A question about : The Sub Prime Credit Thread
The Sub Prime Credit Thread - Part VI
Welcome to the 6th edition of the fantastic Sub Prime Credit Thread, originally created by Proliant, followed up by CifPower and then never-in-doubt. This thread contains all previous versions of the threads and all the Sub Prime deals available right now!
Sub Prime does not mean that it is not as good, it simply means that if your credit is far from perfect, you may be accepted by one of the companies below as their credit scoring model is designed to accommodate higher risk, where as mainstream lenders' score a lot harsher meaning you're more likely to be refused.
I thought it was about time we revive the sub prime thread. Please suggest any other sub prime credit cards I may have missed.
Last Updated: 10 February 2013
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Best answers:
- Yay for the revival of the thread
- Does anyone have the Capital One secure card? How easy is it to get with defaults on your file?
- In September this year I'll be looking for a better sub-prime card when one of my two reds drops off my credit report. My last red drops off in June next year a month after all debts are settled. I'm thinking of applying for Aqua Advance to get the annual APR reduction and wonder if anyone has experience of it.
- Here's one for all credit experts out there. How long before a sub prime customer stands a chance of moving to a prime card?
I have 1 default 5 years old.
Income 22500
Granite Card - limit Ј1k owing Ј17 had it 19 months no mised/late payments, always paid in full.
Aqua - limit Ј1100 owing Ј20 had it 18 months no missed/late payments, always paid in full.
Cap 1 Classic - limit Ј800 owing Ј400 had it 16 months no missed/late payments, always paid in full.
Barclaycard Initial - Ј750 owing Ј80 had it 9 months no missed/late payments, always paid in full.
Several catalogue accounts;
Very - Ј650 limit Ј500 BNPL due Dec 13
Littlewoods limit Ј850 owing Ј40
Woolworths Ј500 limit owing Ј150
No missed or late payments ever everything either paid over 3 months with no interest or paid early in the case of previous BNPL. Had them about 18 months.
So what do I need to do to get to the prime market, or is it a case of wait until the last default goes?
I applied for Aqua Advance, Cap One Progress and Halifax cards over the course of the last year and all declined. Last attempt was Halifax last October.
I do not want to close any of the sub prime cards until I can get a prime card then I can close any of them.
Answers on a postcard please. - Have you tried oe of credit card from Creation, they tend to be more lenient & considering that default is 5 years old you have some good chances....
- I did try Creation about 9 months ago, I had forgotton about them, they declined me then but maybe worth a shot now as the default is over 5 years old.
The trouble is it puts you off applying when you know you are more likely to be declined. I bank with Halifax, started with Easycash nearly 4 years ago. They gave me a current acc 18 months ago. I have a Ј300 o/d facility which I have never used but they wont give me one of their cards, even with a baby limit on it.
I understand that I screwed up in the first place that got me here but you would think that they would look at the positives and maybe take a punt with a small limit. That 6 years that I signed up for when I defaulted sure seems like a long long time now looking back. - Might be best to put off any application for the next 6 months then try again, your default by then will be over 5 1/2 years old. Another option is to call Barclaycard and ask them if they would upgrade your credit card initial, it has been done in the past....you have nothing to lose trying.
- I'm considering applying for the Aqua cash back card. 3% is really good but it's just a pity they only pay out a max of Ј100 a year. Still, free cash and I like free cash regardless of the amount.
- Agreed. I'm getting myself one of these even though I have prime cards. I want some 3% cashback action lol
- Something I don't understand... it's common knowledge that having too much available credit of around 50%(?) or more of your income is bad and will be viewed as you being overstretched.
Yet, the total of my credit limits exceeds my income and the so-called 'responsible lenders' continue to increase my limits. Surely if they receive the daily feeds from the CRA, they'd see this?
I'm closing 3 of my cards soon which will bring my total credit down below my income. It's a good job I'm a responsible borrower and live within my means. - ElkyElky, Great thread and presentation on the opening post!
Any chance you could include links to Experian & Equifax Ј2 Statutory reports on your opening post please? It might discourage people from subscribing and focusing on artificial credit scores when it's the data that is important. Maybe mentioning the importance of data over the scores could be good too as well as checking your report for accuracy before making an application...
Just a humble suggestion. - Great thread very informative :-)
- Added a link to Underground's fantastic thread 'Credit Reference Agencies - Who Really Uses Who? II' under the credit report section.
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