Sygma Bank Credit Cards

BugsyBrowne

izools wrote: »

I've stopped myself at two I for one don't want to see Sygma go the way of Monument... but to be honest I think it's too late.

Give it a year or two and just watch the defaults start rolling in! Seriously though, where are they getting all this money to lend with from?

Defiantly agree izools don't blame you staying with 2 cards,remember a lot of people now hitting sygma with applications are people who have been sub-prime for quite some time,people who have had only little credit limits people who have not managed money very well in the past,just think it might turn sygma into an easy target for many people who may run up debts again after many years of managing money correctly and finally getting on the prime card market..

izools

star-fire wrote: »

Defiantly agree izools don't blame you staying with 2 cards,remember a lot of people now hitting sygma with applications are people who have been sub-prime for quite some time,people who have had only little credit limits people who have not managed money very well in the past,just think it might turn sygma into an easy target for many people who may run up debts again after many years of managing money correctly and finally getting on the prime card market..

Exactly. I can't even get a Capital One Classic but Sygma happily accepted me for two cards.

But at least I know to stop here and go no further

Cash_Flow

star-fire wrote: »

Defiantly agree izools don't blame you staying with 2 cards,remember a lot of people now hitting sygma with applications are people who have been sub-prime for quite some time,people who have had only little credit limits people who have not managed money very well in the past,just think it might turn sygma into an easy target for many people who may run up debts again after many years of managing money correctly and finally getting on the prime card market..

With all due respect I am sure sygma/creation have taken into account that a percentage of people they have decide to lend money too are going to default.

That is why they offer credit on a price to risk basis.

It's hardly rocket science, and they are hardly a new kid on the block.

Cash_Flow

izools wrote: »

I've stopped myself at two I for one don't want to see Sygma go the way of Monument... but to be honest I think it's too late.

Give it a year or two and just watch the defaults start rolling in! Seriously though, where are they getting all this money to lend with from?

Bnp Paribas..................................................

BugsyBrowne

Cash_Flow wrote: »

With all due respect I am sure sygma/creation have taken into account that a percentage of people they have decide to lend money too are going to default.

That is why they offer credit on a price to risk basis.

It's hardly rocket science, and they are hardly a new kid on the block.

Yeah but what is their risk basis based on?

Like on the thread the other day as i was saying someone failed vanquis & capital one credit scoring but qualified for a creation card..

Are they just picking a certain clientele..

Cash_Flow

star-fire wrote: »

Yeah but what is their risk basis based on?

Like on the thread the other day as i was saying someone failed vanquis & capital one credit scoring but qualified for a creation card..

Are they just picking a certain clientele..

Why not ask them? I doubt they will give you an answer though.

Why are you so worried about who they lend to?

BugsyBrowne

Cash_Flow wrote: »

Why not ask them? I doubt they will give you an answer though.

Why are you so worried about who they lend to?

Nothing to do with being worried mate,just that the sub-prime thread on here have been going on for quite a while now,where people have helped each other,giving advice on how to get their credit rating back up to good stead,being eligible for prime cards now..

Just hope people who have now got their debts down and credit rating up again don't fall down that slippery slope again with sygma and their credit limit increase's thats all..

stephane_2

That is their problem...good luck to them. Are you having a go at Sygma because all they wanted to give you was £750 CL at 24% apr?

BugsyBrowne

No stephane its nothing to do with that i have a flybe which is 19.9% which i know is not the best but better than 24.9%..

Do you work stephane

stephane_2

Yes I have a good steady work....