We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Tesco acceptance odd??

Options
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.
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Because they have their own acceptance criteria and your credit score is no guide to anything.
  • minhp
    minhp Posts: 15 Forumite
    I think each lender has their own lending criteria so credit score given by rating agency is irrelevant.
  • Col81_2
    Col81_2 Posts: 69 Forumite
    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 respect
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Col81 wrote: »
    Why would i get one then when i have the above issues?

    Because they have their own acceptance criteria. Which you have met.
  • Col81_2
    Col81_2 Posts: 69 Forumite
    It must be low!
  • StopIt
    StopIt Posts: 1,470 Forumite
    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.
  • Col81_2
    Col81_2 Posts: 69 Forumite
    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
  • StopIt
    StopIt Posts: 1,470 Forumite
    Col81 wrote: »
    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.
  • jellie
    jellie Posts: 884 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Isn't it against the terms of your DMP to borrow more money?
  • DCFC79
    DCFC79 Posts: 40,635 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    jellie wrote: »
    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 ?
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.