Defaults gone, still not mainstream?

mr_will_i_am

izools wrote: »

Good luck! (Keep it at that for now, hold off looking at anything else for 6-9 months)

Thanks again for the advice...see you in 6 months

izools

star-fire wrote: »

Unfortauntly Izools upgrading from barclaycard Initial to gold then to platinum has all finished, think it was about 2 months they brought this rule in.

Now you have to make a fresh application for different barclaycards.

Oh How did you find out about that?

Bit disappointing for my Flatmate as he's just been approved for an Initial despite two defaults from 2008 (turns out it wasn't just past arrears on his credit file... still got a full LTSB account tho )

BugsyBrowne

izools wrote: »

Oh How did you find out about that?

Bit disappointing for my Flatmate as he's just been approved for an Initial despite two defaults from 2008 (turns out it wasn't just past arrears on his credit file... still got a full LTSB account tho )

When you disappeared for a couple of months, there was a thread going about on here, how 4 or 5 people phoning up barclaycard and asking for an upgrade from the initial card, and apparently barclaycards answer was sorry sir we don't do upgrades anymore,you have to make a new application.

Like I say it might be hear say,but for a few people that get told the same answer do spring a bit of truth I suppose.

KingElvis

I think they do upgrade the Initial to the Classic by calling.

The Classic is a difficult card to locate as they seem to hide it up.

BugsyBrowne

KingElvis wrote: »

I think they do upgrade the Initial to the Classic by calling.

The Classic is a difficult card to locate as they seem to hide it up.

Shows how much I know then, as I didn't even now they still done the classic.

izools

star-fire wrote: »

Shows how much I know then, as I didn't even now they still done the classic.

It's advertised on the Barclays Bank website but not the Barclaycard website.

I think they can still lower the APR on Barclaycard Initial accounts just not term it an "Upgrade" as just as I paid off and closed my Initial card at the end of October they said 'we can't upgrade the account but we can lower the APR to 19.9% for you'.

Nice gesture but I'm happier closing it and re-applying for a Platinum in Summer when my newest account is 9 months old

Let's hope they only check Equifax when I re-apply later in the year!

KingElvis

http://www.barclaycard.co.uk/barclays_landing/classic199.html?TC=QXBCR23298

Looks like the Initial though so I guess as izools said above, it's the same shizzle with a lower APR

izools

Although the criteria is stricter.

Notably:

You have not missed ANY payments on a credit card or loan in the last 12 months

.

This criteria doesn't apply to the Initial card. Which is evidenced by my flatmate being approved for one despite his loan being currently overdue.

momstrimmed

I know its not of my business but why do you want to apply for credit in this day and age. Once bitten twice shy. If cant afford it (whatever it is dont buy it)

No hard feelings but my opinion.

izools

Credit cards are useful for several reasons:

Buyer protection via S.75 of the Consumer Credit Act
Buy Protection via other chargeback schemes
Ability to earn more interest by way of the rolling current account balance being higher (card used to defer payment for 30-60 days).
Increase chances of being approved for mortgages, and other similar facilities in the future.

I repay my credit card in full each month, I don't carry a rolling balance, and therefore owning a credit card doesn't cost me anything.

I am soon to pass my driving test and will need to purchase an expensive insurance policy. I could use the Insurance Companies' own scheme for spreading the cost of the premium over 12 months, however this incurs a higher APR than a mainstream credit card and in the case of some insurers (Admiral) causes a discount to be lost, too.

There are many other positive reasons for owning credit products, that when used sensibly, actually result in a cost saving and / or greater protection from bad retailers.

Owning credit products does not mean I (one) buy(s) things that I / one cannot afford.