Unusual Credit History

Jellytussel

I have what you might call a first world problem. Not even a problem, really, more of a question.
5 years ago I had to default on some credit cards and a loan. All the outstanding defaults were settled a year later when my circumstances changed.
For the past 4 years I have been in a reasonably secure job with an excellent income (top 1%), have a few hundred K in savings, 5 figures a month free income after costs, and my credit record over the 4 years has been impeccable. The past few years I have been with a private bank, which I cannot fault, they provide excellent personal service and have given me a charge card with a very high limit. However, they do not share any of their customer data with credit reference agencies, so I am invisible, although my credit score has gone from very bad to fair/good.
Does anyone know of a mainstream credit card provider that would be willing to have a sensible human conversation and consider overriding the automated "computer says no" response which those old defaults generate? Obviously NewDay, CapOne and Avant will say "yes" but I would hope to do a bit better. I don't need the credit but would like the visibility.
A minor whinge is that MSE lists cards that say 90% but soft searches on those always say no. Obviously it is those old defaults but I think that MSE could improve its algorithms to be more accurate.

robber2

Jellytussel wrote: »

A minor whinge is that MSE lists cards that say 90% but soft searches on those always say no. Obviously it is those old defaults but I think that MSE could improve its algorithms to be more accurate.

You could try a credit builder card such as vanquis or just leave things a year or so until your credit history looks a little cleaner and then try the mainstream cards again.



I dont agree the algorithms need changing. 90% is not the same as 100%.







Rob

Jellytussel

Thanks.
I agree that 90% is not 100% but when you find that 90% is inevitably and repeatedly 0% it suggests to me that the MSE algorithms are not taking into account that (as far as I can see) no mainstream credit card providers that they suggest will in reality accept anyone with a default. So I think that could use some tweaking.

[Deleted User]

Ignore your credit score/rating - it's not a factor of.. well anything really.

All applications are automated - if you get declined you can request a manual review thereafter.

Try some eligibility checkers on the actual lenders websites rather than a comparison site.

Jellytussel

Yeah, I agree that the credit ratings are a joke. I could put £100K on deposit to be set against a £5K credit card. But that's not how it works.
I was spurred to post this as I have had a second current account with Nationwide for a few years and rang them up to say "your system will auto reject me for a credit card but you have given me an overdraft and under my circumstances could we have a chat about a card?" So NW said "yes, come in and see us, bring payslips and we will have a chat". So in I went in to see them today and they said "no point discussing salary or savings, if computer says no we can do nothing" So I was a bit annoyed.
NW also told me in branch that no manual reviews were possible, which is not what they had told me on the phone.
I have indeed done eligibility soft search checks on various lender sites, which is why I think the MSE eligibility ratings are a joke. 90% on MSE is inevitably 0% on lender soft search. As I say, I don't think the MSE algorithms take defaults properly into account.

MovingForwards

If you have no recent credit history then you may have no option but to look at a sub-prime credit card.

Have you actually tried applying for any credit card yet? As an application to a regular bank and rejection won't harm your credit history, leaving you free to do a sub-prime CC application.

Have you thought about having a regular current account with a mainstream bank and just paying in a few hundred a month, perhaps have a token direct debit for something or use the debit card to doing shopping or petrol payments once or twice a month as current accounts are reported to the credit reference agencies.

Jellytussel

Yes, I had a few years of sub-prime cards, perfect payment records on them, £10K total limits, but got annoyed when Aqua for no obvious reason reduced my limit and increased the APR so I cancelled them. As I say, I can easily get the sub-prime cards, my question is whether there is any mainstream card that will have a sensible conversation.
My record is not totally invisible as I have those now cancelled cards on it, the NW account, 3G payments going back 6 years, etc.

[Deleted User]

What are you after in a mainstream card that a subprime can’t give you?

Jellytussel

Good question
The APR is of no account as I always settle in full
Partly the sub-primes have low individual limits. I travel a lot on business and they are useless for that.
Partly they are a bit embarrassing to use. To quote PG Wodehouse "It was the particular boast of Barribault's Hotel that it would make the wrong sort of customer feel more like a bit of cheese, and a very cheap, yellow sort of cheese, than any other hotel in London."
But rather than exploring the ins and outs of stuff I already know, my original question (so far unanswered) was whether anyone knew of a mainstream card that was willing to have a sensible face to face or telephone conversation.

[Deleted User]

Jellytussel wrote: »

Good question
The APR is of no account as I always settle in full
Partly the sub-primes have low individual limits. I travel a lot on business and they are useless for that.
Partly they are a bit embarrassing to use. To quote PG Wodehouse "It was the particular boast of Barribault's Hotel that it would make the wrong sort of customer feel more like a bit of cheese, and a very cheap, yellow sort of cheese, than any other hotel in London."
But rather than exploring the ins and outs of stuff I already know, my original question (so far unanswered) was whether anyone knew of a mainstream card that was willing to have a sensible face to face or telephone conversation.

If you're embarrassed by what card you use, then you have other issues
Seriously, no one cares, and no one will turn you away for pulling out a Vanquis Card in The Ritz.

Regards you application questions, you need to make an online application first, then ask for a manual review after if declined.

Not many places take applications over the phone - you will need to look around yourself and see who does it, providing of course, the card design and name fits your social criteria.

Jellytussel

Not sure I agree with you on that. Waiters and hotel clerks are on the whole tremendous snobs and I have seen them salivating over Amex Centurions and even my own private bank charge card. Flash an Aqua or CapOne and they instantly know to keep an eye on you as someone who will probably steal the ashtrays or not leave a tip.
But however entrancing it is to wander unchecked through a garden of bright images, are we not enticing your mind from another subject of almost equal importance?
Specifically the only question I have asked here, which is does anyone know of a mainstream credit card provider that will have a sensible discussion rather than just going by its computer algorithms?