The Sub Prime Credit Thread - Part VI

ElkyElky

Anthorn wrote: »

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.

There's no harm in trying for the Capital One Progress as well. I wouldn't rely too much on what MoneySupermarket soft search says.

ElkyElky

I have a small balance on my Next account and they charge 25.9% apr. I'm considering using my Tesco credit card (15.9%) to pay off my Next so I can save a little bit on the interest.

Does anyone know if Next accepts payments from a credit card? I heard that they do but just want to double check.

I love shopping at Next but it's just a shame they charge 25%.

BugsyBrowne

ElkyElky wrote: »

I have a small balance on my Next account and they charge 25.9% apr. I'm considering using my Tesco credit card (15.9%) to pay off my Next so I can save a little bit on the interest.

Does anyone know if Next accepts payments from a credit card? I heard that they do but just want to double check.

I love shopping at Next but it's just a shame they charge 25%.

Yes they do my missis done it last year.

ElkyElky

BugsyBrowne wrote: »

Yes they do my missis done it last year.

Excellent, thank you. I'll go move my balance to Tesco right now.

Anthorn

ElkyElky wrote: »

There's no harm in trying for the Capital One Progress as well. I wouldn't rely too much on what MoneySupermarket soft search says.

Thanks for the advice, very much appreciated. I'm good now until next year when the whole ballgame changes for the better.

ElkyElky

Anthorn wrote: »

Thanks for the advice, very much appreciated. I'm good now until next year when the whole ballgame changes for the better.

These soft searches that the price comparison websites have always tell me I only qualify for cards like Vanquis and Aqua, yet I'm regularly accepted for mainstream cards. It's not much different to the credit scores that Experian/Equifax try to sell you.

They can give their opinion on whether they think you'll be accepted but ultimately, only the lenders themselves can tell you for definite.

Your defaults are quite old now, have you tried applying for a main stream card? Perhaps one from Creation (Flybe card for example) as they are slightly more lax than some other main stream lenders. Plenty of members on the forum have older defaults and have no issues with getting a main stream card.

Anyhow, it won't be long till you are leaving the sub-prime market behind and enjoying all of the offers mainstream brings!

Anthorn

It listed Capital One cards but not the Progress, Luma, Aqua Reward and Aqua Advance. The highest score was actually Luma at 9/10.

I could probably get a Creation now but I'm playing it safe until next year. I've been rebuilding credit for a long time now and I really don't want anything to jeopardise what I've done so far.

ElkyElky

Anthorn wrote: »

It listed Capital One cards but not the Progress, Luma, Aqua Reward and Aqua Advance. The highest score was actually Luma at 9/10.

I could probably get a Creation now but I'm playing it safe until next year. I've been rebuilding credit for a long time now and I really don't want anything to jeopardise what I've done so far.

You wouldn't jeopardise anything. Any negative effects of credit searches on your report is only temporary. Lenders don't usually care much about searches that are 6+ months old and they'll drop off completely after 12 months.

Recent credit searches may lower your credit score (I stress may, every lender is different) but your score will bounce back after some months have passed so it's not a major problem. Hell, I have like 5 searches just in this month but I'm not the slightest bit worried for my score.

We had one member on the forum who had hundreds of credit searches in a single year but he liked to play the system to see how far his luck would go. :rotfl:

BugsyBrowne

Also you'll find these soft searchers websites will do a soft seach on a CRA that the credit you want to apply for wont actually use that particular CRA and use call credit which 99.9% of lenders won't use therefore make the soft seach not only pointless but invalid and a complete waste of three minutes of your life.

I mean you wouldn't walk into BMW and ask them to quote you a price on ford Mondeo would ya,so why do soft searches do it!!!

ElkyElky

Got my Aqua credit agreement yesterday. Nothing about the credit limit but the APR they've given me is 34.9%. Reminds me of my Vanquis days with 59.9% rates. I won't be carrying a balance anyway so it's irrelevant.