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Are they just chucking credit at people now?
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quackers82
Posts: 70 Forumite



in Credit cards
So i have been paying off all my debt since 2012, £55,000 :eek: and its all gone now except my Lloyds credit card, with a balance of £3300 (down from the £8200 i owed back then).
I do have 4 defaults still on my file from 2012
I'm a lot better at managing my money now, and since i do all my shopping at Tesco and fuel too i thought i would get their bad credit , credit card and pay in full each month so i can get extra points with everything i buy, since I'm currently converting them to Avios for a flight to new york next year so the more points the better.
Money saving expert money club said 70% chance for bad credit - credit card, and 90% for the normal card. I did not trust the 90% for the normal card as i had defaults and thought no way would i get a main stream card with them still on my credit file, so just went for the bad credit card thinking my chances would be better. That was back in December. Accepted £500 limit. Great
So looking at the interest i was paying on the Lloyds card i thought, what the heck have i got to lose, i will try for the balance transfer card at 0% APR and save interest while i pay off the Lloyds card, expecting to get declined, but i did not care i had my Tesco card already.
Then :eek: , accepted £4300 limit, how the hell?! 18.9% and a large limit with defaults?!?
They must not be fussy at all now with credit and be chucking it anyone who asks? I'm happy, but just so shocked.
So if you are like me and have defaults and think you won't get accepted, i say believe the money saving expert money club chances, they seem to be accurate.
I do have 4 defaults still on my file from 2012

I'm a lot better at managing my money now, and since i do all my shopping at Tesco and fuel too i thought i would get their bad credit , credit card and pay in full each month so i can get extra points with everything i buy, since I'm currently converting them to Avios for a flight to new york next year so the more points the better.
Money saving expert money club said 70% chance for bad credit - credit card, and 90% for the normal card. I did not trust the 90% for the normal card as i had defaults and thought no way would i get a main stream card with them still on my credit file, so just went for the bad credit card thinking my chances would be better. That was back in December. Accepted £500 limit. Great

So looking at the interest i was paying on the Lloyds card i thought, what the heck have i got to lose, i will try for the balance transfer card at 0% APR and save interest while i pay off the Lloyds card, expecting to get declined, but i did not care i had my Tesco card already.
Then :eek: , accepted £4300 limit, how the hell?! 18.9% and a large limit with defaults?!?
They must not be fussy at all now with credit and be chucking it anyone who asks? I'm happy, but just so shocked.
So if you are like me and have defaults and think you won't get accepted, i say believe the money saving expert money club chances, they seem to be accurate.
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Comments
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Considering MBNA gave me a whooping credit limit increase, I'm not surprised you got accepted. £4300 is quite a good starting limit when you have defaults. Normally you should expect something like £250 or less lol.0
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You may have defaults but you've also paid off £52k of debt in four years.
I'd argue that you're a fairly unusual case when it comes to people with defaults on their file.0 -
Credit does seem to be very easy to get in scarily large amounts at the moment. I have a very good credit rating and a stable job paying £40k, but it is a bit scary what I have been allowed.
I currently have:
A £10k loan, half paid off - 18 months to go
PCP for a £9k car, taken our 2.5 years ago
Interest free credit on a kitchen from Ikea, about 10 months left, originally for about £4k
Several credit cards with a total available limit of about £22k. Two of these (M&S and Tesco) have been taken out in the last 6 months, total credit limit over £10k and I got about £30 quidco cashback from Tesco and the M&S voucher as seen on here (£50/100? can't remember).
Apart from the loan which is at 3.9% APR all the above is interest free and the payments are easily affordable and partly offset by savings paying up to 5%.0 -
quackers82 wrote: »So i have been paying off all my debt since 2012, £55,000 :eek: and its all gone now except my Lloyds credit card, with a balance of £3300 (down from the £8200 i owed back then).
I do have 4 defaults still on my file from 2012
You are the perfect customer for them. Not only!have you shown that you are determined to clear your debts, but occasionally you mess up and they can make money out of!the fees.0 -
I was surprised the other day how much i was 'expected' to be offered, will see when the paperwork arrives.
I earn £16.5k and have a £15k home improvement loan (shared), 2 bad credit CC from years ago with available limits of £2.5k each, a 0% thats about to end upto £2.5k, and was accepted the other day for £3k 0%. Thats £25.5k of unsecured availble debt on a £16.5k salary. Assuming 3% minimum payment, thats £765 per month from a take home of about £1100.
Fairly decent credit history but still that will leave me extremely highly geared especially when its unsecured.
Only used about £150 between the credit cards0
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