Anyone managed to get the 118118 money credit card?

floppydisk1

JayMawds82 said:

I got the guaranteed no fees card off them in December 2019. Only got a £500 limit on it (the original). Got it reasonably easily with a middling 550 Experian score.

That's what I was hinting at..  If your score was in very high 900s + 10 -20k limit on prime credit or charge cards + mortgage and no missed payment or revolving credit on credit card - simply not  their desired credit profile - AKA not a profitable customer.   

D3xt3r5L4b

floppydisk1 said:

JayMawds82 said:

I got the guaranteed no fees card off them in December 2019. Only got a £500 limit on it (the original). Got it reasonably easily with a middling 550 Experian score.

That's what I was hinting at..  If your score was in very high 900s + 10 -20k limit on prime credit or charge cards + mortgage and no missed payment or revolving credit on credit card - simply not  their desired credit profile - AKA not a profitable customer.   

Although no lender sees the scores so that’s an irrelevant point to make. 

floppydisk1

No score ( that was mentioned as a reference to OP 500  one- irrelevant on its own, but every lender can see missed payments or revolving credit, financial stability and money management ( CRA financial history and behaviour of every potential customer ). Lets just say that what prime credit card providers and what 118 118 want from their typical customer is not quite the same...

Mrs_Ryan

I have one but my credit history is destroyed due to previous serious illness. They’re a nightmare to deal with though, I’ve been trying to get them to change my name for 6 months now and I get excuse after excuse as to why they won’t do it. I started with a 200 limit, they upped it to £450 after I stopped using it but I’m looking to get it closed soon along with my Capital One and Vanquis cards. Marbles have just upped my limit from 450 to 1450 so that’s a better limit and more useful to me than all the other 3 put together. 

afis1904

I know scores don't really matter but my Experian score is in the 700s and I've not got a massive history of credit but the credit I have I always paid off in full and I was rejected as well

D3xt3r5L4b

afis1904 said:

I know scores don't really matter but my Experian score is in the 700s and I've not got a massive history of credit but the credit I have I always paid off in full and I was rejected as well

It’s not that they “don’t really matter”.
They don’t matter at all. 

Highland76

Here's the $64 million question: if 118118 really don't want non-profitable customers, then surely logic would also suggest that mainstream CC issuers such as Halifax/HSBC/Barclaycard et al would be doing the same en-masse as well? Sub-prime lender or not, it costs money for CC providers to support customers who pay off their balances in full every month. Yet its fairly easy getting a CC with the more mainstream lenders providing you have a good credit history...

[Deleted User]

Mainstream lenders had the advantage of higher balances and therefore merchant fees, as well as great cross sell opportunities into more profitable areas.  Sub prime lenders tend to have a much narrower portfolio.

Have I really won $64 million?

Gerry1

I'd have thought 118118Money could have it both ways.  They'd profit from poorer customers who didn't travel overseas and had to take out cash advances in the UK and then pay interest because they couldn't afford to repay it in full immediately.  They'd also profit from merchant fees generated by richer customers who would be attracted by no foreign loading or transaction fees and who would buy more both in the UK and overseas.

Barclaycard seem to have realised this: they have no foreign charges or interest on overseas cash advances if paid in full but they don't reject people with high incomes and credit ratings, nor (AFAIK) do they contravene the Equality Act 2010 by instantly rejecting applications from people aged 70 and upwards.

JonnyMK

for a fee-free card, they probably only accept people with lower credit score in the hope they end up trapped on the high interest rate to cover the operating costs otherwise not collected from fees. If all their customers paid in full every month they wouldn't make any money.