The Sub Prime Credit Thread - Part VI

ElkyElky

The Sub Prime Credit Thread - Part VI

Welcome to the 6th edition of the fantastic Sub Prime Credit Thread, originally created by Proliant, followed up by CifPower and then never-in-doubt. This thread contains all previous versions of the threads and all the Sub Prime deals available right now!

Sub Prime does not mean that it is not as good, it simply means that if your credit is far from perfect, you may be accepted by one of the companies below as their credit scoring model is designed to accommodate higher risk, where as mainstream lenders' score a lot harsher meaning you're more likely to be refused.

I thought it was about time we revive the sub prime thread. Please suggest any other sub prime credit cards I may have missed.

Last Updated: 10 February 2013

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£2 Statutory Credit Report

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You don't need to subscribe to Equifax or Experian and pay a monthly fee in order to view your credit report. You have a right under the Consumer Credit Act to a copy of your credit report for £2. The statutory report contains all of your personal details, information on financial links to other people, electoral information, the credit accounts you have, any missed payments or defaults and a list of recent credit searches. Why pay £8.99+ a month to view your report when you can pay £2?

You should check your credit report with all three agencies regularly to ensure all the data they have is correct. Errors within your credit report, however minor it may be, could result in your application for credit being declined.

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Credit Cards

Catalogue Accounts

Basic Bank Accounts

samtoby

Yay for the revival of the thread

ElkyElky

Does anyone have the Capital One secure card? How easy is it to get with defaults on your file?

BugsyBrowne

ElkyElky wrote: »

Does anyone have the Capital One secure card? How easy is it to get with defaults on your file?

Nice to see you back on here elky I thought you transferred over to NIDS forum.

ElkyElky

BugsyBrowne wrote: »

Nice to see you back on here elky I thought you transferred over to NIDS forum.

Thanks! Nope, still here. I didn't know NIDS forum was still running, don't even recall the link. I haven't had much time in recent months though I've still been lurking. I was disappointed to see the old sub prime thread had died, especially since it had lots of helpful information so I thought I'd change that.

Anthorn

In September this year I'll be looking for a better sub-prime card when one of my two reds drops off my credit report. My last red drops off in June next year a month after all debts are settled. I'm thinking of applying for Aqua Advance to get the annual APR reduction and wonder if anyone has experience of it.

ElkyElky

Anthorn wrote: »

In September this year I'll be looking for a better sub-prime card when one of my two reds drops off my credit report. My last red drops off in June next year a month after all debts are settled. I'm thinking of applying for Aqua Advance to get the annual APR reduction and wonder if anyone has experience of it.

I don't have any recent experience with Aqua cards and hopefully someone will be along soon who does!

There's also the Capital One Progress card which is pretty much the same, well... slightly better than the Aqua Advance although I'm not entirely sure if it'll be more difficult to get. At least you have two options so if you're declined for one, you can apply for the other.

Simon7685

Here's one for all credit experts out there. How long before a sub prime customer stands a chance of moving to a prime card?

I have 1 default 5 years old.
Income 22500
Granite Card - limit £1k owing £17 had it 19 months no mised/late payments, always paid in full.
Aqua - limit £1100 owing £20 had it 18 months no missed/late payments, always paid in full.
Cap 1 Classic - limit £800 owing £400 had it 16 months no missed/late payments, always paid in full.
Barclaycard Initial - £750 owing £80 had it 9 months no missed/late payments, always paid in full.

Several catalogue accounts;
Very - £650 limit £500 BNPL due Dec 13
Littlewoods limit £850 owing £40
Woolworths £500 limit owing £150
No missed or late payments ever everything either paid over 3 months with no interest or paid early in the case of previous BNPL. Had them about 18 months.

So what do I need to do to get to the prime market, or is it a case of wait until the last default goes?
I applied for Aqua Advance, Cap One Progress and Halifax cards over the course of the last year and all declined. Last attempt was Halifax last October.
I do not want to close any of the sub prime cards until I can get a prime card then I can close any of them.
Answers on a postcard please.

stephane_2

Have you tried oe of credit card from Creation, they tend to be more lenient & considering that default is 5 years old you have some good chances....

ElkyElky

Simon7685 wrote: »

Here's one for all credit experts out there. How long before a sub prime customer stands a chance of moving to a prime card?

I have 1 default 5 years old.
Income 22500
Granite Card - limit £1k owing £17 had it 19 months no mised/late payments, always paid in full.
Aqua - limit £1100 owing £20 had it 18 months no missed/late payments, always paid in full.
Cap 1 Classic - limit £800 owing £400 had it 16 months no missed/late payments, always paid in full.
Barclaycard Initial - £750 owing £80 had it 9 months no missed/late payments, always paid in full.

Several catalogue accounts;
Very - £650 limit £500 BNPL due Dec 13
Littlewoods limit £850 owing £40
Woolworths £500 limit owing £150
No missed or late payments ever everything either paid over 3 months with no interest or paid early in the case of previous BNPL. Had them about 18 months.

So what do I need to do to get to the prime market, or is it a case of wait until the last default goes?
I applied for Aqua Advance, Cap One Progress and Halifax cards over the course of the last year and all declined. Last attempt was Halifax last October.
I do not want to close any of the sub prime cards until I can get a prime card then I can close any of them.
Answers on a postcard please.

I would say when the default comes off your file but there will be people around who have been accepted for main stream with an old default. As above, Creation can be quite lenient so perhaps give them a try?

You have a decent income and it appears you are running all of your accounts well so I think soon as the default drops, you should be able to get some good cards.

Do you bank with Halifax?

Simon7685

I did try Creation about 9 months ago, I had forgotton about them, they declined me then but maybe worth a shot now as the default is over 5 years old.

The trouble is it puts you off applying when you know you are more likely to be declined. I bank with Halifax, started with Easycash nearly 4 years ago. They gave me a current acc 18 months ago. I have a £300 o/d facility which I have never used but they wont give me one of their cards, even with a baby limit on it.

I understand that I screwed up in the first place that got me here but you would think that they would look at the positives and maybe take a punt with a small limit. That 6 years that I signed up for when I defaulted sure seems like a long long time now looking back.