The Sub Prime Credit Thread - Part V

Jimbob98

hi for anyone new to credit just a fyi
i never had a CC before and applied with tesco in early april and was rejected! intially i was surprised but realised most likely coz i have no history. from this site i decided to apply with my own bank with about a 3month gap. just applied and hsbc accepted with 4k limit! asked them to take down to 3k (just incase) so pleased overall after 3 months of checking all cards.
anyone new to credit, i would say make sure on electoral role and speak to your own bank first. if rejected then apply for sub prime card after waiting slightly over 3 months. credit file may be worth checking, but im young so mine never had much on there apart from my phone!
thanks

izools

Zack1 wrote: »

Thanks, I can see online it says you can ask for what you want, if you phone them up will they look for what you're allowed? I don't want to have to ask, then I'd ask for too much or too little!

So just got to track back 6 payments and wait until the 6th payment has cleared? Even though it looks like I've been gifted a statement for 1 day, better play it safe!

They know what you can have so just say "Umm I don't know double or so?" and they'll come back with a figure.

In my case they only upgraded £250 to £350 but then I had only been discharged from Bankruptcy for a few months. (They did a soft search on Call Credit)

Zack1

izools wrote: »

They know what you can have so just say "Umm I don't know double or so?" and they'll come back with a figure.

In my case they only upgraded £250 to £350 but then I had only been discharged from Bankruptcy for a few months. (They did a soft search on Call Credit)

Ah cool thanks I'll do that then.

£350 is what I used to have with Natpest so that will be good to have that back. If they give you an increase how long do you have to wait before trying to get another one?

And no idea what my Call Credit file is like, I can't see that one!

izools

Zack1 wrote: »

Ah cool thanks I'll do that then.

£350 is what I used to have with Natpest so that will be good to have that back. If they give you an increase how long do you have to wait before trying to get another one?

And no idea what my Call Credit file is like, I can't see that one!

Oh I'd imagine they'll double it for you or even more given you don't have any adverse history.

It's every six months AFAIK

Parki_2

Had my second Capital One increase today classic card. £1500 to £1800. I have had the card for 12 months.

Innocent_Guy

FYI, when I had an Aqua card I had an auto increase from £300 to £1100 after 6 months.

izools

I wonder what to do with Three?

I have two contracts with Three, one is a SIM Only now on a Sim Zero price plan which I downgraded to when I took out my Sony X10 contract. I've had the SIM Only since February and the X10 contract since June.

Just wondering whether or not I should close the SIM Only line? Hmm. Can't decide between leaving it open to build more repayment history, and also to avoid being seen as the kind of customer who opens and closes accounts willy nilly, or closing it so that I don't look over-committed. (I have on my credit file three credit cards, two bank accounts, and two mobile contracts = seven active accounts at present).

Ponders....

Brian1966

Hi
Personally I would let the Sim only line run for around 12 months.
When Next decided to remove my credit limit I was tempted to pay the account off in full immediately but have let it run it's course and have nearly a year of green zero's. Cost me a few £'s in interest but figured it was worth it.
Just my opinion but would definitely keep it for now

chexum

If you look carefully at "The Credit Checker" on MSE, the age of the accounts seem to influence the credit rating in two ways:

-are there too many applications in the last 6 months?
-is the "majority" of the accounts opened in the last 18 months?

Arguably, this is likely only important for actual credit accounts, but if you have opened too many recently, you may want to wait with the closures until the new ones look more established.

laney85

I was pleasently suprised to recieve a letter along with my aqua statement saying the limit was increased from £250 to £500 especially as it is only 4th statement and Aqua say they dont do increases until 6 months or unless you did not take the highest amount available to begin. I took the £250 offered and only on month 4. Maybe there changing the rules .....who knows.