New application for previously defaulted account

laura_85

Hi all, newbie here :wave:

I may ramble on a lil here, sorry in advance!

To start off I was a foolish, stupid moron of a young(er) person!

In 2007/2008 I allowed my credit agreements to spiral out of control!
So much so that I ended up with 6 defaults.
Stupidly I also fell from my sensible tree in late 2009 (payday loan applied for a CCJ) this was registered on 30/01/2010.

I expect no sympathy whatsoever, I was a fool!!

Fast forward to 2013 - 4 defaults remaining, all due to disappear between April and August 2014.

I have 3 bank accounts, natwest, lloyds and halifax. All just basic accounts.
A simply be account with £1000 credit Limit - balance currently £150.
3 Mobile phone contracts with orange.
A vanquis credit card with £1000 limit.
A cashplus pre-paid debit card I have had this for approx 2 years.

No late payments with the last two years, 2 credit searches within last 6 months (Lowell!!!!)

My credit is appalling but I have realised the error of my ways and I am now on track to never mess up again!

But, I would like a new credit card. I am currently on Maternity Leave and my wage was dropped significantly.. I would like to apply for a Balance Transfer Capital One to reduce/clear my Vanquis..the interest in scandalous!! I think it is 40 - 45%.
You may be wondering why I would carry such a high balance...well as well as my own purchases I allowed my younger sister(who is 17) to purchase a tablet as she was working a full time job, we agreed to split her payments over three months with her paying the interest. She lost her job 8 weeks ago and is still looking for a new job.

Capital One are my only option as aqua declined me 6 months ago.

Here comes the problem...one of the defaults that I lost this year was my Capital One debt...I never re-paid the debt on that card...I fully understand any critism that I may recieve about not paying my debts and being stupidly foolish.

What will happen if I re-apply to Capital One/Luma will they automatically reject me? Just to say Capital never actually defaulted me, Lowell did.

I am apprehensive about pushing my luck and reapplying.

About three months before I lost my default Cap one sent a pre-approved application to my address, I saw this as a 'trick' and threw it away.

Sorry for the long post, would you suggest continuing with the high interest on vanquis and waiting until I return to work to pay it off or take my chances with Capital One?


Thank you so much for reading this.

Laura
x

Tixy

Hi
You haven't said whether your defaults / CCJ that are still on file are all fully paid.

However I would say you don't really have much to lose by applying to capital one. I'd guess it is quite likely they will decline you but the only way you would know is to apply.

As it doesn't sound like you are planning to make any other applications then just making this one to capital one is going to have a negligible impact on your credit file.

iancrt

I have just been given a fluid 0% card. this is managed by MBNA, who I was on an arrangement to pay with and then they accepted a 65% F&F from me back in 2007.
The account no longer shows on my credit file - but they must still have internal records as I couldn't use my usual username to set up the online account - it already existed from my old account!!!
All you can do is try.

Atidi

laura_85 wrote: »

Hi all, newbie here :wave:

I may ramble on a lil here, sorry in advance!

To start off I was a foolish, stupid moron of a young(er) person!

In 2007/2008 I allowed my credit agreements to spiral out of control!
So much so that I ended up with 6 defaults.
Stupidly I also fell from my sensible tree in late 2009 (payday loan applied for a CCJ) this was registered on 30/01/2010.

I expect no sympathy whatsoever, I was a fool!!

Fast forward to 2013 - 4 defaults remaining, all due to disappear between April and August 2014.

I have 3 bank accounts, natwest, lloyds and halifax. All just basic accounts.
A simply be account with £1000 credit Limit - balance currently £150.
3 Mobile phone contracts with orange.
A vanquis credit card with £1000 limit.
A cashplus pre-paid debit card I have had this for approx 2 years.

No late payments with the last two years, 2 credit searches within last 6 months (Lowell!!!!)

My credit is appalling but I have realised the error of my ways and I am now on track to never mess up again!

But, I would like a new credit card. I am currently on Maternity Leave and my wage was dropped significantly.. I would like to apply for a Balance Transfer Capital One to reduce/clear my Vanquis..the interest in scandalous!! I think it is 40 - 45%.
You may be wondering why I would carry such a high balance...well as well as my own purchases I allowed my younger sister(who is 17) to purchase a tablet as she was working a full time job, we agreed to split her payments over three months with her paying the interest. She lost her job 8 weeks ago and is still looking for a new job.

Capital One are my only option as aqua declined me 6 months ago.

Here comes the problem...one of the defaults that I lost this year was my Capital One debt...I never re-paid the debt on that card...I fully understand any critism that I may recieve about not paying my debts and being stupidly foolish.

What will happen if I re-apply to Capital One/Luma will they automatically reject me? Just to say Capital never actually defaulted me, Lowell did.

I am apprehensive about pushing my luck and reapplying.

About three months before I lost my default Cap one sent a pre-approved application to my address, I saw this as a 'trick' and threw it away.

Sorry for the long post, would you suggest continuing with the high interest on vanquis and waiting until I return to work to pay it off or take my chances with Capital One?


Thank you so much for reading this.

Laura
x

If it's been over 6 years since you defaulted with Capital One (and hence why it has now fallen off the credit history file), then I suspect Capital One have no records of the debt either, especially if they have not attempted to recover the same since (a bit strange as its not usual for a creditor just to ignore a debt you owe them, especially Capital One.]

The other defaults that are still on your credit file will, of course, still have an adverse affect on your eligibility ... but as you now have other credit facilities, assuming there are no problems with you operating those, then Capital One might accept you.

But with you on reduced income, and your 17 year old siter losing her job weeks after taking you for a grand (which is still your reponsibility to repay the card company), then ask yourself if another credit card, and it's huge APR, is the correct way to address your debt problems.

Credit cards are not usually the best way to borrow money for extended periods. Think about a consolidation loan. Interest rate will probably be less than half that of the Luma credit card.

You do know the BoE lends money at just 0.5% currently don't you? I know they won't lend to you, but 0.5% is a heck of a lot less than 35.9% or whatever the credit card will charge you.

laura_85

Hi all,

Thank you for replying

So I took the chance and applied for Capital One balance transfer card.
Three green ticks and an electronically signed credit agreement followed by reference number and a message stating 7 - 10 days for card to be sent out.

I am still feeling apprehensive about this as I think if manual checks are done I will receive a rejection letter some time this week.
I haven't received any correspondence via email which is also making me feel nervous.

The balance transfer period ends in June so I will be in a position to fully pay the outstanding balance then as I will be back at work full time.

BOE rate is fantastic, maybe sometime in the future I will be able to apply for this.

Defaults are satisfied but my CCJ is not.
To be honest I'm not sure who I contact regarding that....I assume it is the company who applied for it, but after sending the papers back to the court in January 2010 I haven't heard nothing back since.

That is my next question, sorry if this in the wrong place.

As I mentioned previously my CCJ was registered in 2010, I have not paid anything towards it YET but I intend to pay it in full in July 2014.
What happens once it is satisfied?
Will the CCJ stay on record for a further 6 years?

I never ever want to allow myself to get into a situation like this again!

There should be lessons in school in how not to be stupid with credit!!!

Thank you so much for your advice.

Laura
x

dimwit.

It is 6 years from when you get the CCJ.