Finally mainstream!!!!

shortcrust

greenorange wrote: »

How exactly did you come to that conclusion?

Just because you got accepted for a Platinum Amex (example), doesn't have any correlation to the £100k mortgage application you just submitted with Santander (example)...

If a mainstream lender won't give you a credit card then they won't be giving you a mortgage either. If they give you a card then they might give you a mortgage. Moving from won't to might feels like progress. It makes you feel that you've been doing the right things and offers hope for the future. I can't accept that you don't see that. I just think you want to rain on the OPs parade. Why's that?

matttye

greenorange wrote: »

How exactly did you come to that conclusion?

Just because you got accepted for a Platinum Amex (example), doesn't have any correlation to the £100k mortgage application you just submitted with Santander (example)...

It's quite simple.

If, before, you didn't get accepted for prime credit, but you now do, that's a clear sign of improvement.

Note that I said "could." If you're accepted for mainstream credit with a decent rate, then it stands to reason you'd also be more likely to be accepted for a mainstream mortgage with a decent rate (assuming deposit etc is all in order) than someone who can only get sub-prime stuff at horrible rates.

greenorange

shortcrust wrote: »

If a mainstream lender won't give you a credit card then they won't be giving you a mortgage either. If they give you a card then they might give you a mortgage. Moving from won't to might feels like progress. It makes you feel that you've been doing the right things and offers hope for the future. I can't accept that you don't see that. I just think you want to rain on the OPs parade. Why's that?

Do you have any evidence to backup your claim that because a bank gives you a credit card, they're also more likely to accept you for a mortgage?

They're two different products, with likely two different credit scoring methods.

An example: A search on these forums will show that some people have been declined an overdraft, but accepted for a credit card, with the same bank.

greenorange

matttye wrote: »

It's quite simple.

If, before, you didn't get accepted for prime credit, but you now do, that's a clear sign of improvement.

No it's not, it simply means you now fit that individual companies requirements for that product. Each company has their own credit scoring requirements. You might get declined an Aqua Card, and accepted for an American Express Platinum.

matttye wrote: »

Note that I said "could." If you're accepted for mainstream credit with a decent rate, then it stands to reason you'd also be more likely to be accepted for a mainstream mortgage with a decent rate (assuming deposit etc is all in order) than someone who can only get sub-prime stuff at horrible rates.

See my post before this one.

matttye

greenorange wrote: »

No it's not, it simply means you now fit that individual companies requirements for that product. Each company has their own credit scoring requirements. You might get declined an Aqua Card, and accepted for an American Express Platinum.



See my post before this one.

In theory, you're right, but in practice, if you get accepted for some prime stuff you're more likely to be accepted for other prime stuff.

The reason why is simple: people who have no (or little) adverse information on their credit files are less risk for lenders and can therefore be trusted with better rates. Yes each company has their own idea of what an ideal customer is, but the best rates are given to the lower risk customers pretty much all across the board.

You seem to be posting about theory rather than reality.

greenorange

matttye wrote: »

In theory, you're right, but in practice, if you get accepted for some prime stuff you're more likely to be accepted for other prime stuff.

The reason why is simple: people who have no (or little) adverse information on their credit files are less risk for lenders and can therefore be trusted with better rates. Yes each company has their own idea of what an ideal customer is, but the best rates are given to the lower risk customers pretty much all across the board.

You seem to be posting about theory rather than reality.

Oh, I'm certainly posting about reality, rather than theory. Just because Aqua sees you as low-risk, doesn't mean Vanquis will. Likewise, just because NatWest see you as low risk for their credit card, doesn't mean Halifax will.

One company may accept someone with a default and no debt, and decline someone with all green ticks, but £10k in debt already. Alternatively, they could both apply to another company, and the defaulter could get declined, and the person in debt could be accepted.

matttye

greenorange wrote: »

Oh, I'm certainly posting about reality, rather than theory. Just because Aqua sees you as low-risk, doesn't mean Vanquis will. Likewise, just because NatWest see you as low risk for their credit card, doesn't mean Halifax will.

One company may accept someone with a default and no debt, and decline someone with all green ticks, but £10k in debt already. Alternatively, they could both apply to another company, and the defaulter could get declined, and the person in debt could be accepted.

I agree completely. But there are clearly some traits that almost all companies will agree are bad. Those being:-

- defaults/CCJs/etc.
- high debt to income ratio
- being overdrawn every month
- payday loans

Etc.

Whilst some might consider high debt worse than adverse information, and some the other way around, it's unlikely that any company would consider any of the above things 'good.'

You'll find that a company would favour someone with none of the above to someone who has one or more of the above, the vast majority of the time.

And don't forget we're talking about 'prime credit' companies, not those that target bad creditor histories.

greenorange

matttye wrote: »

I agree completely. But there are clearly some traits that almost all companies will agree are bad. Those being:-

- defaults/CCJs/etc.
- high debt to income ratio
- being overdrawn every month
- payday loans

Etc.

Whilst some might consider high debt worse than adverse information, and some the other way around, it's unlikely that any company would consider any of the above things 'good.'

You'll find that a company would favour someone with none of the above to someone who has one or more of the above, the vast majority of the time.

And don't forget we're talking about 'prime credit' companies, not those that target bad creditor histories.

None of us know what each individual company deems necessary to be accepted for a product, and your comments of "Acceptance on a prime credit card could mean acceptance on other products e.g. a mortgage." and "If you're accepted for mainstream credit with a decent rate, then it stands to reason you'd also be more likely to be accepted for a mainstream mortgage with a decent rate (assuming deposit etc is all in order) than someone who can only get sub-prime stuff at horrible rates." are completely unfounded, and untrue.

We don't want to give people false hopes that because they've just been accepted for a NatWest Platinum card, that they're now more likely to be an acceptable candidate for their 30 year mortgage, because there is no evidence to suggest that.

A good example is that I have a NatWest Student Account, and they're happy to lend me £1750 for FREE, but won't consider me for a £500 Student Credit Card at near 20% APR...

matttye

We'll have to agree to disagree because there's a plethora of evidence.

CreditCrunchie

vintagegirl wrote: »

After soooooo long, im finally mainstream

I have just been accepted for the TSB platinum balance transfer master card
im quite chuffed, credit limit of £1000.

Previous to this i had
Vanquis £2250
Aqua £750
Capital one visa £700
Capital one mc £200
Barclaycard £750

I think im going to keep the capital one and barclaycard but close the others,
any advice.
this is a brilliant thing isnt it?

Congratulations. I think you might be better off with this thread on the credit board

For my benefit though, and any others who are trying to do the same as you have done, could you please list the steps you took to reach this stage?

Thanks