The Sub Prime Credit Thread - Part VI

ElkyElky

older_wiser wrote: »

I wouldn't define any thread to be exclusive about one subject although every thread needs a title and it needs to be somewhat related to subprime. the previous sub prime threads were littered by late night flirtings between two people i believe one was a coach driver don't recall the names but i and many others found it funny. whatever happend to them ? i think they started dating ? even when i'm applying and been accepted for cards over 20k :rotfl: i'll still pop onto the latest sub prime thread to see whats occuring !

LOL! I remember those two and their flirting. It actually made good reading. :rotfl:

older_wiser

well my barclaycard initial card limit has been doubled its only been open afew months happy to get it but at some point all the credit i have available will affect me opening new prime cards so i'll have to consider each increase more closely.

BugsyBrowne

older_wiser wrote: »

well my barclaycard initial card limit has been doubled its only been open afew months happy to get it but at some point all the credit i have available will affect me opening new prime cards so i'll have to consider each increase more closely.

I very much doubt you have enough available credit on your sub-prime cards for a prime lender to worry unless you've around 15k available.

older_wiser

no where near lol but i don't need all this credit and yet they keep throwing it at me. it does mean i'm slowly going from subprime or thats what i'm hoping unless they think i'm going to spend it all and pay huge interest on it.

ElkyElky

older_wiser wrote: »

no where near lol but i don't need all this credit and yet they keep throwing it at me. it does mean i'm slowly going from subprime or thats what i'm hoping unless they think i'm going to spend it all and pay huge interest on it.

I agree with Busgy. I don't think your credit limits at this moment will be much of an issue for obtaining prime cards in the future. If anything, higher credit limits could help you.

Lenders will see you have access to £xxxx and how you've managed with that credit. Spending responsibly and within your means is a good thing rather than maxing out the card immediately after it has been increased.

nyc_451

So I got vanquis card on 05/2012, limit 250. Then they increased it to 500, and today I got letter saying it will be 1250 from next month...

Got capital one on 05/2012, limit 200. Only one increase to 500 so far.


I think if vanquis gives me 3000 one day, I'll just spend it all and go to debt free wannabe board Very tempting...and as I am working with pay day loans, 50% apr means nothing to me, lol...

guesswho2000

Aqua reward card dropped onto the mat this morning (after what seems like a very long time since applying), with its mind blowing(ly tiny) credit limit of £250

Going to take some discipline to ensure I don't go over the limit, using it for petrol would probably be a good plan, but looking forward to the 3% cashback.

zenboo1978

Great thread, just a question on applications I made for sub-prime cards. (Sorry for the waffle; just want to explain the state of my credit report first)

My Credit File: I have 2 defaults, one that is satisfied to come off May this year; and the second is still outstanding at £1500 but the account is in dispute (Q on credit file) due to charges still being calculated to come off and when the bank do that; the debt will be satisfied too. It is 3 years old this month. I have debts with Next that are being paid off monthly; no default.

I applied for a Capital one Secured card and Vanquis on Tuesday just gone, both have been referred. My main question is about the Capital One card.
Going through my Capital One application online they said that I didn't qualify for the Secured card and I should apply for the Classic, which I did but it has since been referred. I called them yesterday and they advised that it could take 7-10 days. If it gets declined, will I be given the choice to have the Secured as it is what I wanted in the first place. I just want to build my credit. I wanted to use it for petrol and shopping and then pay it off as £200 credit limit would be perfect and to slowly rebuild my credit. I did ask them but they said they can't tell me and it would take 7 to 10 days.
Any advice would be great. Thanks

ElkyElky

zenboo1978 wrote: »

Great thread, just a question on applications I made for sub-prime cards. (Sorry for the waffle; just want to explain the state of my credit report first)

My Credit File: I have 2 defaults, one that is satisfied to come off May this year; and the second is still outstanding at £1500 but the account is in dispute (Q on credit file) due to charges still being calculated to come off and when the bank do that; the debt will be satisfied too. It is 3 years old this month. I have debts with Next that are being paid off monthly; no default.

I applied for a Capital one Secured card and Vanquis on Tuesday just gone, both have been referred. My main question is about the Capital One card.
Going through my Capital One application online they said that I didn't qualify for the Secured card and I should apply for the Classic, which I did but it has since been referred. I called them yesterday and they advised that it could take 7-10 days. If it gets declined, will I be given the choice to have the Secured as it is what I wanted in the first place. I just want to build my credit. I wanted to use it for petrol and shopping and then pay it off as £200 credit limit would be perfect and to slowly rebuild my credit. I did ask them but they said they can't tell me and it would take 7 to 10 days.
Any advice would be great. Thanks

I'm not so sure you'll be accepted for the Classic card since your application for the Secured card was declined. The criteria for passing the credit score for the Secure card will be considerably lower than the Classic since they have the benefit of getting security from you.

Since you were already declined for the Secure card, there would be no point applying again if your application for the Classic should be declined. Chances are, they will automatically decline another application for a Secured card. Applying for multiple products in a short space of time will also go against you.

Probably best to wait 6 months or so before you apply to Capital One and Vanquis again if all of your applications are declined. Focus on settling the outstanding default because this will almost certainly prevent you from getting credit at the moment.

zenboo1978

Thank you Elky
I'm sorry, amongst all my waffle I wasn't very clear. During my application online, they said that my credit rating was better than I had thought and they recommend that I apply for a classic card instead. I then had to confirm a link to say I would apply for a classic card and once the application was complete, I was referred, assuming to the underwriters.
I was just wondering if anybody else had this and if the underwriters decide that my rating is actually rubbish, would I be offered the secured card instead. It is purely for the rebuilding of my credit report and worried that due to the defaults, the underwriters may say 'no' and I wouldn't be given the option of the secured card either.
Have you heard of this happening before? Thank you