The Sub Prime Credit Thread - Part V

HistoryGirl_3

After reading various things and being advised by bank to get a cc to build up a credit history, I've checked my report online and found missed payments and a default on bills from previous property. Would it be best to wait until this missed payment account is settled in month or so before applying? Which is the best (if not a stupid question) for a newbie?

Zack1

HistoryGirl wrote: »

After reading various things and being advised by bank to get a cc to build up a credit history, I've checked my report online and found missed payments and a default on bills from previous property. Would it be best to wait until this missed payment account is settled in month or so before applying? Which is the best (if not a stupid question) for a newbie?

Yes, if it's going to be settled then wait until it's updated. If you don't urgently need the card, wait 6-8 weeks, if not more, to be 100% sure everything has settled and updated correctly. If you get a free credit report (Noddle/Cap1), then you could even check that again after 2 months to see if anything is outstanding - if so, hassle the company in question and continue to wait.

You can only apply for most things once every 6 months (any earlier and they'll automatically decline you), so I'd certainly wait, unless you have an urgent need for a card and think you can scrape through credit scoring now.

Which cards do you plan to apply for? Whoever it is, missed payments will look bad - if you settle the account (without any kind of court action) then this will make you look more favorable - the missed payments can unfortunately only be corrected with time and continued good management

HistoryGirl_3

There's no urgent need for a card just been mentioned by bank several times would be worth getting one to build up a credit history for the future.

I've obtained free credit report and found missed payments and the default from a previous property completing my fault for not closing the account - lesson learnt, but paid most of what I owe just waiting for final bill.

Maybe best to wait until new year then. I was thinking about Capital One Classic, but what about my bank would that be a better option? I've never had problems just went into overdraft in first year of uni been nowhere near it since.

Any advice would be welcome

izools

Once the account has been paid off and settled it's worth applying with your bank but even once it's paid off your bank will probably turn you down because of the recent default.

Don't worry if they do, just take out the Capital One Classic again and try with your bank once you've had the Cap One card for a year or two.

Good luck! :beer:

Sam2009

Hi

Opened my emails last night to one from Vanquis saying that as I am a gold card member i could receive free entry into winning some tickets, or something ...... im not a gold card member though ?

My vanquis limit is £2000 (balance around £50) held for 2 years

I also have aqua - limit £600 (balance is zero) held for 11 months

And Capital one - still on the same crappy £200 limit (balance around £40 from my boots shopping on Saturday) held for 11 months

Next account - limit £1000 (balance is £250 ish - just shopped in the sales lol)


My other question is, i would like to ditch Capital one because the total lack of increasing my limit. Not sure what other card i could try for though ? I have a CCJ from 2007 and a default the same year. The default was with barclaycard, so that rules out applying for an initial.

Roll on September 2013 and ill be all clear !!

jackjones01

hello2007 wrote: »

I got Barclaycard Intial with a £800 limit last December and they also gave me 6.9 APR for Balance transfers and 29.9 Apr for purchases.

I also have the Capital One card and they are still doing the free Equifax alerts and I have not be told that they are stopping them.

I received my card today with a £1000.00 credit limit

izools

Sam2009 wrote: »

Hi

Opened my emails last night to one from Vanquis saying that as I am a gold card member i could receive free entry into winning some tickets, or something ...... im not a gold card member though ?

My vanquis limit is £2000 (balance around £50) held for 2 years

I also have aqua - limit £600 (balance is zero) held for 11 months

And Capital one - still on the same crappy £200 limit (balance around £40 from my boots shopping on Saturday) held for 11 months

Next account - limit £1000 (balance is £250 ish - just shopped in the sales lol)


My other question is, i would like to ditch Capital one because the total lack of increasing my limit. Not sure what other card i could try for though ? I have a CCJ from 2007 and a default the same year. The default was with barclaycard, so that rules out applying for an initial.

Roll on September 2013 and ill be all clear !!

Don't close your Capital One Classic just yet - apply for a Capital One Progress card.

You're allowed to hold both the Progress card and the Classic card at the same time but only if you open classic first then go to Progress (which you'll be doing).

As an existing customer you should get a bigger limit on Progress than you did on Classic - then you can close your classic card.

At least then you'll have a card that will (eventually) have a respectable APR

Good luck!

jackjones01

I think barclaycard pulling natwest stunt. It appears they have cancelled my account today for some reason. Do they normally send a card and pin then tell you too naff off?

izools

jackjones01 wrote: »

I think barclaycard pulling natwest stunt. It appears they have cancelled my account today for some reason. Do they normally send a card and pin then tell you too naff off?

We have had reports of them doing this in the past, yes.

connormill

connormill wrote: »

Think I'm starting to get things on track now. after trashing my credit reports with loads of searches when I turned 18 and getting declined for everything, i'm starting to get some credit now and make the repairs.

I now have a Granite Vanquis card with a £500 limit. and after reading this thread thought I'd apply for a Capital One Classic. and to my surprise they accepted me instantly online. so waiting to get the card and see what credit limit I get.

I pay off the Granite by DD in full every month, and intend to do the same with the Cap1, really want to start stringing these 0's up on experian.

Also have a Cash Plus Creditbuilder and 14 months into a contract phone with 3 never missed a payment on either. So hopefully in 6 months to a year's time, things wil be looking pretty good!

I have also applied for a Barclays Initial, they say they'll be in touch. Not holding out too much hope for that one

Just as a follow up to this, Cap1 phoned me to confirm name, DOB etc and said the card and pin would be in the post in 5 days. Good stuff

But even more surprisingly, Barclays have sent me an email saying that I have been accepted for an Initial (got declined about 7 months ago) with a starting limit of £400, should arrive within 10 days.

My plan is to use both as I do with the Granite. Put small, day to day stuff on them and pay off in full by DD.

Looking to buy a house in 3 years time. So doing all I can to make the credit rating as good as it can be for then. So if anyone has anymore tips that would be great!