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  • FIRST POST
    • Andybez38
    • By Andybez38 8th Jun 19, 4:23 PM
    • 1,687Posts
    • 1,131Thanks
    Andybez38
    when do better offers start coming?
    • #1
    • 8th Jun 19, 4:23 PM
    when do better offers start coming? 8th Jun 19 at 4:23 PM
    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.
    I came into this world with nothing and I'm gonna leave with nothing.
Page 2
    • MovingForwards
    • By MovingForwards 8th Jun 19, 6:12 PM
    • 2,318 Posts
    • 2,743 Thanks
    MovingForwards
    When are you paying your CC? As you use them or when the statement comes out?
    • Andybez38
    • By Andybez38 8th Jun 19, 6:36 PM
    • 1,687 Posts
    • 1,131 Thanks
    Andybez38
    When are you paying your CC? As you use them or when the statement comes out?
    Originally posted by MovingForwards
    I pay in full each month when i get the statement.
    I came into this world with nothing and I'm gonna leave with nothing.
    • Ben8282
    • By Ben8282 8th Jun 19, 6:49 PM
    • 3,544 Posts
    • 1,957 Thanks
    Ben8282
    I pay in full each month when i get the statement.
    Originally posted by Andybez38
    And you still maintain that each month the balance is being reported as 0?
    • Andybez38
    • By Andybez38 8th Jun 19, 6:53 PM
    • 1,687 Posts
    • 1,131 Thanks
    Andybez38
    And you still maintain that each month the balance is being reported as 0?
    Originally posted by Ben8282
    I have not used any cards for the last month or so. So all accounts are showing zero balance
    I came into this world with nothing and I'm gonna leave with nothing.
    • Ben8282
    • By Ben8282 8th Jun 19, 7:01 PM
    • 3,544 Posts
    • 1,957 Thanks
    Ben8282
    I have not used any cards for the last month or so. So all accounts are showing zero balance
    Originally posted by Andybez38
    I see.
    You are wanting better offers. The APR on the cards is of course unimportant as you habitually repay them in full each month. I don't believe that stopping all use of the cards will benefit you in any way. Lenders are not looking for 0% utilisation and 0 balances.
    What sort of better offers are you looking for exactly? You already have a card with a £6k limit. Although not a 'high' limit, a £6k limit is quite respectable and would imply that there is nothing seriously wrong with your credit files or your ability to obtain credit.
    Stop waiting for offers from whatever CRA is providing them. Instead, decide what sort of card you actually want (0% purchases, rewards etc) and , if possible, use the eligibility checker on the card providers own site or else just apply. A single application and a decline won't hurt you. But try to be realistic ... don't go and apply for the very longest 0% period. WAIT FOR ALL DEFAULTS TO BE GONE BEFORE YOU DO THIS.
    Last edited by Ben8282; 08-06-2019 at 7:10 PM.
    • gionnetto
    • By gionnetto 8th Jun 19, 10:55 PM
    • 184 Posts
    • 36 Thanks
    gionnetto
    I have not used any cards for the last month or so. So all accounts are showing zero balance
    Originally posted by Andybez38
    You need to 1) use your cards every month (between 10 and 20% of the limit) and 2) repay them in full every month possibly by DD.
    • JohnMl88
    • By JohnMl88 9th Jun 19, 7:50 AM
    • 64 Posts
    • 20 Thanks
    JohnMl88
    What's your utilization rate? It usually takes 3 years of spotless behaviour before you get eligible for a mainstream card. But, as some have said, you can still try your own bank if you need another card.
    Originally posted by gionnetto
    No, you donít need 3 years, my case:
    Capital one 200 credit limit June 2018
    Aqua reward 450 limit Dec 2018
    BA amex 8000 limit May 2019
    Virgin 0% 20 months 2600 limit May 2019
    • Gary_Dexter
    • By Gary_Dexter 9th Jun 19, 9:12 AM
    • 6,557 Posts
    • 4,353 Thanks
    Gary_Dexter
    You need to 1) use your cards every month (between 10 and 20% of the limit) and 2) repay them in full every month possibly by DD.
    Originally posted by gionnetto
    Point 1 is CRA score boosting advise.
    Ignore it.
    Each lender has their own lending criteria and will use this to base any limit increases on etc.
    • Nasqueron
    • By Nasqueron 9th Jun 19, 10:23 AM
    • 7,603 Posts
    • 4,840 Thanks
    Nasqueron
    I'd expect subprime card limits to max out way below where prime cards will as well though.
    Originally posted by boo_star

    Most people don't need credit limits in the 10s of thousands and if you're in an area of sub-prime cards, are you likely to be able to afford to run up that much debt?
    • Andybez38
    • By Andybez38 14th Jun 19, 9:39 PM
    • 1,687 Posts
    • 1,131 Thanks
    Andybez38
    Well an update on my original post.

    All 3 credit reference agencies are now showing NO defaults. Strange to think when a default drops off your report, that your clearscore credit scores goes down. I know the score doesn't matter. The MSE credit score stayed the same. A slight increase on Noddle/credit karma.
    So now encouraged by the fact i had 4 credit cards already with various limits albeit at higher APR's i thought i would give it a go and try for another at a better rate.
    I went on the comparison sites and opted for a Virgin money card offering a good 0% purchase rate for a couple of years. Eligibility came up as very good chance. So i applied and was declined.
    To say i was disappointed was an understatement. I'd waited for the default to be removed. Researched my options, asked for advice and it still was not to be.
    I reluctantly thought i would give MBNA a try as i was pre approved for 4 of their cards. After all i had just wasted one hard search on a failed Virgin card. However to my surprise i was accepted given a credit limit and all my approval emails within minutes of my application.
    The moral of my story is although i have been successful in obtaining credit cards, car finance etc. This has always come at a higher rate. The better offers came when the default dropped off.
    I came into this world with nothing and I'm gonna leave with nothing.
    • Gary_Dexter
    • By Gary_Dexter 14th Jun 19, 9:48 PM
    • 6,557 Posts
    • 4,353 Thanks
    Gary_Dexter
    But rates shouldn’t matter as you should be paying them back in full each month.

