when do better offers start coming?

Andybez38 · 8 June 2019 at 5:23PM

Having had a default drop off my (TransUnion) credit file. Experian & equifax get updated in a few days time.
It will leave no defaults recorded over the last 6 years. I have no missed payments, 4 credit cards with credit limits from £900-£6000.
I have seen a slow improvement after checking my credit reports with improved scores.
When i am checking eligibility for credit cards. I am still only getting offers come up with adverse credit cards with Apr of 29.9 plus.
How soon would i expect to see more mainstream credit card offers.

MovingForwards · 8 June 2019 at 5:30PM

You need to start somewhere, take a sub-prime card, put your shopping /petrol on it, pay it in full each month and you will start to build up a credit history.

Took me 7 months from having a sub-prime CC to getting one from my own bank; I've a CCJ and historic defaults.

Have you tried your own bank?

Willing2Learn · 8 June 2019 at 5:31PM

Andybez38 wrote: »

Having had a default drop off my (TransUnion) credit file. Experian & equifax get updated in a few days time.
It will leave no defaults recorded over the last 6 years. I have no missed payments, 4 credit cards with credit limits from £900-£6000.
I have seen a slow improvement after checking my credit reports with improved scores.
When i am checking eligibility for credit cards. I am still only getting offers come up with adverse credit cards with Apr of 29.9 plus.
How soon would i expect to see more mainstream credit card offers.

Lenders do not use your score. They don't see it either. All you require is to have credit file full of positive data. Wait until all your three files are clean of negative data before trying for a mainstream card...

How much total available limit of £6,000 is currently reported as being used?

Andybez38 · 8 June 2019 at 5:37PM

MovingForwards wrote: »

You need to start somewhere, take a sub-prime card

That was my starting point. The 4 cards i have were sub prime cards. I have built up a couple of years history now with the cards. I have been waiting for the default to drop off my files. This has now happened on one credit agency report. I'm waiting for the default to drop off the other 2 agencies. I'm just wondering why i only get offers from sub prime lenders.

Andybez38 · 8 June 2019 at 5:43PM

Willing2Learn wrote: »

How much total available limit of £6,000 is currently reported as being used?

I currently have zero balance on all 4 cards. I have been using the cards and paying off the balance in full each month. I am wondering why the eligibility credit card checkers are only coming up with sub prime card offers.

boo_star · 8 June 2019 at 5:46PM

Andybez38 wrote: »

That was my starting point. The 4 cards i have were sub prime cards. I have built up a couple of years history now with the cards. I have been waiting for the default to drop off my files. This has now happened on one credit agency report. I'm waiting for the default to drop off the other 2 agencies. I'm just wondering why i only get offers from sub prime lenders.

Because you still have a default showing on two of your files.

Wait until it drops off from all three CRA's first.

Willing2Learn · 8 June 2019 at 5:50PM

Andybez38 wrote: »

… I am wondering why the eligibility credit card checkers are only coming up with sub prime card offers.

Willing2Learn wrote: »

... Wait until all your three files are clean of negative data before trying for a mainstream card...

Like I said...wait until your files are clean of negative data...

Andybez38 · 8 June 2019 at 5:52PM

boo_star wrote: »

Because you still have a default showing on two of your files.

Wait until it drops off from all three CRA's first.

I was lead to believe that the default came off after 6 years. Although this is still showing on equifax and experian, its only because the reports are updated monthly. If a lender was to check my credit file today surely they would be given a live up to date report?

boo_star · 8 June 2019 at 5:56PM

Andybez38 wrote: »

I was lead to believe that the default came off after 6 years. Although this is still showing on equifax and experian, its only because the reports are updated monthly. If a lender was to check my credit file today surely they would be given a live up to date report?

Yes, I was thinking that after posting.

When you say you only get subprime offers, do you mean the prime ones are not showing at all or they're all 0%?

And which sites are you checking on?

Andybez38 · 8 June 2019 at 6:01PM

boo_star wrote: »

Yes, I was thinking that after posting.

When you say you only get subprime offers, do you mean the prime ones are not showing at all or they're all 0%?

And which sites are you checking on?

I have checked on MSE credit club. Totally money site. Noddle site, credit score site, etc. All i am getting are sub prime card offers with pre approved offers. there are no mainstream lender offers on any.

boo_star · 8 June 2019 at 6:03PM

Andybez38 wrote: »

I have checked on MSE credit club. Totally money site. Noddle site, credit score site, etc. All i am getting are sub prime card offers with pre approved offers. there are no mainstream lender offers on any.

Maybe try a soft search direct with a prime lender?

Barclaycard : https://www.barclays.co.uk/credit-cards/check-your-eligibility/
MBNA : https://www.mbna.co.uk/credit-card-eligibility-checker.html

when do better offers start coming?

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