The Sub Prime Credit Thread - Part V

samwsmith1

ALIBOBSY wrote: »

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

I got the same from vaquis and they called me this time and said you've been accepted.
Now we'd like to sell you PPI or similar at £1.50 per £100 and a cash advance.
I said no thank you and she asked why about the insurance thing but didn't about the cash advance - so they just say they can't give an instant decision because they want to sell you stuff!

izools

ALIBOBSY wrote: »

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

Alibobsy, that's great news, well done!

I'd recommend paying your Vanquis bill in full each month, maybe even set up a direct debit for the full amount to make sure this is taken care of.

This way you can be sure to help improve your credit rating without it costing you a penny.

A word of warning about Vanquis though - as long as you pay your bills on time and don't go over limit they will increase your credit limit until the cows come home. You may think this is a good thing, but remember the interest rate.

Around a year from now, they'll probably upgrade you to "Gold" with a limit of £1,500+, but the APR will increase just as much and as such, should you spend £1,500 and want to spread the cost you could be paying £75 a month in interest alone.

As such, once you have held your Vanquis card for around a year, apply for the Capital One Progress card. This starts off at a better APR than Vanquis and continues down to 19.9% as long as you continue to pay on time and keep the account within it's limit.

Good luck with your continuing climb back up the credit ladder!

Brian1966

sephrenia wrote: »

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

Congratulations :beer:
Drinks on you then I take it?
You can buy the chocolate too

Brian1966

samwsmith1 wrote: »

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.

Well done. :beer:
What cash advance did they offer you? Normally £200 =250 Limit
£450 cash = 500 Limit.
Use it wisely and you SHOULD get an increase almost every 4 months. I started at £250 and now at £2250, had card since Sept 08.
As Izools said, use it for a year or so then hopefully you will get a card with a far better APR
I now have 2 prime cards but still can't let go of my little 'v' :rotfl:

DizzleUK

Declined for Barclaycard Initial

Reason: credit score

Can apply again in 3 months.

Worth appealing?

sutton111

Brian1966 wrote: »

Well done. :beer:
What cash advance did they offer you? Normally £200 =250 Limit
£450 cash = 500 Limit.
Use it wisely and you SHOULD get an increase almost every 4 months. I started at £250 and now at £2250, had card since Sept 08.
As Izools said, use it for a year or so then hopefully you will get a card with a far better APR
I now have 2 prime cards but still can't let go of my little 'v' :rotfl:

Hi Brain. Are you ok?

lol your little V.

I read your posts last week, you sex pest lol!!

What do you have on your Experian file now? Have you tried Capital One for a progress card?

sutton111

DizzleUK wrote: »

Declined for Barclaycard Initial

Reason: credit score

Can apply again in 3 months.

Worth appealing?

Can't appeal a score decline, only an adverse decline unfortunately! Sorry.

Brian1966

sutton111 wrote: »

Hi Brain. Are you ok?

lol your little V.

I read your posts last week, you sex pest lol!!

What do you have on your Experian file now? Have you tried Capital One for a progress card?

Hi Sutton, I'm fine thanks..did you watch the dutch 'thugs' in action last night, worst world cup final I have ever seen :eek:
Would love to try cap one BUT they are one of my defaults from many years ago so probably not much chance.
In fact the underwriter would probably do this..:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

sutton111

Brian1966 wrote: »

Hi Sutton, I'm fine thanks..did you watch the dutch 'thugs' in action last night, worst world cup final I have ever seen :eek:
Would love to try cap one BUT they are one of my defaults from many years ago so probably not much chance.
In fact the underwriter would probably do this..:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

The Dutch were a total disgrace tbh. And they have the gall to complain about Howard Webb!! Idiots

Ah, I see, fair enough, I had a default with them, I still have, but it's registered with Robinson Way not Capital One lol. They accepted me no problem.

Brian1966

sutton111 wrote: »

The Dutch were a total disgrace tbh. And they have the gall to complain about Howard Webb!! Idiots

Ah, I see, fair enough, I had a default with them, I still have, but it's registered with Robinson Way not Capital One lol. They accepted me no problem.

Interesting...my Cap One default is with Capquest....mmmmto apply or not...that is the question