    Ignore the scores (again).

    Don’t be hasty to apply just because you can or you’ll find yourself rubbing up debts and potentially getting into a bad place again.

    If you must apply then go for something that offers cashback or membership points/rewards to make it worthwhile.
    • gionnetto
    • By gionnetto 17th Jun 19, 7:30 AM
    • 184 Posts
    • 36 Thanks
    gionnetto
    I reluctantly thought i would give MBNA a try as i was pre approved for 4 of their cards. After all i had just wasted one hard search on a failed Virgin card. However to my surprise i was accepted given a credit limit and all my approval emails within minutes of my application.
    The moral of my story is although i have been successful in obtaining credit cards, car finance etc. This has always come at a higher rate. The better offers came when the default dropped off.
    Originally posted by Andybez38
    This is because different lenders trust different CRAs. Ideally, when checking for eligibility, you should also check what CRA(s) that lender searches, and not apply if your score with that CRA is low (or has dropped).

    I know many claims that "score doesn't matter", but that's because they don't understand how it works. Credit scores work like cardiovascular scores: the number is an estimate of your likelihood of defaulting in the future, just like a cardiovascular score is an estimate of your likelihood for you to have a heart attack. Granted, an estimate is not a prediction, it just expresses a lower or higher *likelihood*. If one only looked at history, one could infer "never had a default, never will have" but it's wrong. Just because you've never died it doesn't mean you won't! For example, if your income is high, your capability of paying off what you borrowed might depend on your income, rather than the fact that you are good at budgeting. Conversely, if your income is low, you can still juggle multiple accounts fine if your budgeting skills are strong.

    Different lenders use different CRAs because their risk assessment criteria are similar. It makes sense to trust the prediction of somebody whose criteria are closer to yours. So scores are "meaningless" only insofar as it's not true that a low score won't land you a product you want, just because that specific lender might not use that specific CRA to sort out its prediction. But if you want to maximize your chances to get the product you want at the conditions you want, you need to know what CRA(s) they use, and have a score high enough to meet their criteria.
    • msallen
    • By msallen 17th Jun 19, 8:15 AM
    • 1,084 Posts
    • 1,359 Thanks
    msallen
    You need to 1) use your cards every month (between 10 and 20% of the limit)
    Originally posted by gionnetto
    Why do you persist in posting meaningless and incorrect "rules" that you have either made up or accepted as true from someone else who made them up?
    • msallen
    • By msallen 17th Jun 19, 8:16 AM
    • 1,084 Posts
    • 1,359 Thanks
    msallen
    Different lenders use different CRAs because their risk assessment criteria are similar. It makes sense to trust the prediction of somebody whose criteria are closer to yours. So scores are "meaningless" only insofar as it's not true that a low score won't land you a product you want, just because that specific lender might not use that specific CRA to sort out its prediction. But if you want to maximize your chances to get the product you want at the conditions you want, you need to know what CRA(s) they use, and have a score high enough to meet their criteria.
    Originally posted by gionnetto
    More unmitigated drivel.
    • Gary_Dexter
    • By Gary_Dexter 17th Jun 19, 8:46 AM
    • 6,557 Posts
    • 4,353 Thanks
    Gary_Dexter
    Still banging on about the score I see.

    Lenders DO NOT see, care about or use the scores generated by the CRA marketing departments.
    • nic_c
    • By nic_c 17th Jun 19, 9:21 AM
    • 2,116 Posts
    • 1,107 Thanks
    nic_c
    ...
    I went on the comparison sites and opted for a Virgin money card offering a good 0% purchase rate for a couple of years. Eligibility came up as very good chance. So i applied and was declined.
    To say i was disappointed was an understatement. I'd waited for the default to be removed. Researched my options, asked for advice and it still was not to be.
    I reluctantly thought i would give MBNA a try as i was pre approved for 4 of their cards. After all i had just wasted one hard search on a failed Virgin card. However to my surprise i was accepted given a credit limit and all my approval emails within minutes of my application.
    The moral of my story is although i have been successful in obtaining credit cards, car finance etc. This has always come at a higher rate. The better offers came when the default dropped off.
    Originally posted by Andybez38
    Going for the pre-approved can be the best option, especially as MBNA give fairly decent credit limits compared to some others.

    The problem with your Virgin application is the "very good chance". If you checked and it said 90% chance many people wrongly assume that means they should get the card. All it means that if ten people with similar circumstances to you applied, one will be declined. People often also don't read the smallprint with these percentages which often says something along the lines of "unless pre-approved you may be offered less months at 0%" etc (depending on the promotion). So you'll get some cards offering say 2 years at 0% and show a high chance of being accepted - so they could accept you but you may end up with say 6 months at 0% rather than what was on offer. An example of this is the Halifax that offers a 0% BT with no fee, but some people it accepts will get 18 rather than 20 months and be charged 3% BT fee.

    Congrats on getting a card, hope it is what you wanted.
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