Aqua Initial Credit Limit Help

david_bedford_2

Hey Ladies and Gents

I applied for Aqua Classic Card and got accepted, upon completion it didn't show estimated limit, and just received the CA but the only coding i can see is TE7X1060-EQE7?

But it also saids that they will decide the estimated limit, i assuming this is due to having 2 other credit cards, vanquis and capital one, both of them have £500 limits.

Seems like the coding above is just a standered reference number EQ meaning equifax/experian??

I Did also apply for Luma, but didn't realise that they are partly owned by cap one, i got the 7-10 message and i suspect decline/cancelled as this is nearly my six month with capital one. I am looking at possibly going with Cap One progress however not sure the acceptance level i.e. more declines vs approved.

My aim is to get rid of the vanquis card as it's done it's job, originally i wouldn't get accepted anywhere. Now I am being accepted via the sub-prime "Aqua" which is between prime/sub it's looking positive.

I also have a creation account with DFS, and i am aware they do credit cards, would the acceptance criteria be benificial to me as i have never missed a payment on the loan agreement with them or wouldn't make a difference.

Ta Guys

Dave

InsideInsurance

Aqua is very much sub prime with a 35.9% APR, anything over 25% is unless it has an annual fee.

I've never seen any "coding" that is anything more than a reference number but havent ever done work for Progressive Credit or SAV Credit so of cause it could but I'd be surprised.

david_bedford_2

Well i just applied to the creation finance bt over 6 months and got a big fat "no", i will build up a credit record with Aqua/Cap one and get rid of the vanquis card and apply again in 6 months. i think my money vs credit ratio is close hence the decline.

my credit record
1 car finance = 1 year with santander no missed payments always on time
Vanquis = £500 limit, £12 late fee as i paid to late even though it was before the statement date. My Fault, money reinstated into account immediately.
Cap one = £500 No late payments/missed payments
Littlewoods account = £500 limit no missed payments/ always on time.
Vodafone = No late payments/missed
DFS finance = 1 year no late payments/missed payments.

LLoyds TSB Loan = this is where my credit history is [EMAIL="!!!!"]!!!![/EMAIL], in 2006/7/8 i went through a big debt phase missed payment/arrears. now i have been paying on time no missed payments trying to get all greens.

I think the othe reason for decline was late payment from vanquis, but unsure as to whether it was logged, this was paid immediately and i put my hands up it was my fault.

InsideInsurance

Remember they also see other application requests and these are seen as a negative.

Sounds like you've made 2 applications and then a third with CF. CF could have declined because they dont like the fact that there are two other applications for credit and they can't tell what your total maximum credit lines are as you could for all they know be about to get two large limited cards from the two prior apps

david_bedford_2

iv'e also heard that doing 2-3 applications could look as positive as you are looking at the most competative deal for a CC, i feel this is more to do with my credit history than how many apps i have made.

but each lender has their own criteria money vs credit ratio and i only just fit the 20k acceptance. Im on 22k a year so having 2-3 other credit cards looks as a risk and asking for 1-2k limit with BT of vanquis could be reason they see risk in not paying.

The_Boss

InsideInsurance wrote: »

I've never seen any "coding" that is anything more than a reference number but havent ever done work for Progressive Credit or SAV Credit so of cause it could but I'd be surprised.

Myself and several other forum users could identify our credit limit as it was contained within the reference number on forms sent after online acceptance.

david_bedford_2

The_Boss wrote: »

Myself and several other forum users could identify our credit limit as it was contained within the reference number on forms sent after online acceptance.

do you have a example of the coding, because mine just said this will be decided and the only coding i can see was the one above.

InsideInsurance

david_bedford wrote: »

iv'e also heard that doing 2-3 applications could look as positive as you are looking at the most competative deal for a CC, i feel this is more to do with my credit history than how many apps i have made.

but each lender has their own criteria money vs credit ratio and i only just fit the 20k acceptance. Im on 22k a year so having 2-3 other credit cards looks as a risk and asking for 1-2k limit with BT of vanquis could be reason they see risk in not paying.

Ultimately every lender has their own criteria but I dont know any that have ever said that they like seeing other recent applications.

Most will ACCEPT other applications, particularly if you have very good records and a low income/credit ratio. Even then its only a couple at most otherwise that spare capacity could easily be eaten up by those other applications resulting in 2 new lines of £20k each.

If you are 110% prime then you wouldnt need to make multiple applications because you know you will get the advertised APR and so its a simple case of choosing the card that has the rates/ perks etc that you desire.