No Credit / Bad Credit - Same Thing?

Candyapple

Credit_Struggle wrote: »

CandyApple - thanks for your response. I was under the impression the lender doing the credit search couldn’t see who if my credit card would be subprime or not, am I incorrect here?

Yes you are correct in that the lender cannot see who your credit card is with - but the general indicators of low credit limit (below £1k) which they can see, are a giveaway.

Amex are very fussy and I remember way back in the day when they turned me down they told me to reapply in 12 months and not 6. You could always try an appeal with them, no harm in it.

Credit_Struggle

CandyApple I already did try to appeal, with no success. They advised reapply in 3 months, however I am going to wait 6 months.

Two of my limits are over £1k so I’m not so sure that can be a clear indication of Sub prime. In fact not being argumentative here but FD offered me a £500 limit when opening my account which I turned down.

Candyapple

Pretty much anything below £2k generally speaking is a low limit.

At the end of the day it’s all relative to your income, if you have written on an application that you are earning £75k and you only have credit cards with limits ranging up to £1-2k, lenders will spot this and flag it. Again, getting a low limit with a bank whilst yes it is not a subprime lender, it still shows that the bank/lender views you as a risk.

Credit_Struggle

Yeah it’s a nuisance, but what you going to do when you only have 10 months history

Candyapple

Credit_Struggle wrote: »

Yeah it’s a nuisance, but what you going to do when you only have 10 months history

Are you 18? If so, this will also be another red flag. Think about it, how many 18 year olds do you know on your salary? Lenders will of course be very wary in case you take the money and run.

Also not sure if they still adhere to the same rules but I have a vague recollection that you had to be over 21 to get an Amex or certain Amex branded cards?

Credit_Struggle

No no, I am mid thirties. Have been working abroad for the past 15 years. However my job is still with the same employer just finally back here at home.

[Deleted User]

Credit_Struggle wrote: »

No no, I am mid thirties. Have been working abroad for the past 15 years. However my job is still with the same employer just finally back here at home.

So you have no UK history.

This could be why

Credit_Struggle

Yes correct Gary, I am a British but unfortunately when I left I never kept any accounts open. HSBC seemingly never had any history of my previous accounts when arriving back.