The Sub Prime Credit Thread - Part V

simax

izools wrote: »

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...

Nah......... £14.3k in limits they have given me over numerous cards since May 11......

vindicated

izools wrote: »

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:

Done the post bankruptcy clean up - my files are all clean apart from the obvious bankruptcy, but all dates are present and correct.

I have a vanquis card but only just had my first statement, have the cashplus credit builder and thats about it apart from my newly opened current account.

Im guessing the ER issue is the problem, annoying since the council send the updates on 1st of Jan or something over the festive period?!

Applied for a Capital One card but they also declined me, even declined after i appealed again might be the ER thing.

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 stupidly didnt take a note of any reference numbers when i got the "decline" notification online and from what ive read if i send in an appeal without a reference they'll credit search again

I've only recently moved to my current address after being at my previous for over three years...again this probably doesnt help!

If capital one turned me down then i guess its unlikely i'll get any 0% cards until i have 6-12 months of good vanquis and current account usage i imagine?

izools

Glad you got the post BR clean up all sorted, that can be a right slog, at least it was for me. How was it for you?

Regards your decline - it's not just the ER thing. Don't blame it all on that.

There are several problems:

1. Not being on the ER
2. Being at your current address for a brief time frame (a separate problem, time at address factors into your credit score)
3. Too many recent credit searche (just a guess - apologies if wrong)
4. New accounts - creditors don't want to see applicants with recently open accounts, they want to see applicants with accounts open a decent amount of time.

Trust me, take my advice, don't apply for anything until you've had your Vanquis card for a year and you should have no trouble getting a Capital One Progress (worst case scenario, Capital One Classic).

Once you've then held that for a year you'll be in a stronger position for other cards or a full bank account.

Good luck matey, you'll get there, we all will! :beer:

MorrisonsEmployee

Just reading through this thread and after some advice - Like others i couldn't even get a SIM only contract a year ago but am now in the following situation:

Vanquis Card [£1,000 limit - Started with £250] - Held for 8 months
Capitial One [£300 limit] - Just got!
T-Mobile Contract [£45 per month] - Held for 8 months
Very Account [£1,500 limit - Started with £150] - Held for 8 months
La Redoute Account

So after not being able to get ANYTHING for years iv managed to get a few credit lines in the past 8 months - Now what? Run the above for another 12-18 months before thinking of applying anywhere else?

Zack1

jo-bo wrote: »

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

Thanks, I saw that earlier somewhere (that's what made me compare Creation cards rather than go straight for Flybe).

I'm not old enough to have a cashback card

I wouldn't get much anyway, hardly hit the £300 a month to get my free fiver from Halifax! Hitting close to £300 month works out at about 1.7% cashback on all purchases, which is better than I'd end up with anywhere else! Where if I spent up to my (raised) limit every month it would work out at about 0.3%!

It can be quite amusing towards the end of the month, they must know I'm up to something! Remember one month I spent £296 - so got a £4.95 pitcher for my friend and she doesn't understand how it was free and I got myself 5p.... with my bill going up to just under £301... and then straight back down to £295.95 :rotfl:

izools

MorrisonsEmployee wrote: »

Run the above for another 12-18 months before thinking of applying anywhere else?

Precicely.

You've got the credit lines, now you need to demonstrate to any prospective creditor that you are stable, you can maintain the status quo, and you can easily handle these lines of credit.

So don't apply for anything else, keep the balances nice and low, and after 12-18 months they accounts won't be "new" so you won't look unstable any more and should have built enough credit history to be able to get a nice account elsewhere.

If I were in your position, in fact, I'd be inclined to - after 12 months - close the La Redoute and Very accounts - wait for this to reflect on your credit files - then apply for a nice credit card (cashback card?) elsewhere.

Creditors like to see settled accounts as part of your history - so long as they aren't settled after just a few months of being opened as this can show instability

vindicated

izools wrote: »

Glad you got the post BR clean up all sorted, that can be a right slog, at least it was for me. How was it for you?

Regards your decline - it's not just the ER thing. Don't blame it all on that.

There are several problems:

1. Not being on the ER
2. Being at your current address for a brief time frame (a separate problem, time at address factors into your credit score)
3. Too many recent credit searche (just a guess - apologies if wrong)
4. New accounts - creditors don't want to see applicants with recently open accounts, they want to see applicants with accounts open a decent amount of time.

Trust me, take my advice, don't apply for anything until you've had your Vanquis card for a year and you should have no trouble getting a Capital One Progress (worst case scenario, Capital One Classic).

Once you've then held that for a year you'll be in a stronger position for other cards or a full bank account.

Good luck matey, you'll get there, we all will! :beer:

It was a major slog for me, took almost a full year just to get it sorted, nightmare but it had to be done!

I actually got approved for a full bank account with lloyds and just waiting on the card to be delivered.

Do you think it would be worthwhile applying for a small catalogue account like Very or something just to have an additional line of credit ticking over to show good account conduct?

simax

Well, made a resolution for 2012 not to apply for ANYTHING that involves a credit search. Got loads on there that need to clear down.

However just before the new year I snuck in a quick app for the new Marriott card from Sygma.

Not got the card yet (Got a referral message - probably as I've got a "few" cards already), but noticed the card appeared on my credit file today.

£4k limit. Tidy. Hope the APR is nice. Should know on Monday when the post arrives

They also upped my Maximiles card limit from £2,500 to £3,200 last week. So, in May 2011 I had no cards at all. Now I have the following:

FlyBe - £2,000 19.9%
MaxiMiles - £3,200 29.9%
Accessory - £2,000 19.9%
Creation - £2,000 16.9%
AllSaints - £2,000 18.9%
Silver - £2,000 18.9%
JJB - £850 18.9%
M+Co - £250 24.9%
Marriott - £4,000 ???%
Nationwide Visa - £2,000 19.9%

Nothing too shabby there (A year ago I couldn't get ANY credit at all). All used for a few items each per month and cleared in full.

boogiemaster

Declined last year for catalogues and credit cards.

Applied to JD Williams and Simply Be and was accepted for both and given £125 on each and eight months later credit limits on both are £1300.

After about five months of payments to catalogues was accepted for Kay's and given £500 and four payments later limit is now £600.

Applied for Vanquis in December and was accepted and given £250 limit first payment paid in January.

Applied for Capital one classic in late December and heard in January I've been accepted with £500 limit.

Catalogues have helped me get credit cards after being declined by them before so just shows they do help


Virgin media four years
Virgin mobile four years
BT four years

JD Williams £125 now £1300 after eight months payments
Simply Be £125 now £1300 after eight months payments
Kay £500 now £600 four months payments.

Vanquis £250

Capital one £500

Default drops off in July 2012 no late or missed payments and credit file totally clean

Hydromancer

Just found out that Vanquis are now offering a new credit card for selected applicants who do not qualify for their Vanquis card. It's called Vanquis Alpha and has a credit limit of £100 with an APR of 79.6%.

http://www.vanquis.co.uk/alpha-summary