Sub Prime Credit Card Club

Tori_Bellatrix

PROLIANT wrote: »

Nice one, where you off to?

Sorry for delay, internet went pearshaped ...

I'm off to Barbados ... :cool:

PROLIANT

Well I am off to bed so all you MSE'ers have a good one.

Mr_LoL

I have one default from experian from 2004 . Is that why they all keep on saying no? A lot of searches as well.

PROLIANT

Mr_LoL wrote: »

I have one default from experian from 2004 . Is that why they all keep on saying no? A lot of searches as well.

Yes mate, it should drop off in 2010, but I would try Capital one or Vanquis for a card, let the searches drop off too.

PROLIANT

I have just been reading an interesting article on credit scoring and how lenders can decline applications, here is something I think people should do as an exercise today, debt to income ratio and how to calculate and what is considered as acceptable risk to a lender:

Calculate all of your monthly debt repayments that are registered on your credit file, i.e. what a lender can see then include your rent or mortgage, multiply this figure by your net monthly income and it should give you a decimal figure which you take as a percentage value.

---

Example:

Rent = £300
Debt repayments = £395
Total = £695

Wage = £1300
Other = £200
Total = £1500

---

DTI Ratio = 695/1500 = 0.46 or 46% which in lending standards is over committed, the ideal DTI should be 36% or less according to the various articles on the web.

louloupot

PROLIANT wrote: »

I have just been reading an interesting article on credit scoring and how lenders can decline applications, here is something I think people should do as an exercise today, debt to income ratio and how to calculate and what is considered as acceptable risk to a lender:

Calculate all of your monthly debt repayments that are registered on your credit file, i.e. what a lender can see then include your rent or mortgage, multiply this figure by your net monthly income and it should give you a decimal figure which you take as a percentage value.

---

Example:

Rent = £300
Debt repayments = £395
Total = £695

Wage = £1300
Other = £200
Total = £1500

---

DTI Ratio = 695/1500 = 0.46 or 46% which in lending standards is over committed, the ideal DTI should be 36% or less according to the various articles on the web.

great i am very over comited then lol

christhesparky_2

Quiet on here tonight, everyone having a day off?

darcyvuqua

hey guys i just want to clear something up when you have defaults or ccj or even a mix of both paid or unpaid is it only the sub prime cards that will accept you or can you get a normal card??
im just curious at the moment and bored i suppose! lol

how is everyone?

PROLIANT

hello chris, nowt much happening today, what you been up to?

PROLIANT

darcyvuqua wrote: »

hey guys i just want to clear something up when you have defaults or ccj or even a mix of both paid or unpaid is it only the sub prime cards that will accept you or can you get a normal card??
im just curious at the moment and bored i suppose! lol

how is everyone?

Sorry mate it is a no no, until the defaults have dropped off your file then you will just get knocked back, have you asked the companies to remove the defaults and ccj's as they are now settled?