The Sub Prime Credit Thread - Part V

fawinds

kilasuit wrote: »

i registered for IB within like 3 hours of account opening. I had my unique ID on the sheet that had my Acc no and sort code on it.

My fault. I sent the form by post and when realised I could do it by phone they said the form was already there and would take 6 days to process and the security department would not allow them to register me on the phone.

titmus

Not sure if this is the correct place for this query, please re-direct me if not.

I have a Vanquis card, and opted for the online only statements last month, and have just received my first statement.

The statement is the usual list of transactions in and out, but bizarrely, does not include anywhere the amount of interest charged. Although one can work it out from the opening balance, transaction and new balance, surely it has to be the case that they have to inform you of what they are charging you, or else how can they enforce collection of it?

Zack1

stephane wrote: »

Why are you not giving Sygma a try, depends on how your equifax file looks like.

My Equifax isn't too bad. I'm on the Electoral Roll (over 18 months) with 9 accounts - 2 mobile contracts, 3 current accounts, 3 credit cards and JDW. I have closed Natwest Card and JDW since that report was done, but studio24 will need to be added. 2 credit searches in the last 6 months, not including theirs as it would be gone by time I reapply. I assume Tesco and Vanquis searched them anyway, if not then no other searches.... so I thought it wouldn't be that bad...

They rejected me, but now I only have 2 active cards so will give them a go in 6 months and hope they give me a 3rd again...

sutton111 wrote: »

Hold on........ I thought they had actually accepted you?

That's what I thought when they took my DD details, but I got a letter saying I was declined... Strange, as my most recent account (Aqua) would've shown when they searched me, so it's not like they had any fresh information... With just 2 cards hopefully I get Sygma or Vanquis in 6 months though... or Aqua stick my limit up...

fawinds

Zack1 wrote: »

With just 2 cards hopefully I get Sygma or Vanquis in 6 months though... or Aqua stick my limit up...

This is indeed curious. Vanquis seems to be the "last resource" card. Yet there is quite a few people who managed to get Aqua and Cap One but weren't accepted by Vanquis...

I am one of them, BTW.

costaerer

I got cap1 progress but vanquish declined.

Jimbob98

hi all
firstly thanks to all on this site, ive already learnt so much and been telling anyone who's willing to listen about it!

i'm 24 and wanted to get a credit card to build up my history so i can get a mortgage in a few yrs, thinking i 'fit the bill' i applied with tesco and was declined. So I was wondering best time scale to apply again now i understand i need to build up to a CC first!? Ive read to space out applications and i know this attempt will stay on my report for a yr, but unclear as to when to next try, ie. 3 months enough or better to wait 6 or 9 months? i applied early April

i have no real credit history to talk of;
house of fraser store card -2yrs with 1k limit though use rarely-never missed payments
mobile phone - maybe 6 yrs and no issues
20k a yr, on elec' role for 6 yrs.
checked credit file and no errors.

Also, bearing this in mind, do you think better retrying with a 'sub prime' card or trying with my bank hsbc (been with 13yrs)? dont really wanna fail again-rejection hurts!

thanks for tips!!

Jim

BugsyBrowne

Jimbob98 wrote: »

hi all
firstly thanks to all on this site, ive already learnt so much and been telling anyone who's willing to listen about it!

i'm 24 and wanted to get a credit card to build up my history so i can get a mortgage in a few yrs, thinking i 'fit the bill' i applied with tesco and was declined. So I was wondering best time scale to apply again now i understand i need to build up to a CC first!? Ive read to space out applications and i know this attempt will stay on my report for a yr, but unclear as to when to next try, ie. 3 months enough or better to wait 6 or 9 months? i applied early April

i have no real credit history to talk of;
house of fraser store card -2yrs with 1k limit though use rarely-never missed payments
mobile phone - maybe 6 yrs and no issues
20k a yr, on elec' role for 6 yrs.
checked credit file and no errors.

Also, bearing this in mind, do you think better retrying with a 'sub prime' card or trying with my bank hsbc (been with 13yrs)? dont really wanna fail again-rejection hurts!

thanks for tips!!

Jim

I would most defiantly try hsbc first as they know you more as a customer,by the looks of it your credit file seems better than a lot of people who have been accepted for a sygma credit card,so think their credit cards would be your best bet..

stephane_2

I would try with your own bank first as it is very likely that that they would not do a search but approve your application on behaviour score. You would need to go to your local branch and ask if you are pre-approved for a credit card, see what they say.
The other option would be to apply for a sub-prime card like either Vanquis, Capital One or Barclaycard Initial, those cards are specifically for people with poor history or no history at all. The interest are high on those cards, but if used monthly and balance paid in full each month then it will allow you to build a credit history then after 12 months you'll be able to apply for a mainstream credit card.
A search every 3 months is very reasonable, a lender generally will not see that as detrimental, a search as almost no impact at all on your file after 6 months. Having around 8 searches over the year on your file would be seen as more or less normal.

Jimbob98

thanks guys, appreciated!
will see what hsbc say!

Joeler

Thought you may be interested to know that I have just checked my Cap 1 card statement online and I have been given a second credit limit increase. Had the card a year this month and initially got £500, then after 4 months they upped it to 1k. Just looked now and it's been upped to 2k. I understand this is pretty rare so quite happy with that