The Sub Prime Credit Thread - Part V

callum9999

star-fire wrote: »

Listen Dippy its called a pre-app check which is based on how B/C see your report and then base this info on what card your most likely to be offered when applying.
izools proved this by applying for a card which was the more unlikely card with 70-80% chance of acceptance and got declined.

Do you completely misunderstand the concept of percentage? Yes, it was the more unlikely card, but everyone already knew that - how would a mainstream card possibly be easier to get than a sub-prime card? The chance of getting the decent card was only marginally less than the chance of getting the initial card. You appear to be the "Dippy" one, struggling to grasp a very simple concept.

They do not want the initial card, ergo they felt it was worth a shot applying for the other card. If they didn't want you applying for anything other than the easiest card to get, they wouldn't give you other options would they...

Atom

callum9999 wrote: »

Do you completely misunderstand the concept of percentage? Yes, it was the more unlikely card, but everyone already knew that - how would a mainstream card possibly be easier to get than a sub-prime card? The chance of getting the decent card was only marginally less than the chance of getting the initial card. You appear to be the "Dippy" one, struggling to grasp a very simple concept.

They do not want the initial card, ergo they felt it was worth a shot applying for the other card. If they didn't want you applying for anything other than the easiest card to get, they wouldn't give you other options would they...

I would say that was well put.. i personally would have went for the better of the cards too if given the option..

I get no options because i have a default - roll on october !

BugsyBrowne

callum9999 wrote: »

Do you completely misunderstand the concept of percentage? Yes, it was the more unlikely card, but everyone already knew that - how would a mainstream card possibly be easier to get than a sub-prime card? The chance of getting the decent card was only marginally less than the chance of getting the initial card. You appear to be the "Dippy" one, struggling to grasp a very simple concept.

They do not want the initial card, ergo they felt it was worth a shot applying for the other card. If they didn't want you applying for anything other than the easiest card to get, they wouldn't give you other options would they...

Jeez no one want an initial card, my point was why apply for a card that give you less chance of being accepted.
So yes it was worth a punt, so izools went for it and guess what the B/C answer was NO!!!!

Little maths clue for you 80-90% is higher than 70-80%....

BugsyBrowne

Atom wrote: »

I would say that was well put.. i personally would have went for the better of the cards too if given the option..

I get no options because i have a default - roll on october !

Unfortunately its going to be a while for someone who is high risk like yourself to fall into options like this I am afraid.

Atom

star-fire wrote: »

Unfortunately its going to be a while for someone who is high risk like yourself to fall into options like this I am afraid.

star-fire i have 1 satisfied default that drops off in september - come October i will have nearly 3 years of paying back credit cards and other forms of credit in full, there is no other detrimental info on any of my reports - i actually got a specific reason from 2 lenders why they rejected me and it was my default being "partially" satisfied and it was for a high amount.

My OH had a loan default of 700 a few years back but paid back in full to mark it as satisfied - she then got a cc with M&S with a big limit and also with the bank, thats with a satisfied default.

I'm sure come October i will be all set to dump the sub prime for main stream. :T

izools

star-fire wrote: »

Jeez no one want an initial card, my point was why apply for a card that give you less chance of being accepted.
So yes it was worth a punt, so izools went for it and guess what the B/C answer was NO!!!!

Little maths clue for you 80-90% is higher than 70-80%....

Right, they said no, because I'd had a couple of recent searches and my bank account / loan account are only six months old. Fair play.

I'm much happier with this outcome - having applied for Simplicity and being declined - than I'd be if I'd applied for Initial - and been successful.

I have no need or want for a card like that so I won't be applying for one.

By your logic, I should only apply for Vanquis - because I hold the greatest chance of getting one...

Why would I apply for an Initial card when I know full well I could apply for a Sygma card and get one? I'm not interested in credit cards, don't need or want one, so will only try my hand at one that is a bit special.

Simples

I'll try again in six months or so, and I think by that time they will say YES as my youngest account will be 12+ months old, not ~6 months old

yenool

izools wrote: »

You're also allowed to have a Progress card even if you already hold a Classic card - but you aren't allowed to apply more than once every six months -

So once you've paid your sixth Capital One Classic statement, apply for the Progress card, you can have both, or close the Classic, whatever you prefer.

Well done on the approval, by the way

HI, are you sure that is correct?

I just applied for the capital one progress card and it accepted me, let me get through all the stages, sign the online agreement etc - then it said:

"One of our team will now perform additional checks, which typically take 7 working days"" :(

I have had a 'classic' for just over a year (current £800 limit from inital £250, never been over £500 balance and cleared in full every month). I also have a vanquis for a year and run it perfectly but the limit has never moved above 250.

Does being reffered for further checks mean I have been rejected? The only reason I applied is because it would be nice to move up the ladder... so to speak. I hope I haven't wasted a credit search for no reason.

Atom

yenool wrote: »

HI, are you sure that is correct?

I just applied for the capital one progress card and it accepted me, let me get through all the stages, sign the online agreement etc - then it said:

"One of our team will now perform additional checks, which typically take 7 working days"" :(

I have had a 'classic' for just over a year (current £800 limit from inital £250, never been over £500 balance and cleared in full every month). I also have a vanquis for a year and run it perfectly but the limit has never moved above 250.

Does being reffered for further checks mean I have been rejected? The only reason I applied is because it would be nice to move up the ladder... so to speak. I hope I haven't wasted a credit search for no reason.

You can get the progress if you have the classic - they probably just wanna make sure you are who you say you are

foolishboy

Had a Cap One letter today. I've had it just over a year .. started on £200 and went to £400 on the 4th statement or whatever. Today they wrote to say as of 1st June it's going to be £1400 which is a nice increase, my file must be improving!

..never paid any interest, spend 50%ish of limit each month and cleared in full.

FB

yenool

Atom wrote: »

You can get the progress if you have the classic - they probably just wanna make sure you are who you say you are

That sounds good. I'm not looking for a huge limit just a lower APR and step towards prime lending really. If I got the same limit as on my classic card then I would just close the classic account anyway. If I get a higher limit I will definately be closing Vanquis as well.