The Sub Prime Credit Thread - Part V

Reesy1981

it is much better

wizzywig27

This pre application soft search by Nationwide, how good is it? I just wasted a search as the page came up offering a 1k limit at 15.9% APR, so I click next then within seconds a decline page comes up (it didn't even seem to load a page)! Why offer me that then decline me?!

spikescot2005

I don't think it does a search. I think it offers you based on the information you put in, then gives a quote. Only when you click next does it do a search.

Cash_Flow

spikescot2005 wrote: »

I don't think it does a search. I think it offers you based on the information you put in, then gives a quote. Only when you click next does it do a search.

Sorry but you are wrong.

A soft search is performed at the time of quotation.

http://www.thisismoney.co.uk/money/cardsloans/article-2087839/Soft-checks-loans-credit-cards-Avoid-damaging-credit-score.html

TraderDJ

I really like the new Aqua card... closed my account a few days before I received it though!

Deccy

I was wondering if anyone could help me out here?

I'm 18 and trying to get my first credit card. I got a mobile phone contract the day after my 18th birthday, pay it off each month by DD and have never missed a payment.

Not long after that I took out a Topman store card and paid it in full, I cut it up when I got home as I only took it out to get a special offer.

I have an overdraft and went over the limit once. I quickly jumped back above the limit as I get paid weekly.

I am slowly digging out of the overdraft.

I did a moneysupermarket soft search and was told for a Cap1 basic card I had a 7/10 chance of being accepted. I also did the same thing on the Barclaycard website and was told I had an 80 - 90% chance of being accepted for their Initial credit card or and 70 - 80% chance of beng accepted.

A few weeks ago I applied for an Aqua card - before I actually knew anything about credit, have done some research since then - and was rejected so I do not plan to apply for anything else at least until I'm out of my overdraft. So probably around June

I've really been rambling here but my basic question is, when the time comes do you think I would be as well gong for the Barclaycard - Gold or Initial - or should I go with Vanquis or Cap1.

Thanks for your advice!

callum9999

Deccy wrote: »

I was wondering if anyone could help me out here?

I'm 18 and trying to get my first credit card. I got a mobile phone contract the day after my 18th birthday, pay it off each month by DD and have never missed a payment.

Not long after that I took out a Topman store card and paid it in full, I cut it up when I got home as I only took it out to get a special offer.

I have an overdraft and went over the limit once. I quickly jumped back above the limit as I get paid weekly.

I am slowly digging out of the overdraft.

I did a moneysupermarket soft search and was told for a Cap1 basic card I had a 7/10 chance of being accepted. I also did the same thing on the Barclaycard website and was told I had an 80 - 90% chance of being accepted for their Initial credit card or and 70 - 80% chance of beng accepted.

A few weeks ago I applied for an Aqua card - before I actually knew anything about credit, have done some research since then - and was rejected so I do not plan to apply for anything else at least until I'm out of my overdraft. So probably around June

I've really been rambling here but my basic question is, when the time comes do you think I would be as well gong for the Barclaycard - Gold or Initial - or should I go with Vanquis or Cap1.

Thanks for your advice!

Vanquis seems to be the easiest to get so I'd personally start there (and where I did start 2 years ago!).

TraderDJ

Vanquis repeatedly turn me down, despite it looking like I was accepted at one point (I had the welcome call). I'd go for Cap1 or Barclaycard Initial. Barclaycard is the better card to have IMO, but harder to get. Gave me a very high limit when I got it though. Capital One are very useful for free credit reports though

Deccy

Thanks for both your points. Realistically if I get knocked back for the barclaycard will it effect my chance in getting a vanquis? Would I need to wait another three to six months?

I only want the cardio build up credit to be honest. Want to use as cash instead of the bank and pay off in full.

TraderDJ

You need to wait another 6 months before reapply for something you have been declined for (e.g. apply for Cap 1 in Jan and get declined, don't try again until at least July). You can apply for something else though.

It's true that you shouldn't apply for too much, as that looks like you're desperate for credit, but if you went Barclaycard then Vanquis and maybe even then Cap1 that would be fine if you applied for nothing for the next 6 months.

Searches are deleted after a year but ones older than 6 months don't make as much of an impact. I used to apply for 3 or 4 things on the same day and then not apply for anything for over 6 months (when I wanted to try my luck with many, e.g. Halifax, Nationwide, HSBC, Cap1 etc). Applying for about 3 things at once should be fine (subject to previous searches).

Being rejected for 1 would in theory make it harder to get another, but if you do them 1 after the other on the same day then the database might not have been updated in time to show you've applied for the first one.

Even if it has been, different lenders use different Credit Reference Agencies, so if one only searches say Experian and one only searches Equifax then they won't know you had applied for anything (I can't remember who searches what, there was a list on here before)