Applying for Aqua or Vanquis card?

raverbhoy

Hi guys , i recently have been building up my credit slowly but surely. Its sitting at 719 and the bar is on the Poor part on experian. I have a mortgage & other mail order accounts which i am upto date with all payments and stuff but there is one negative on the account from a few years back with santander bank. Anyway i applied for a aqua credit card today and as soon as i filled in the form i got a reference and they said unfortunately i wasn't accepted for it.

Could this be because of that 1 default account? or maybe because i am not on the electoral roll? just annoyed as the aqua card is supposed to be designed for people like me building there credit back up.


Any replies are appreciated, thanks!

SnowTiger

raverbhoy wrote: »

Hi guys , i recently have been building up my credit slowly but surely. Its sitting at 719 and the bar is on the Poor part on experian. I have a mortgage & other mail order accounts which i am upto date with all payments and stuff but there is one negative on the account from a few years back with santander bank. Anyway i applied for a aqua credit card today and as soon as i filled in the form i got a reference and they said unfortunately i wasn't accepted for it.

Could this be because of that 1 default account? or maybe because i am not on the electoral roll? just annoyed as the aqua card is supposed to be designed for people like me building there credit back up.


Any replies are appreciated, thanks!

Not being on the electoral roll is often the reason for a decline, however Aqua claim to "specialise in giving credit cards" to people "not on the electoral roll", so that doesn't seem to be a big issue for them.

What's the negative? A missed payment? That shouldn't really make much difference if it was a small blip several years ago.

You mention other accounts and being up to date with them. Do you have a large amount of credit, whether used or not, available to you in comparison to your income? Do you owe money on the accounts? If so, do you pay more than the minimum?

I don't think Aqua is quite the subprime card it may have previously been. Vanquis and, perhaps, Capital One might be more willing to give you a card, however not being on the electoral roll would, or could, be an issue.

The Experian Credit Score isn't particularly reliable. Don't you also get a report with it, highlighting any potential issues?

Cameron1590_2

Hi Buddy,

1. Don't take much notice on what the CRA say your score is as each lender will have their own criteria. They want customers they think will make them money, so each card has a criteria you must meet to be accepted for.

2. Get yourself on the Electoral roll, ask the local council when they will pass this onto the CRA they all vary (Mine is monthly).

3. Have you tried your own bank for a CC? My bank turned me down so I went to Barclay's who offer an initial credit card for people who are looking at rebuilding/first credit, after being asked for further id they declined my application .

However I did apply with aqua and have been accepted and I am awaiting my card to arrive in the post (I have registered on the ER however I'm waiting for the CRAs to update this).

You have a high chance of being accepted for a high APR card once you are on the ER then you do for a low APR card.

My aqua card is 50% APR so make sure you pay it off in full!

Cameron

raverbhoy

Hi guys many thanks for the replies. The negative default on my account is not a missed payment but its now a closed bank account that had underfunding fees applied near enough every day for months , which they now want £512 and to be honest i dont intend to pay that off unless they can give me written letter saying they can remove from score but i highly doubt they can do it lol and my credit showing on account seems pretty good snow tiger.

And cameron i called up today my council i am going to get myself on the electoral roll but i wont be added to it till 1st of june but i suppose since i got declined on aqua , it will give me a good month break before applying for vanquis. Aqua is 50%? apr!?! the one i was applying for was set at 35% thats insane.

Another thing cameron do you have a default on your account when you applied for aqua? if so i reckon it definitly could just be that i ain't on the roll.

rrelite

i have 4 defaults on my credit file, they will start dropping off in june this year and the last one will be gone in about 18 months. im trying to rebuild my credit score so taking credit out again and paying every thing in full and on time.

3 have given me a contract phone, nationwide have given me a current account, Vanquis cc with £200 limit and cap1 with £200 limit

i was declined by aqua but accepted by the other 2 if thats any help to you.

ill also point out when i started my credit score was 157 when vanquis gave me my cc 5 months later with the 4 good accounts open and the 4 bad defaults i have got it up to 477

Cameron1590_2

Hi buddy,

I have no defaults on my accounts but one late payment from 4-5years ago, my problem is limited credit history. I don't have any markers really but just hardly an history when it comes to my credit report, which I now assume is why they accepted me while not on the ER.

Most CRA take upto six weeks from receiving new information to update it however I know a few people who waited for the local council to send the list over and then call up credit expert who manually searched and updated the report.

At the moment credit expert are having IT problems with updating the ER roll but this should be sorted by the time june comes as its a very important system to them.

Yes I know my apr is bad haha remember all credit cards apr is variable so you
don't always get the advertised rate! If you look through the summary box each card will tell you the aprs they give out. Example: 6.9% 4.9% & 2.1% - would be amazing if cards went that low!

Personally I think you should try your own bank and if you have no luck, I would wait until your showning on the ER and apply for vanqius and cap one, keep us updated!

Im still waiting for aqua to receive my documents

Cameron

raverbhoy

Thanks for reply rrelite that gives me a bit of belief then if you had 4 defaults but still managed to get an vanquis card and other things.
I will definitly be applying for vanquis now i think once added to the ER on june , only problem is my start date on default was 2010 but the defaulted date was january 2012 so i think i have 5 years left for my big 500 quid default to drop off, could be the size of the default and because it still has 5 years left that maybe put aqua off. Also rrelite can i ask were you on the voter roll when you got accepted for vanquis?

And Cameron cheers again i'm in no rush to manually get put on the ER roll and stuff but i might look into it , june 1st ain't that long away anyway & you're right there conning so and so's with people on poor credit it doesn't make sense haha once we both get our credit in order we will be able to get down to the lower apr cards ^^

rrelite

yes i was on the electoral roll when i got my vanquis card but only been on for a couple of months because i had recently moved house.

regarding the defaulted account, the 6 years start from the default date not the date it was opened so yes you will still have 5 years to wait which will really drag y0u down.

i have successfuly got a debt collection default removed by phoneing them up and offering to make a repayment plan then say you will only pay it under the condition they will remove the default (fully removed and not just marked as settled) and make sure you get it in writing. i still have 4 but because they are coming to the end of the 6 years i have just left them but i really would try and negotiate a removal

SnowTiger

rrelite wrote: »

i have successfuly got a debt collection default removed by phoneing them up and offering to make a repayment plan then say you will only pay it under the condition they will remove the default (fully removed and not just marked as settled) and make sure you get it in writing. i still have 4 but because they are coming to the end of the 6 years i have just left them but i really would try and negotiate a removal

You were very lucky. The default should not have been removed if it was a statement of fact. A good result for you. :j

raverbhoy

Nice rrelite. Thats exactly what i was thinking. Default company are calling ne today and i will be letting them know i either pay and get it removed or not pay at all because a satisfied default is still terrible . Chances are slim but heres hoping