulder, not applied to Halifax yet as I'm waiting for some searches to age.

HTH
FB

izools

HSBC opened me a Current Account with #1,000.00 overdraft within three years of bankruptcy, but my history since then was exemplary and thorough.

They have changed their criteria since though, so not sure if they're still one worth trying. Certainly were worth it for me though

edinburgher

Morning all - long time since I've posted on this thread!

My credit rating seems to be steadily improving (15 months til my default gets scrubbed and 12 months since I first got my Cap One card).

Unfortunately life gets in the way sometimes and I've also moved house twice in a year and am not currently on the electoral register (moving *again* in a month )

I've continued to use the Cap One card, but the limit did appear to be stuck at £500, so have applied for (and been accepted for) a Barclaycard Platinum. The rate is a fairly horrendous 19.9%? assumed with an assumed limit of £1200. So definitely a step in the right direction (and it trumps my £500/34.x% Cap One card by a good bit!) I've also been accepted for a vanilla Natwest current account (no O/D, but it's useful to have a chequebook again).

Is there any benefit to keeping the Cap One card open? I don't need it (or any card) for emergencies, as I have healthy savings these days and I'll only do so if there's any active benefit to having it. For example, would there be any point in using one card for half of the month for luxury/fun purchases to show that I'm still actively managing accounts well?

Advice appreciated as always.

BugsyBrowne

edinburgher wrote: »

Morning all - long time since I've posted on this thread!

My credit rating seems to be steadily improving (15 months til my default gets scrubbed and 12 months since I first got my Cap One card).

Unfortunately life gets in the way sometimes and I've also moved house twice in a year and am not currently on the electoral register (moving *again* in a month )

I've continued to use the Cap One card, but the limit did appear to be stuck at £500, so have applied for (and been accepted for) a Barclaycard Platinum. The rate is a fairly horrendous 19.9%? assumed with an assumed limit of £1200. So definitely a step in the right direction (and it trumps my £500/34.x% Cap One card by a good bit!) I've also been accepted for a vanilla Natwest current account (no O/D, but it's useful to have a chequebook again).

Is there any benefit to keeping the Cap One card open? I don't need it (or any card) for emergencies, as I have healthy savings these days and I'll only do so if there's any active benefit to having it. For example, would there be any point in using one card for half of the month for luxury/fun purchases to show that I'm still actively managing accounts well?

Advice appreciated as always.

Defiantly get rid of your Cap1 no benefit whatsoever keeping that card.

You've done very well to be accepted for a barclaycard platinum with a default on your file and not on the electoral role.

edinburgher

You've done very well to be accepted for a barclaycard platinum with a default on your file and not on the electoral role.

I have? Tbh, looking at the terms for the card it doesn't look particularly great (I'd say it's midway between a sub-prime card and a 'real' card, as the limit looks to be capped at £1200?) I could be confusing assumed and actual limit, as I won't know the limit until they send me the card.

Still, I know how important being on the electoral register is, so I get what you're saying

Zack1

Well done getting Barclaycard.

As for benefits of Cap1 - remember they give you the free "subscription" to Equifax - 2 free credit reports a year. It may well be worth making use of that.

It may be worth keeping it open but not using it purely for your history & stability purposes. You say that, unavoidably, you move around quite a bit and so lenders may be wary of you. Having just moved you would be a risk on the stability side of things. If you then close your Cap1 you would only have the 2 new accounts (unless you have others you haven't mentioned)

BugsyBrowne

edinburgher wrote: »

I have? Tbh, looking at the terms for the card it doesn't look particularly great (I'd say it's midway between a sub-prime card and a 'real' card, as the limit looks to be capped at £1200?) I could be confusing assumed and actual limit, as I won't know the limit until they send me the card.

Still, I know how important being on the electoral register is, so I get what you're saying

Your credit limit will be more than £1200 more like around the 3k mark or even more.

£1200 limits they send out with their initial card,so the platinum will be be way more.

edinburgher

It may be worth keeping it open but not using it purely for your history & stability purposes. You say that, unavoidably, you move around quite a bit and so lenders may be wary of you. Having just moved you would be a risk on the stability side of things. If you then close your Cap1 you would only have the 2 new accounts (unless you have others you haven't mentioned)

Thanks Zack. That's definitely something to consider - many of my accounts are 1-2 years old (CCs/mobile phones/current accs etc.) It probably won't hurt to keep the Cap1 on for the credit reports and the odd purchase so they think I'm still alive.

Your credit limit will be more than £1200 more like around the 3k mark or even more.

Hadn't realised that. Good stuff. As I said, don't really have any need of a CC, but I realise that it's important to have some access to credit as I'll be looking for a mortgage in about a year and it won't hurt to prove myself a bit more...

Cheers guys.

callum9999

star-fire wrote: »

Defiantly get rid of your Cap1 no benefit whatsoever keeping that card.

You've done very well to be accepted for a barclaycard platinum with a default on your file and not on the electoral role.

I find the free credit reports and credit alerts from having a capital one card pretty beneficial.

BugsyBrowne

callum9999 wrote: »

I find the free credit reports and credit alerts from having a capital one card pretty beneficial.

Oh yeah for that,but think the OP was looking at the beneficial terms of spending.