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Tesco acceptance odd??
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Col81_2
Posts: 69 Forumite
in Credit cards
I have a credit score of 450 and i am in a DMP with stepchange i need cash in a emergency and have been accepted for a Tesco card which i now have with a £2700 limit. I have 3/4 defaults from 3 years ago too. Why would they give me this credit card when nobody else will? hopefully this is a sign that my credit is looking up and maybe my defaults are starting to lose effect. I am fully up to date with my DMP and all other bills.
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Because they have their own acceptance criteria and your credit score is no guide to anything.0
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I think each lender has their own lending criteria so credit score given by rating agency is irrelevant.0
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Why would i get one then when i have the above issues? i see this as achance to be sensible and re build credit a opening to respect0
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It must be low!0
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Why are you getting more credit when you're in a DMP?
Aside from asking why you haven't built an emergency fund, why didn't you contact Stepchange and ask to drop your payments to pay for this emergency?
If you end up paying interest on this, it'll be the opposite of being "sensible".
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Because i need a clutch and flywheel on my car and i travel 22k per annum in my car it will be £1000 i have no choice0
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Because i need a clutch and flywheel on my car and i travel 22k per annum in my car it will be £1000 i have no choice
1: If you haven't, get a second quote. Clutches are a common failure and prices vary wildly from place to place, shop around and do not accept the first quote. (Disclosure: While not automotive, I have experience with selling them!)
2: Contact Stepchange and get an emergency fund saved up. No point in being "Up to date" with the DMP if a shock like this puts you back into debt.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Isn't it against the terms of your DMP to borrow more money?0
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Isn't it against the terms of your DMP to borrow more money?
As far as I was aware it's one of the conditions of a dmp.
OP why not check with the debt charity your dmp is with that taking out extra credit is ok, if it isn't ask what your options are.
OP I'm not sure a credit card is advisable for you, how would you make the repayments ? Surely that extra money has been saved up ?0
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