Woohoo! Tesco CC acceptance.

Svenena

I was planning on waiting until September before applying, as I have a default which will drop off my credit report then, and I was going to use my Capital One card in the meantime to improve things. I have several late payments, the last being about 3 and a half years ago, and was on an arrangement to pay, for a CC, which finished when I cleared the balance 2 years ago. I've only used the Capital One card about once a year in the 7 or 8 years I've had it, so I haven't really done anything to improve my rating, except allow time to pass.

I was thinking about how I can make my savings work harder, and how 0% on spending would allow me to earn more interest, and thought sod it, I'll apply anyway (despite what I've read on here), as I can always apply again in six months anyway. But no need, because I got an instant acceptance online, with a £3,500 limit (which I'm sure seems small to some, but is plenty to me, as I only spend about £5k a year). I'm delighted :j

marks77

Well done. Do you happen to know what Experian scored you as prior to applying?

Svenena

Nope, I've never paid for my score as I consider it to be a waste of money. It showed all the things I mentioned though. I also forgot to mention I'm not on the electoral roll at my current property, which I've lived at for six months. Also, there's only been one other credit search in the past year (I opened a First Direct current account a couple of weeks ago).

Suggests maybe they are more interested in recent history than older stuff?

marks77

Blimey. A Tesco CC whilst not on the electoral role!!! You must have been lucky!
Thanks for the info.

Consumerist

On the basis of your profile, I would have said you had no chance.

Well done. What a turn up ! :beer:

Do you already have a Tesco clubcard - from which they can establish your address among other things?

creditisbadnews

Svenena wrote: »

I was planning on waiting until September before applying, as I have a default which will drop off my credit report then, and I was going to use my Capital One card in the meantime to improve things. I have several late payments, the last being about 3 and a half years ago, and was on an arrangement to pay, for a CC, which finished when I cleared the balance 2 years ago. I've only used the Capital One card about once a year in the 7 or 8 years I've had it, so I haven't really done anything to improve my rating, except allow time to pass.

I was thinking about how I can make my savings work harder, and how 0% on spending would allow me to earn more interest, and thought sod it, I'll apply anyway (despite what I've read on here), as I can always apply again in six months anyway. But no need, because I got an instant acceptance online, with a £3,500 limit (which I'm sure seems small to some, but is plenty to me, as I only spend about £5k a year). I'm delighted :j

I did notice this on Tesco's new eligible criteria list.
1 you have to be over 18
2 Defaults Accepted
3 Several late payments Accepted
5 Arrangement To Pay Preferred

If you Answer Yes to any of these then go ahead and press APPLY

Consumerist

creditisbadnews wrote: »

I did notice this on Tesco's new eligible criteria list.
1 you have to be over 18
2 Defaults Accepted
3 Several late payments Accepted
5 Arrangement To Pay Preferred

If you Answer Yes to any of these then go ahead and press APPLY

I'm not sure I believe these criteria. Can you post a link to where you got them?

creditisbadnews

Consumerist wrote: »

I'm not sure I believe these criteria. Can you post a link to where you got them?

I was just messing as Svenena as been accepted for one of the hardest cards on the market today.

With by the looks of her credit file as she stated she would be lucky to get some sub-prime card.

If she did get accepted like she say she have,that has basically thrown the whole 'what customers are lenders looking for' right back out in the open.

izools

TBH there are some very good plus points to Svenena's profile that some people who consider themselves prime, lack.

Mainly:

1. Little exposure to credit (only one card, with a sensible limit)
2. Evidence of stability (all accounts on credit file that are still open have been open a LONG time)
3. Only one credit search in the last year(!)

I've said it many times before but the key thing a creditor is looking for when analysing an applicant's credit risk is how stable they are, how good they are at maintaining the status quo (so how long their accounts have been open), and gauging whether the applicant makes frivolous decisions about what account to open or whether they think it out long and hard (number of credit searches).

Sertainly OP is very lucky to have applied so soon after applying for FD as if they'd applied just after the FD account itself appeared on their credit file the chances of approval would be much lower due to the presence of a brand new account. So OP kinda cheated a bit there, by happen chance.

Still, well done OP. Nice to know those that work hard to overcome their previous financial woes are treated respectfully :beer:

Svenena

Consumerist wrote: »

Do you already have a Tesco clubcard - from which they can establish your address among other things?

Yep, I've had my clubcard for 11-12 years, and until I moved six months ago, it had been registered at my parents' house, as had all my other accounts. I only kept everything there as I've moved about twice a year for the past 10 years, and I didn't want to risk missing things when I moved, but this has had the added bonus of giving address stability on my credit reports, as it appears I was at my last address for 10 years. I was also on the electoral roll at that address for 9 of the 10 years.

And to give a fuller picture of my reports, they show 2 or 3 settled reports which closed about 3 years ago (store accounts which I'd either never used or only once or twice). And nothing new in the past 3 years, until the FD account. My Cap 1 card has a limit of £800 (recently increased from £200), so I had very little current exposure to credit. I do have overdrafts on my current accounts, but I don't use them, and one of the accounts doesn't even appear on any of my CRA reports.

I was pretty surprised myself I got the Tesco card. What's the usual limit offered?

I'm a bit nervous about having this kind of credit again. Last time I had this amount I ended up in trouble (the card which I was on AP with). But my attitude to money is so different these days... I just have an inherent mistrust of credit now.

BugsyBrowne

Svenena wrote: »

Yep, I've had my clubcard for 11-12 years, and until I moved six months ago, it had been registered at my parents' house, as had all my other accounts. I only kept everything there as I've moved about twice a year for the past 10 years, and I didn't want to risk missing things when I moved, but this has had the added bonus of giving address stability on my credit reports, as it appears I was at my last address for 10 years. I was also on the electoral roll at that address for 9 of the 10 years.

And to give a fuller picture of my reports, they show 2 or 3 settled reports which closed about 3 years ago (store accounts which I'd either never used or only once or twice). And nothing new in the past 3 years, until the FD account. My Cap 1 card has a limit of £800 (recently increased from £200), so I had very little current exposure to credit. I do have overdrafts on my current accounts, but I don't use them, and one of the accounts doesn't even appear on any of my CRA reports.

I was pretty surprised myself I got the Tesco card. What's the usual limit offered?

I'm a bit nervous about having this kind of credit again. Last time I had this amount I ended up in trouble (the card which I was on AP with). But my attitude to money is so different these days... I just have an inherent mistrust of credit now.

I've said all this before in other threads we all like to think what credit card companies are looking for, but truth be known we have no clue,you have just proved this that their is no certain individual that fits all.