Sub Prime Credit Card Club

PROLIANT

cifpower wrote: »

Well I wonder what it was in the appy form that got be declined. After all, it isn't the most in depth form I have come across.

Or maybe they randomly decline applications, who knows, it would be interesting to see the criteria of credit card companies and banks, just a quick peep, I wonder if anybody out there who writes or knows the criterion would post it on here, should be interesting.

Whamy

Hello Mate

The Monument Visa is fairly recent last month in fact. I picked up on it through these forums could not believe the online application talk about short!!

The Capital one was my first card that was secured at the time with £200 cash deposit which I believe they have stopped doing now, have since had this money returned.

Vanquis do get a bashing sometimes on the forums but I have to say I’ve always found them really good, put aside the high APR as I pay the full balance each month anyway, but as a credit building tool with good customer service top marks.

Whamy

A few things to know that may help with applications.

1) Make sure you are on the electoral roll you can update anytime now with rolling registration.

2) Your last 12 months credit histroy is the most important.

3) Make sure any defaults, CCJ's or BRO on your credit files are maked as settled/satisfied and discharged on a BRO before applying for any new accounts.

When I first got copy's of my credit file's in in 2005 they were all over the place my two CCJ's which were settled still showing as active, 8 defaults on various accounts still showing as active when they were not. It takes time and few letters to sort it but worth doing.

jimbo26

Following on from Whamy I will share my story and prove that there is light at the end of the tunnel.

In 2000 I defaulted on two bank accounts, two loans and five credit cards. In the intervening years I have paid them all back. During this time I was still paying a mortgage and Next catalogue as well as two store cards so I was still showing some positive data amongst all the defaults!

In 2005 I got a Capital One Classic card with £750 limit which was later increased to £1100.

In January this year my last default dropped off and I spent about three months tidying up my report and getting some incorrect data removed.

In May I took the plunge and applied for a different card with lower APR.

I was accepted for everything I applied for.

Post Office Platinum 15.9% £3800 limit
Barclaycard Platinum 15.9% £2000 limit
PayPal 16.9% £2500 limit
Egg Money 7.9% £3700 limit
Nationwide Bank Account with Debit Card

The PayPal card has now been closed.

The Post Office card will be used for holidays.

Egg Money for day to day to get the cash back.

Capital One card has been cut up and I'll just let it run until they close it. (make use of the Equifax credit watch)

The Barclaycard was used to buy my car insurance and I'll use the 10 months interest free deal to pay it off, save paying the insurance companies interest charge for monthly instalments.

There is no secret, just time will improve your credit rating. There is light at the end of the tunnel.

Justy

Similar story and comments from me as above.

Been a Vanquis customer for nearly four months now. Got approved when my credit score was at its lowest at the beginning of the year - about 350 on Experian (not that it's an exact science, of course) with one large satisfied Default from 4 years ago and a satisfied bank loan with lots of Red Sixes on it from last year. However around the same time I got turned for a Cap One Rebuilder so I certainly get the impression that Vanquis is the 'easiest' card to get hold of.

After three months on a £250 limit, they've just automatically increased my limit to £500. Not sure if this helps but prior to the increase I made sure I spent £500-750 per month on the card, then paying it off after each big transaction, to kind of nudge at Vanquis that a £250 limit wasn't big enough. Might've worked, might not have. Of course the most important thing is that you make the balance in full at the statement date etc.

Have found the customer service to be very pleasant (although you can tell straight away it's one of those Call Centres in Essex full of young people nursing a few hangovers on Monday mornings etc!). Friendly and relatively efficient though.

Only worry I have is they seem to be taking ages this month to update to Experian - anyone else found this? Last update was 13th April and I phoned Vanquis and they said the next one won't be til 1st June - almost six weeks inbetween!

PROLIANT

Monument's apply button is still broke, I wonder if any staff from Monument have been looking on here?

darcyvuqua

Whamy wrote: »

A few things to know that may help with applications.

1) Make sure you are on the electoral roll you can update anytime now with rolling registration.

2) Your last 12 months credit histroy is the most important.

3) Make sure any defaults, CCJ's or BRO on your credit files are maked as settled/satisfied and discharged on a BRO before applying for any new accounts.

When I first got copy's of my credit file's in in 2005 they were all over the place my two CCJ's which were settled still showing as active, 8 defaults on various accounts still showing as active when they were not. It takes time and few letters to sort it but worth doing.

as my signature states im cleaning my report when my stuff gets marked as satisfied what impact or change will there be on my file/score and will the lenders of subprime credit cards take a chance on me as im trying my hardest to be positive but another 3 years is a long tim thanks in advance

skyrider007

is monument going bust?

darcyvuqua

not sure why what have you heard?

PROLIANT

skyrider007 wrote: »

is monument going bust?

Have you heard out mate?