Vanquis - 'Once a lifetime' card

eskbanker

rtho782 wrote: »

Interesting, records can't legally be held indefinitely, but there is no specified time period, it's supposed to be "reasonable", which for most things credit related seems to have been accepted to be 6 years.

https://ico.org.uk/for-organisations/guide-to-data-protection/principle-5-retention/

I think you could argue that retention for 10-15 years is unreasonable, but I completely see that it could happen.

The ICO piece doesn't say 6 years for 'most things credit related', it's saying that they agreed 6 years specifically for CRAs - the companies actually providing consumer credit could easily justify longer retention than six years!

callum9999

rtho782 wrote: »

Interesting, records can't legally be held indefinitely, but there is no specified time period, it's supposed to be "reasonable", which for most things credit related seems to have been accepted to be 6 years.

https://ico.org.uk/for-organisations/guide-to-data-protection/principle-5-retention/

I think you could argue that retention for 10-15 years is unreasonable, but I completely see that it could happen.

I think a simple "Somerset La La La/DOB/address - defaulted" could quite reasonably be stored forever (from a "moral", not legal, view anyway).

I can't personally think of an argument that says it's unreasonable for a financial organisation to keep a record of who has borrowed money from them then refused to pay it back.

creditscoremeansnothing

OMG!!! you went bankrupt on a creditor and now moaning because they won't have you back as a customer!!!

[Deleted User]

Loving the people that think they're clever on here :rotfl: Started off as a good thread with good, sensible, replies. Takes one numpty to get a few more.

Those that think I'm complaining they won't take me. Learn to read. Where did I say I was unhappy with the decision?

I completely understand why they wouldn't, if that's the view they are taking.

A cynical person could say that the lending policies of certain companies are tilted towards those that have had problems in the past.... that's where they make money in their high interest rates EVEN IF some people default.

It's not entirely unreasonable to think they may be tempted to take a punt on such customers a few years down the line that are actually in much much better positions than the first time round (salary + no debt!). If they don't want to, that's (clearly) their choice!

As for an 'appetite for credit'. I don't care about credit cards in general - it's the preparation for a mortgage app that I'm interested in (proving I now handle credit responsibly, paying on time etc).

If no unsecured lenders will touch me then so be it, I can quite happily keep using a debit card. Ultimately I guess it won't make a big difference how 'well' I conduct accounts after the major negative that is bankruptcy - it's the fact there is no more adverse they'll care more about.

Thanks to those that have gave useful and constructive replies!

RE: Banks holding data for more than 6 years - Totally agree, I've seen a similar argument with bookies keeping hold of data for 'bonus abuse' purposes. I'd expect to be on banks' blacklists for life - if any mainstream lenders give me a chance again for that's a bonus

Sealtainn

I know it's hardly in the same league but I defaulted on several creditors and have been given a 2nd chance with them. I still had a couple of years before the defaults dropped off my credit file but Vanquis were the first to give me a credit card so I could start to rebuild my history. I then waited for the 6 years to pass and got a card from Barclaycard (defaulted them) and Halifax (part of Lloyds Banking Group - who I also defaulted on).
To rebuild my history, I went with the sub-prime cards (Vanquis & Aqua), both of these are now dormant with nil balances. I have now got a couple of cards with more sensible APR rates in Barclaycard & Halifax. Barclaycard and MBNA seem to like to accept people with a less than perfect record. I wish you luck

tomxlisa

It seems this is a bit of a lottery as I defaulted with barclaycard around 10 years ago and tried for a card recently and was told no as I've had a card with them and defaulted, yet i got a capital one card no problem after defaulting with them around the same time, it seems to be the same story on here some people get cards again after defaulting with that company and others get told to do one.

battyboimatt

It amazes me how people can be so cruel and cynical. I went Bankrupt 5 years ago, Capital One were in my Bankruptcy in fact i owed them £1500 pounds, however I paid my IPA for 3 years and in Jan I did a comparison check and it came be with guaranteed acceptance from Capital One, Bish, Bash Bosh, £1000 starting limit.

Lenders do give you second chances, people don't go bankrupt for the fun of it, unless you are Kerry Katona of course

diamonds

battyboimatt wrote: »

Lenders do give you second chances, people don't go bankrupt for the fun of it, unless you are Kerry Katona of course

I'm sure shopping on a bipolar high is massive amounts of fun, the lows of debt with bipolar must be equally horrific though, add bankruptcy and....

battyboimatt

Actually it is, I would know as I am Bi-polar as well, but I wouldn't go Bankrupt multiple times, adequate support and measures were put in place after the need to do it the first time. My point, second chances are given and it does not mean a lender will exclude you just because you have unpaid debt with them in the past.

[Deleted User]

Thanks for replies - totally agree with matt, if anything I'd argue being bankrupt once makes you *less* likely to be bankrupt again - all that paperwork and hassle, and imagine the inevitable questions and almost certain IPO you'd get hammered with!

Also bear in mind how long it takes an ex-bankrupt to rebuild... by the time they've got any half-decent limits that would warrant maybe going bankrupt for, it just wouldn't add up to do it again unless you had severe problems.

My salary is a hell of a lot better than it was back then, and I have no debt. Personally I'd lend £200 to someone in my position and see what happens!

As for Vanquis - it seems the initial advice WAS incorrect. I got a call from them today after asking (last week, before I phoned) why I was getting blocked. They say that their system of calculating 6 months is different to mine!, and I should be ok to re-apply now and be considered as normal.

Did that, and it was referred, so will see what happens. Certainly seems like they do give second chances afterall I've still got an incorrect balance outstanding on my file, so if I don't get it now, I'll try again in 6 months (which will only be 1 year discharged).