The Sub Prime Credit Thread - Part V

Deccy

Thanks for that.

Everyone on here is a complete wealth of knowledge!

Will probably try the Barclaycard then Cap1 them Vanquish after I'm out of this overdraft.

Getting credit is like getting a bloody job. Easier to get it when you already have one. ;p

Thanks again for all your help. Think I have plan now.

TraderDJ

Deccy wrote: »

Thanks for that.

Everyone on here is a complete wealth of knowledge!

Will probably try the Barclaycard then Cap1 them Vanquish after I'm out of this overdraft.

Getting credit is like getting a bloody job. Easier to get it when you already have one. ;p

Thanks again for all your help. Think I have plan now.

Haha that is very true... I only just scraped my first card and Student Account. Now I can get loads

It's quite worrying really, that 2-3 years of good management and I can have over 8k on credit cards (had to close some down because I'll be financially checked when I go for jobs) and today I've just been approved for a 5k overdraft with Halifax :eek:

According to their online banking loan application thing, I can get a 25k loan with 8.8% APR too. I'm assuming that's right because it gives a 'personalised quote' and if I try lower loan terms to higher monthly payment than it's suggested default it comes up with a long message saying I can't afford it - but it thinks I can afford £700 a month on a 25k loan as an unemployed student, hmmmmm!! :rotfl:

loony2012

callum9999 wrote: »

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

Cap One were easiest for me.
Cap one said yes and aqua and vanquis initially said no.

GF got no to aqua and vanquis and yes to cap one progress.

Deccy

TraderDJ wrote: »

Haha that is very true... I only just scraped my first card and Student Account. Now I can get loads

It's quite worrying really, that 2-3 years of good management and I can have over 8k on credit cards (had to close some down because I'll be financially checked when I go for jobs) and today I've just been approved for a 5k overdraft with Halifax :eek:

According to their online banking loan application thing, I can get a 25k loan with 8.8% APR too. I'm assuming that's right because it gives a 'personalised quote' and if I try lower loan terms to higher monthly payment than it's suggested default it comes up with a long message saying I can't afford it - but it thinks I can afford £700 a month on a 25k loan as an unemployed student, hmmmmm!! :rotfl:

Thing is I have a student account. Got that at 17, but I think I gap was auto accepted because I couldn't get any credit. ;p

It's crazy that they can offer you all that kind of stuff. It's like my friend who doesn't even pay her house bills, never mind her debt and she got offered a loan for 10k.

I don't understand how anything works with this stuff. According to Experian my rating is poor because I've never paid off and closed an account and because my accounts are young. But I paid off the Topman card so how is that so?

Theres also no record of the Topman account on my report and that would surely look a bit nicer? )

TraderDJ

You said you cut the card up, did you officially close it by phoning/writing to them? If you didn't, it will still be running.

If you haven't officially closed it, then because of your age, I'd leave it a while before closing it. You shouldn't open and close accounts quickly anyway because it then affects future credit scoring. In my view closing an account after you are done with it is a sign of being responsible, but no to the lenders - especially as credit scoring is based on profitability.......

But as you're young like me, you need to have a history of running your accounts well. Even if you're not using them, in most cases you get 'green 0s' which means you are running the accounts within the conditions (you haven't paid late, haven't gone over the limit etc)

Your Topman account may appear on Equifax instead. Not every lender reports to every CRA, although I have no experience with them. It would help. If you get accepted for a Cap1 then you can get your report from them.

Also try https://www.noddle.co.uk - it's run by Call Credit so not everything shows (and not many check CC) but it's still good to see and check it's ok, just incase - plus it gives you a rating so you can compare that to your Experian one

TrueUnitedFan

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!

Wow, you got accepted for a topman card? Im 18, i tried also but got declined, probably because of the 10 other previous searches! :rotfl:

Did you apply online if you don't mind me asking?

Also, i think you should of left Topman opened and make one small purchase each month, pay it off as this will build up your credit rating and this will help you obtain credit in the future.

