The Sub Prime Credit Thread - Part VI

Willing2Learn

izools wrote: »

How about an Amex Platinum for the cashback?

I got an Aquacard for the 3% but the limits they offer are rather tiny. The two other cards I have (Nationwide & Creation) were given to me with £4,500 limit and £3,000 limit - aqua gave me £250 lol but you can make faster payments and clear it several times a month - which I am doing.

I definitely think Aqua are missing a trick (and losing out on potential new customers) by not having another card. Maybe a Reward Plus card.

The Aqua Reward Plus would be exactly the same as the standard reward card except that they only accept people with a clean report (no defaults, good payment history, evidence of long-term stable account management with other creditor). The Aqua Reward Plus would thus offer higher credit limits, in line with most mainstream 'prime' cards, and the total annual cashback would be raised substantially higher than the £100 max currently on offer with the standard 'sub-prime' card.

ElkyElky

Just got round to applying for Aqua and was instantly accepted. Card number 8, don't think I've exceeded 7 before.

guesswho2000

ElkyElky wrote: »

Just got round to applying for Aqua and was instantly accepted. Card number 8, don't think I've exceeded 7 before.

What limit did you get? Or did it not say?

I've been contemplating applying and have a deck of credit cards similar to yours, so might be an indication of what I'd get

ElkyElky

guesswho2000 wrote: »

What limit did you get? Or did it not say?

I've been contemplating applying and have a deck of credit cards similar to yours, so might be an indication of what I'd get

It didn't say, the page just said 'We are pleased to offer you a credit card. Sign and return the agreement'. My guess is £250 like most other people get.

izools

ElkyElky wrote: »

Nice limit increase! Interest free purchases or BT?

I don't think debt to limit ratios are as important as some people believe. Perhaps it has some weight on how a lender scores their customers but not necessarily a make-or-break factor.

Apparently not.

The only reason I've always placed such importance on Debt to Limit ratios is previous experiences with MBNA

I've made two applications in the last few years, both of which at the end of the application invited me to call them, and when I did I was transferred to an underwriter (uncommon?) who each time advised me they would not be able to offer a card because I owe "more than about" two thirds of my combined limits.

But as we know criteria differs lender to lender.

OH's Barclaycard is interest free for 25 months on balance transfers - which is a kick in the teeth as he's just taken out a bank loan to consolidate the debt and owes nothing on his cards now; given the Barclaycard application referred we assumed it would be a decline.

What I've suggested to him is I pay pal him £3,000 on my Creation card and he transfer it to his Barclaycard, then rinse and repeat, so that he has £6,000 (less the pay pal fee) interest free for 25 months, which he can use to straight away overpay £6,000 of the Nationwide loan he's just taken out.

Thankfully all lenders allow overpayments of loans now, apparently some new EU directive came in to play in 2011, which is nice

victoria797

Good luck transferring £3000 via paypal lol

ElkyElky

izools wrote: »

Apparently not.

The only reason I've always placed such importance on Debt to Limit ratios is previous experiences with MBNA

I've made two applications in the last few years, both of which at the end of the application invited me to call them, and when I did I was transferred to an underwriter (uncommon?) who each time advised me they would not be able to offer a card because I owe "more than about" two thirds of my combined limits.

But as we know criteria differs lender to lender.

OH's Barclaycard is interest free for 25 months on balance transfers - which is a kick in the teeth as he's just taken out a bank loan to consolidate the debt and owes nothing on his cards now; given the Barclaycard application referred we assumed it would be a decline.

What I've suggested to him is I pay pal him £3,000 on my Creation card and he transfer it to his Barclaycard, then rinse and repeat, so that he has £6,000 (less the pay pal fee) interest free for 25 months, which he can use to straight away overpay £6,000 of the Nationwide loan he's just taken out.

Thankfully all lenders allow overpayments of loans now, apparently some new EU directive came in to play in 2011, which is nice

MBNA have in the past been quite strict with me. Last time I applied for one of their cards (2 years ago, give or take), an underwriter I spoke to wasn't happy with me being a student and declined my application on the basis that I wasn't employed.

If you select the gift option in Paypal then isn't it fee free? I only use Paypal for eBay purchases so not sure exactly how they do things. I know they'll block your account if they suspect anything fishy is going on, doesn't take a lot for them to suspect money laundering and 2 x £3000 might flag your account.

I personally hate Paypal but forced to use it for eBay.

izools

Yeah, even the "Gift" option incurs a fee but because I receive a lot of money via PayPal from eBay anyway the fees aren't too bad.

TBH I fully expect the transactions to flag something - we both have our passports and driving licenses ready to scan in and email to them... again... if they put a security hold on either account

There isn't any other way to use the cards at our disposal as a mule is there? I doubt Creation would be overly impressed at the proposition of putting the account six grand in credit and BACSing it over lol.

ElkyElky

izools wrote: »

Yeah, even the "Gift" option incurs a fee but because I receive a lot of money via PayPal from eBay anyway the fees aren't too bad.

TBH I fully expect the transactions to flag something - we both have our passports and driving licenses ready to scan in and email to them... again... if they put a security hold on either account

There isn't any other way to use the cards at our disposal as a mule is there? I doubt Creation would be overly impressed at the proposition of putting the account six grand in credit and BACSing it over lol.

I can't think of another way. You could try putting your creation in credit by that amount, if it's accepted then you could say you made an error in your online banking? Worst I guess could happen was you having to wait a week or so for it to be returned if it's refused.

Spend £60 on your creation, wait till it shows on the statement then transfer the 6k. Opps, you entered two extra 0's accidentally whilst attempting to pay off the £60 you just spent. Probably be refused but you never know, stranger things have happened.

If you use the Paypal method, don't transfer 2 x 3000k exactly. One transaction of 2860 and another at 3140 or something like that. If the account is blocked then it may not be as easy as sending a copy of your passport to unblock it, if you Google the horror stories with Paypal, many people have been refused their own money for months at a time over Paypal's silly suspicions. They are a law unto themselves.

Anthorn

Further to my previous post, I applied for an Aqua Advance Card this morning and got instant approval online and now awaiting further info and agreement to sign. At this stage I don't know my limit or the starting APR.

I have two defaults which drop off the CRAs in September this year and June next year and all bad debts satisfied next year. One other credit search in the last month for JD Williams and I got the JD Williams account.

I actually didn't think I would get one but I took the attitude that I have nothing to lose so what the hell. I could have applied for Capital One Progress which would have been better but a soft search on moneysupermarket.com didn't list the Progress card.