The Sub Prime Credit Thread - Part V

izools

Experian only let you see one version of your report, too, except they don't tell you that when you log in and check.

It won't be visible to you until tomorrow if you'd already checked before applying today.

sutton111

I am watching the world cup. I want Spain to win.

Anyway, do you have to have a "clean file" to obtain a First Direct account? I really want one, been reading Niddy's thread and it giving me the bug. lol

BugsyBrowne

sutton111 wrote: »

I am watching the world cup. I want Spain to win.

Anyway, do you have to have a "clean file" to obtain a First Direct account? I really want one, been reading Niddy's thread and it giving me the bug. lol

it s like anything else you apply for
if you have a good credt report it s a bit of p*ss to get one..
remember it s going to look hard to get by lstening to some of the people on here who have applied,but to someone who has not had any credit worries b4 it would not be a problem..

sutton111

star-fire wrote: »

it s like anything else you apply for if you have a good credt report it s a bit of p*ss to get one..

I wouldn't say mine is good, but it alot better than it was 12 months ago.

Just those 2 satisfied defaults on Experian which are well over 3 years old now.

sephrenia

Hi all,

just letting you all know, I got the Capital One card this morning with a £200 limit and 34.9% apr. After reading some horror stories I thought it might have a higher apr but nope, I'm just standard sub prime now

UnderPressure

Hello Everyone

Just looking for a bit of advice, my partner has managed to get a Capital One Classic Visa Card, very modest credit limit of £200 and APR 34.9% variable.

We dont really want a credit card but have come to the conclusion that it is very important for at least 1 of us to be credit worthy is some way that is why she applied in the first place, my credit report is abismal to the point that I am seriously considering bankruptcy just to bring everything to final conclusion and find some way of moving on.

ANyway none of this will affect my partner looking at our credit reports we are not even financially linked, have no idea why but not going to question it

What we want to know is we understand we need to use the card for it to have an impact on her credit reports, we also understand that on statement 4 as lon as she stays with T&C's she should get somekind of an automatic credit limit increase so:

1/ Are there any set spending patterns that are better than others, ie do we only spend say 50% of the limit each month then pay it all off to show she is "responsible" or does she use the full limit each month and pay it of to demonstrate she would benefit from a bigger credit limit?

2/ We have planned to basically use the card in place of cash, so we might put say 1 tesco shop a month on it then put the cash we would have usually spent on 1 side to cover it, same with say 1 or 2 lots of petrol, this way we will be able to clear the balance in full every month avoiding large interest rates, is this the best way to do it? Would Capital One prefer us to be making lower payments so they "earn" something from my partner?

3/ What would any credit limit increase be on month 4? I take it an increase in limit would be beneficial to her credit report? How often do you get credit limit increases?

4/ My partner wants to add me as an additional card holder, mainly for car hire purchases she does not drive and I have to have a card in my name, as said earlier I have put this of for the moment until we have paid a couple of months as my credit is really bad, no cifas or anything like that but plently of ccj's and defaults What is the procedure with Capital One for adding an additional card holder? Will they credit score me or is it just a case of giving them my basic details? Could this then "link" us on credit reports? Are there any negatives at all for my partner through doing this?

These are our main questions at the moment sure we will have some more

Any other advice or wisdom about this card appreciated, as said we want it mainly to strengthen my partners credit rating as you never know what the future holds, and it seems even in a credit crunch the world still revolves around credit

Thanks in advance..........

samwsmith1

I got accepted for a Vanquis card
Tried to sell me all the insurance and cash advance and I said no.
With an APR of 39.9% they said, but the credit limit will be in the welcome pack.

chexum

Congrats, and don't carry a balance at those rates at any time

1- I've heard it's better if you don't use more than 1/2 (or even 1/3rd) of the limit - although £60-£70 could sound low.
2- A few purchases a month is just fine. I'm sure you don't need to pay interest at those rates to have them raise your limit. They make money on every purchase you make anyway, with commissions.
3- There are topics discussing that, I believe you can expect roughly the double of the initial one if that is still below what they consider risky, may be anything between £300-£400.
4- It's easy to do that even by the online interface. I'm interested too if additional cardholders are linked

ALIBOBSY

Been reading this thread at the end of last week, and decided we really need to improve our credit file. The old CCJ's have dropped off as have some of the defaults, but our rating still seemed to be quite bad (although I haven't applied for any financial products for about 18 months now as we never seemed to get accepted for anything).
I think not applying for stuff and making sure all the bills were up to date (as well as clearing the last of our loans) must have helped and we were able to get mobile contracts, which have been kept up to date for 18 months. After reading on here decided to give vanquis a go as even they turned me down 18 months ago, purely as a product to help boost my file.

Initially told they couldn't make an instant decision on friday.
Got a text this morning to say they will be calling me this afternoon, and from what I have read on here this seems to be good news?

ali x

edinburgher

Got a text this morning to say they will be calling me this afternoon, and from what I have read on here this seems to be good news?

That usually seems to be the case They rejected me tho, swine!