I think you may stand a good chance with both Barclay's initial card as well as cap 1, if you went for vanquish i think you would have the best chance of getting accepted for that.

I'm looking on moving to better cards next year, so far, i have got

Cap1 secured £200 card
Vanquis £250
Three Sim only £10
Lloyds
Hsbc
Nationwide

all this is showing on my equifax file but not experian which isn't helpful but if i keep the accounts running good, this time march next year when all my searches drop off. I'm gonna try Lloyds, Topman, Barclays and try for a cap1 progress card. I just want to have an extremely good credit profile. :rotfl:

Deccy

TraderDJ wrote: »

You said you cut the card up, did you officially close it by phoning/writing to them? If you didn't, it will still be running.

If you haven't officially closed it, then because of your age, I'd leave it a while before closing it. You shouldn't open and close accounts quickly anyway because it then affects future credit scoring. In my view closing an account after you are done with it is a sign of being responsible, but no to the lenders - especially as credit scoring is based on profitability.......

But as you're young like me, you need to have a history of running your accounts well. Even if you're not using them, in most cases you get 'green 0s' which means you are running the accounts within the conditions (you haven't paid late, haven't gone over the limit etc)

Your Topman account may appear on Equifax instead. Not every lender reports to every CRA, although I have no experience with them. It would help. If you get accepted for a Cap1 then you can get your report from them.

Also try noddle - it's run by Call Credit so not everything shows (and not many check CC) but it's still good to see and check it's ok, just incase - plus it gives you a rating so you can compare that to your Experian one

Hey. I cut up the card as per request of my mum. She doesn't like the thought of me having credit and hit a rage when I told her I had the card.

Was probably a good idea at the time though as at the time I had no idea about credit files etc. and thought all my credit was based on my mums!

It probably is on Equifax then.

I will definitely check it! Thank you.

TrueUnitedFan wrote: »

Wow, you got accepted for a topman card? Im 18, i tried also but got declined, probably because of the 10 other previous searches! :rotfl:

Did you apply online if you don't mind me asking?

Also, i think you should of left Topman opened and make one small purchase each month, pay it off as this will build up your credit rating and this will help you obtain credit in the future.

I think you may stand a good chance with both Barclay's initial card as well as cap 1, if you went for vanquish i think you would have the best chance of getting accepted for that.

I'm looking on moving to better cards next year, so far, i have got

Cap1 secured £200 card
Vanquis £250
Three Sim only £10
Lloyds
Hsbc
Nationwide

all this is showing on my equifax file but not experian which isn't helpful but if i keep the accounts running good, this time march next year when all my searches drop off. I'm gonna try Lloyds, Topman, Barclays and try for a cap1 progress card. I just want to have an extremely good credit profile. :rotfl:

No I applied in store. I was going to buy stuff and then the guy gave me "the talk" about the card and I decided to try my arm since it got an extra 10% off. ;p

I'm really excited to be out of my O/D now just so I can start building a good profile.

Don't know why I got accepted for so many things right off the bat. My mums credit is completely stellar so I don't know if that at the same address made an impact?

Both accounts on Experian Only have nice big green dots next to them but the record for my overdraft is outdated and isn't showing the fact that I went over my limit yet. The bank sent me a letter saying they had set up an unauthorised overdraft at the time I went over and said they weren't gong to charge me for it though and I did jump straight out so I don't know the effect that will have at a later date.

Oh well only time will tell.

titmus

Does anyone know, if Barclaycard phone you up to ask security questions, whether that means you've been approved? (the website told me it had been referred)

TraderDJ

titmus wrote: »

Does anyone know, if Barclaycard phone you up to ask security questions, whether that means you've been approved? (the website told me it had been referred)

What type of security questions? I was referred and I just had an email the following afternoon saying I'd been accepted and what my limit would be. Don't recall being asked any security questions at all.

titmus

Stuff about my address and information. Said it was to prevent ID fraud.

They asked me multiple choice questions about other people registered at my address.