Sub Prime Credit Card Club

quick-smart

Mr P, nice to see you back again. I go away for a weekend and I miss all the news! *Hurumph*

Anyway, got my pin for my new barclaycard on Friday, and the new card popped through my letterbox this morning

Limit is only £750, but it's enough to transfer the smaller of my prohibitively expensive credit card balance's over. The lovely lady on the phone said
"do you knew what your balance transfer rate is," and I said
"I thought it was the standard purchase rate of 27%".
"Oh noooo", she said.
"We can offer you 6.9%," she said.
So I said, "I don't think I'd be eligible for that" (while trying not to sound like I've got a crap credit rating)
"Oh yes", she said, "you are, and it's already approved on your account"
"Is it really?" I said. "Woweee, that's great!" I said.
So she took the card details, and the rest, as they say, is history

Now the question is, do I keep the other card open for a while, and just use it once a month and pay it off in full to keep my credit rating looking good, or do I just close it all together and end up left with two cards that are all but maxed out??

All suggestions on a postcard please......

Shaz x

skyrider007

PROLIANT wrote: »

Kool, well I have a week off before I start my new job, had a lovely farewell on Friday, I was surprised when everyone was waiting for me on the shop floor, my manager done a brief presentation and handed me a card and gift from everyone, I done my best mans speech and for the first time I felt scared standing up in front of all my mates, not very good at speeches, when I got home I opened my gift and found a brand new leather wallet with £150 in it! I was gob smacked, I did not expect this, the card would have been enough as it was signed by everyone, literally everyone but tat was such a kind thing to do, anyway I left a little explanation as to why I left last week on page 87 but back in business for now.

good to see you back! congrats on your new job and the new wallet with goodies in it

:beer:

quick-smart

srichards, sorry to hear you're having problems

Have you applied for anything else recently?

I'm probably teaching my grandmother to suck eggs here, but have you checked your credit files recently?

Also, have you considered applying for a catalogue, they can be a little easier than credit cards. That's how I started to rebuild my credit, even when no credit card company would have me. That was 18 months ago, and as you can see from my last post, I've just been accepted for a 6.9% balance transfer deal.

Also, if push comes to shove, if you have a look at Martin's guide to re-building credit history, he gives you details of a prepay card that you have to pay a fee for but will show up on your credit file.
http://www.mycashplus.co.uk/default.aspx
This is what he says about it
Cunningly it charges a £4.95 monthly fee, which technically counts as a £59.40/year loan. As long as you pay the fee every month for a year, this info will be passed on to credit reference agency Experian.
Crucially though no credit check is needed to get the card. Once you've made 12 payments, it should show on your credit history as a fully repaid loan agreement, making you a more attractive customer (to those companies who use Experian for credit scoring, which is the vast majority of them) and hopefully meaning you can apply for better credit card and loan deals. Though you are of course paying £60 for it!

Hope this helps :-)

Shaz x

PROLIANT

Right then, information time, speaking to an underwriter at a well know financial institution I have been informed from the horses mouth the following; If you have lot's of credit searches in a short space of time, don't apply for ANYTHING for at least 6 months, not 3 months minimum 6, and the underwriter told me (who has worked in underwriting for many years with different banks) that they frown upon repeat applications, no matter how good your credit status is.

quick-smart

How many is lots?

PROLIANT

quick-smart wrote: »

How many is lots?

Oh yea sorry; more than 3 in a three month period. Looks like I'm f***ed then, I have got over a hundred!

quick-smart

you can't surely have that many

PROLIANT

501 more view's and we have 80,000 views, we should start charging "Pay per View" and rent a bar and have a massive pi55 up for everyone! lol Na only joking, but it goes to show that people are taking an interest.

PROLIANT

Look, here I have a picture for you;

quick-smart

Oh, I see! What happened, did the return key on your keyboard get stuck

That's a lot of searches, and a lot of linked addressses too!

Think you should start your own "Credit Applications Anonymous" Club

Shaz x