Sub Prime Credit Card Club

skyrider007

I hope Proliant will return to monitor this forum again! It was fun to have him around.

clio

Nah i think MR P has gone matey, them 2 made sure he was hung/drawn and quartered. hope i,m wrong and he does come back to the post:)

Ellamax

Well, update......

I have applied for a Halifax standard and got instantly refused..... even though my credit score is 'Needs Improvement'..... sounds a lot like my school reports!! You never really leave these days do you!! So then I applied for the Vanquis and am awaiting a repsonse from them so we shall see. My poor husbands score is 'Poor'! That I think is mainly down to he applied for a LloydsTSB card as he banks with them and he hasnt the vaguest idea how it all works, he just thought he would apply!! So that has obviously gone against him, as has my Halifax refusal now....

Sammy_Girl

Ellamax wrote: »

Well, update......

I have applied for a Halifax standard and got instantly refused..... even though my credit score is 'Needs Improvement'..... sounds a lot like my school reports!! You never really leave these days do you!! So then I applied for the Vanquis and am awaiting a repsonse from them so we shall see. My poor husbands score is 'Poor'! That I think is mainly down to he applied for a LloydsTSB card as he banks with them and he hasnt the vaguest idea how it all works, he just thought he would apply!! So that has obviously gone against him, as has my Halifax refusal now....

Hi Ella :hello:

As others have said, it is never too early to start rebuilding your credit. Like you, I have defaults but no CCJs. Unfortunately these defaults do stay on your file for 6 years until they "drop off".

You definitely need to check out your credit reports to see what they say. I was really nervous at first, but it's generally not as bad as what you think it will be!! Have a read of Martin's article as it says which sites you can have a look at your report without paying :T

As for the sub prime cards, I was nervous about applying, as apart from my mortage in 2007 I hadn't applied for credit for a good 3 years or so. However, I was accepted for the Vanquis and the Capital One cards. Both have horrendous APRs, but as long as you use it wisely it is a good tool. I spend about £20-£30 on each one a month and set up a direct debit to clear the whole balance each month. Vanquis gave me a credit limit of £250 and Capital One a limit of £1000. Not that I plan to go anywhere near those limits though...once bitten, twice shy and all that

But in a strange way it does get addictive!! Not to build up loads of debt but to have more accounts on your credit file with nice shiny green circles . I really want to apply for an Aqua, but I'm remortagaging (hopefully!!) in January and I don't want any more searches on my file.

Gosh, what a long post. Sorry to ramble. Good luck

S x

blob-blob-blob

londonuk2008 wrote: »

Yes , they can see any defaults/CCj on file . Some credit providers have different policies on how old these are and whether they would accept you . It would go in your favour once it shows as settled/paid.

It definitely shows as settled, phew! I must admit to being a little clueless about what a default is. Until I looked at the credit report I just thought that I hadn't paid the card for a while probably 4 months. However it shows 4 months non-payment then a default and then an immediate settled.

Also another question for you chaps! I've moved house a lot in the past couple of years (because of jobs in different towns). On the file it shows three searches for each application for credit I've made, one at each address listed. Do the credit providers see the searches like that too? It makes me look a lot more credit hungry than I really am!

quick-smart

Not planning on going on a spending spree Clio, just want to transfer the balance over from a more expensive card!

I agree, it's lovely to see all those shiny green circles. My problem is I have a default on my account that is in dispute, which I'm trying to get fixed, but until then all the shiny green circles in the world aren't going to make much difference.

Having said that, my score is still improved on what it was, two years ago the only credit I could get was £150 on a catalogue (which I took, gotta start somewhere!)

I think that even if you've got things like defaults it is still possible to improve, it just takes so much longer. It is frustrating though as I think I've only forgotten one payment in the last two years, and that was only through changing jobs - without pay day at the end of the month to remind me I forgot to pay a card on time, but was only about 5 days late, so it didn't even show up.

They don't tell you that either, most credit companys won't register a missed payment until your next statement has been produced, so providing you call them to explain, and don't do it too often, you shouldn't get a charge or a "missed payment" on your file.

Can be useful occasionally.

Shaz x

clio

Q-S
So in 2 years you sound as if you have improved your credit worthyness by a lot, so in another 1 to 2 years you'll be able to pick n choose what deals you want eh lol..

quick-smart

That's the plan!!

Kind of bugs me a bit, I had excellent credit until 2004/2005, when a series of personal problems added to being a student meant I just couldn't afford my repayments, combined with the fact that I had no idea about APR's, so ended up with HP at a ridiculous rate, then HFC told me they could help lower my credit payments, basically by giving me more credit - just spiralled out of control!

Does also help that I've been in the same job/house now for nearly 2 years, and throughout all the problems, I managed to keep hold of my current account and credit card with smile (which took a lot of crying and begging at one point when they wanted to shut it down!)

I really think they should teach children in secondary school about credit APR's, banking, saving, pensions etc, particularly now the market is so saturated with different kinds of credit that is fairly easy for young people to get!

Shaz x

quick-smart

It's been a steep learning curve though, it's kind of ironic that the people who know the most about the credit and banking system are usually the people who have the most problems with it, out of necessity!

Shaz x

Dazzieb

skyrider007 wrote: »

One complaint for Capital One Classic Card, they will not honour my request to change the card design (I wanted the one with the Earth picture) and they've sent a Tiger card (rather embarrassing to use in shops).

Otherwise I am happy with their online service, interest rate reduction and credit limit increase.

Lucky so and so.

Just cancelled my Capital One Card after they had slowly (over a period of 4 years) upped the APR to over 30%. I asked them to reduce the APR, the refused and said 'we don't reduce APR's', so I told them to stick it.

This is what happens when you keep up your repayments, don't default and have a great record with them. Funnily enough, 2 days after I told them to cancel I received a letter in the post saying my limit had been increased by a grand. Made no difference, managed to get a MINT card @ 0% for 12 months and a 3 and a half grand limit to start on!

That'll do for me!