New Luma credit card ?

sirwiggum

My credit history is chequered.
About 10 years ago, banks were throwing credit cards and overdrafts at me. I was in a low paying job and effectively living off credit.

I couldn't manage and stupidly went on a 'payment plan'. Paid off low amounts, but in the last few years I was doing better for myself and paid off huge chunks every month.

Last time I checked my credit rating on an experian trial, about 18 months ago, I had a default mark that was 4.5 years old but had a decent enough (high 900s) score. (Though not enough for a mortgage - the advisor recommended we set this up in my other half's name)

I'm in a better position now than I was back then. Recently needed a card for business expenses (I usually use savings on a prepay card, but might need those soon) and as I was with Santander for 4 years, never overdrawn with them, direct debits paid on the button, decent salary coming in, I thought they'd be the best bet.

"Computer says no" - they gave some wishy washy answer that my "financial circumstances did not meet their minimum criteria" without any further explanation.

I was probably more annoyed that this would leave a mark on my credit score :mad:

Went a bit 'in for a penny...' as I'd heard of this Luma card. Entered my details - they claim that I was Accepted and signed the online t&cs.

So I shall see. Not holding my breath, from what I've read on this thread, this is just the start of them running checks etc.

Once I know one way or the other, I'll be moving my account away from Santander too - it seems my income does "not meet their minimum criteria", so why should them !!!!!!s scrape the cream of interest from it? :mad:

samtoby

Luma were my 2nd card after Rise (Now called Shout high APR.)

I had an offer of a £250 limit and after 5 months its gone up to £600 I think or might be £500.

Good start if you can get one.

SnowTiger

sirwiggum wrote: »

Went a bit 'in for a penny...' as I'd heard of this Luma card. Entered my details - they claim that I was Accepted and signed the online t&cs.

So I shall see. Not holding my breath, from what I've read on this thread, this is just the start of them running checks etc.

I'd be surprised if the Luma card is little more than a Capital One Classic card with a new lick of paint. It's a fairly easy card to get and seems to be aimed at people like you.

The Luma card appears to come with a slightly higher APR than the Capital One Classic 35.94% vs. 34.94% in the representative examples given. That may be MI Money's cut of the booty.

But you'll just have to wait and see what credit limit and APR you get. Just use the card, pay off the balance and use it as a stepping stone to something better.

You mentioned that the only bad thing on your credit file is a default from four and a half years ago. Wait for that to drop off and even Santander might welcome you with open arms. :j

iAMaLONDONER

older_wiser wrote: »

I would assume its done via letter all my increases with other cc have been done this way. i don't have a luma cc but i have a capital one i'm only keeping it open for the free credit reports it gives me.

Which credit card is this??

sirwiggum

SnowTiger wrote: »

I'd be surprised if the Luma card is little more than a Capital One Classic card with a new lick of paint. It's a fairly easy card to get and seems to be aimed at people like you.

The Luma card appears to come with a slightly higher APR than the Capital One Classic 35.94% vs. 34.94% in the representative examples given. That may be MI Money's cut of the booty.

But you'll just have to wait and see what credit limit and APR you get. Just use the card, pay off the balance and use it as a stepping stone to something better.

You mentioned that the only bad thing on your credit file is a default from four and a half years ago. Wait for that to drop off and even Santander might welcome you with open arms. :j

Thanks Snowtiger.

My credit file I obtained last year, my score was 991 and the default was registered Defaulted On: 06/12/2007, so I guess I have til Christmas before this is less of a factor.

I did think though that the fact that I was banking with Santander - DDs always on time, regular steady income, no OD etc. would've contributed to the outcome. But I guess the days of speaking to a bank manager are long gone, I'm just a number on a computer screen these days.

Anyhoo, got a couple of emails this morning from Capital One. These normally go into my spam folder, but I was aware that Luma are part of their group.

Invited me to login, and view my account. From here it appears I have a 500 pound limit.

Incidentally, the emails and the site I logged into are all branded as CapitalOne, no reference to Luma whatsoever. Yet when I applied via Luma, there was only a small reference to CapitalOne. Strange.

I'm likely to only use the card for expenses and the likes - my badly judged days of living off CCs and ODs are long gone.

What is a good strategy for usage? Use it for the occasional petrol fillup and pay it off immediately?

~Chameleon~

sirwiggum wrote: »

Thanks Snowtiger.

My credit file I obtained last year, my score was 991 and the default was registered Defaulted On: 06/12/2007, so I guess I have til Christmas before this is less of a factor.

Totally meaningless. Hope you didn't pay for it! lol

sirwiggum

~Chameleon~ wrote: »

Totally meaningless. Hope you didn't pay for it! lol

I used the 30 day trial and saved it off.

I stupidly thought a high score was good.
Truth be told, it was higher than I expected.

sirwiggum

The card arrived after a couple of weeks.

Haven't used it yet, I might use it for occasional petrol purchases / monthly clear just to get some activity on it.

And my credit score is meaningless. Logged into Noddle and they gave me 3/5, with the only CC offer being Capital One, and saying that no lender would dare risk a loan on me

toffeecoated

I just applied for a Luma card and got this message. I was expecting an instant decision but they want me to wait a week. At that rate of interest i thought they would be begging me to take it. No idea what to expect now.

SammenForLivet2

toffeecoated wrote: »

I just applied for a Luma card and got this message. I was expecting an instant decision but they want me to wait a week. At that rate of interest i thought they would be begging me to take it. No idea what to expect now.

You have been reffered for a decision - either because the link to the Credit Bureau was down, at the time of the application (or it took more than 30 seconds to respond), or otherwise because your only meet the criteria as 'Borderline' - and thus your decision is going to be made by an underwriter.

I would say you have a 50/50 chance of being approved at this stage - but why not call them up and ask?

Why would they be begging you to take on this card? If your going to pay in full every month (which is probably the best think you can do with it or use it for one of the special offers)- then there unlikely to make any money.

Otherwise, why did you not apply elsewhere?

Regardless, I wish you good luck with your application and do keep us informed :j