The Sub Prime Credit Thread - Part V

Zack1

PROLIANT wrote: »

Glad to see this thread is still going, well looks like am back for at least the next 6 years!

Word of advice:

Never, ever base your affordability on a partners income as it will land you in the shat when she/he leaves you.
18 months on since my ex left me and I cant even get a payday loan, how the mighty have fallen! LOL

Sorry to hear that, hope you manage to rebuild

Scary that I was thinking about this thread earlier, I applied for Nationwide's account to get free travel insurance, and thought I'd try my luck for a credit card after my application went through and wasn't even referred - and got approved for a 2k one :O Don't know if they will actually give it to me, but it said I had it and let me pick my own limit (up to 2k). That is 0% for 6 months one, I stupidly setup a full payment direct debit though, so will be changing that straight away!

Halifax wrote to me today too saying I had another £500 increase :eek:

vindicated

I tried for a flybe card as my br and discharge was similar dates to the person a few pages back but I got declined - any chance it was because not on electoral roll? Council haven't updated it as only sent forms in a few weeks ago! Take it I have to wait six months now before reapplying to try and get 0% card?

izools

vindicated wrote: »

I tried for a flybe card as my br and discharge was similar dates to the person a few pages back but I got declined - any chance it was because not on electoral roll? Council haven't updated it as only sent forms in a few weeks ago! Take it I have to wait six months now before reapplying to try and get 0% card?

Yes you will have to wait six months, Creation auto decline applicants who have had a decline in the last six months - unless you're lucky enough to be able to speak to an underwriter who can remove the "Duplicate" flag from the application - which is near inpossible.

Your not being on the ER will play a massive factor, as will your time at address - so even once you are on the ER, your time at address will count against you for some time.

I had to build a lot of credit history before being given the time of day by lenders like Creation post Bankruptcy.

First - have you done the post bankruptcy clean up? Are all of your old defaults / CCJs showing as closed and settled with NIL balances?

Are all of your old accounts showing a default date NO LATER than the date of your BR?

Are all of your old accounts showing a satisfied date of NO LATER than the date of your discharge?

Have you built any credit with sub prime lenders since BR?

Get on the ER. Go through the post bankruptcy clean up -

https://forums.moneysavingexpert.com/discussion/677875

Make sure everything is updated with all three credit reference agencies before applying for anything

Once you've held a Vanquis card and Three Sim Zero (those are my recommendations anyway) for a year get a Capital One Classic.

Once you've held a Vanquis for two years and a Capital One Classic for one year, then you can consider applying for prime products - but don't expect much mileage.

It's a long and hard path to get yourself back to the position where Creation will even consider an application from you but if you're patient, and take the right steps at the right time, I'm confident you can get back on track well before the six years is up.

Good luck! :beer:

Zack1

You could try appealing and send in something saying how long you've lived at your address, explain that the council are currently updating it etc? It should be done soon. I'm not listed as being on mine on my credit report (from 12th Dec), but I've been accepted for a load of cards so I assume I am

Just, surprisingly, been accepted for Flybe (I closed my old creation 6 months ago) - can they take that off me? AVU Style?

I was torn between Flybe and the Marriott Rewards one (0% one I wanted I'm not old enough for!), if I can actually get hold of the free flight (and there's not a million conditions attached) it may work out better to have that. Is there anything to stop me trying for the Marriott one now or would it be auto decline? I know there was debate about how long to wait last year but not sure of what the best outcome was regarded to be. I thought if it was declined you had to wait but if accepted I could go for another one now?

I'm 99% sure that when my pending limit increases go through (both Halifax & Aqua) and my report shows I've got 2 new cards I won't be getting anything for a while, so wanted to try sooner rather than later - then I could use whatever card suits me when they run promotions etc?

izools

Zack1 wrote: »

I thought if it was declined you had to wait but if accepted I could go for another one now?

Exactly. Good luck!

Zack1

izools wrote: »

Exactly. Good luck!

Thanks thought so. Just researching this scheme before applying.... it doesn't actually look that good, thousands of points to get anything and only a tenner worth of points for opening it, might give it a miss!

jo-bo

Try the cash back card. You'll have to google creation cashback credit card as it doesn't appear on their site, it's 1.5% on supermarket and petrol spends and 0.5% on everything else. Not as good as some I know, but there's no fee, I applied and it instant accept and 4k limit

alfred64

Although the Marriot card comes with 0% interest for 12 months for balance transfers, so not to be dismissed if you are carrying a balance elsewhere.

mum_of_lewis

Hi,
I was accepted for a creation card on 31st december,It was approved with £1000 limit.The next day i thought i would try my luck for another one as i had seen on here it had been successfull for othersbut it was a decline?

Anything i can do about this?

I really wanted to balance transfer but i am about £300 short with the £1000 limit.

Thanks
Janette xx

izools

Don't say creation are actually a responsible lender now!?

|No but seriously I found it rather odd that they in fact declined me for a 0% Purchases card not long ago, too (slow stooze intentions) but hey ho. I guess it couldn't last forever, them giving out credit like candy...