How to get back onto the Credit Ladder

[TheTruth1]

Re: How to get back onto the Credit Ladder

yes, HSBC's rates are not competitive at all so only having it there until my review makes perfect sense.

Thanks so much mate, fantastic insight! I'm sure I'll return soon with some more queries :blush2 lol

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

[QUOTE=TheTruth1;64193]yes, HSBC's rates are not competitive at all so only having it there until my review makes perfect sense.

Thanks so much mate, fantastic insight! I'm sure I'll return soon with some more queries :blush2 lol[/QUOTE] No probs, anytime you need anything, give us a shout! Just don't be too hasty, always give things a month after the minimum time, so your review will be October sometime, not in September as you may work it out to be... that way they don't presume you know their systems lol..... it helps!

[Older.wiser]

Re: How to get back onto the Credit Ladder

I'm starting afresh got myself into a bit of financial trouble potential ccjs nearly eight years ago checked trust online and no ccjs were lodged . I've been overseas for nearly 8 years and Want to settle in the uk again. Obviously I need a job etc which I'm working on. I'm staying with mum till I get on my feet. What would people recommend I do. I'm not on the elect list and I dont have a bank account. I've filled in and posting the register form it says I'll be on by the 27th April. How long after that should I wait to apply for a basic bank account. It's kinda cool starting afresh I know what I did was foolish and wrong regarding owing money before i left but that was a different me. So What's my next step ?
Cheers

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

Hiya

You need to go on electoral register then apply for a bank account, try co-op or Barclays and see how you get on - if they refuse a full account then ask for a basic one, they will open them for you - both come with visa debit cards (as per other thread comments).

Also, don't mention the past credit problems... .these are history and should be forgotten now.

[Boogiemaster]

Re: How to get back onto the Credit Ladder

This system does work :)




My credit score was poor and after being declined by all the sub prime credit card providers I started with catalogue companies.

JD Williams and Simply Be accepted me and gave me £125 credit limit that are £1300 after seven months of payments.

with having JD Williams and Simply Be for a few months Kay's accepted me and gave me a £500 limit that has risen to £600.

Applied for Vanquis after having the catalogues for seven months and was accepted then applied for Capital one after the Vanquis had showed up on my credit file and was accepted for that too :)

Its a good system that's wrote by a man who knows what he's doing and if he were to charge for this then he could be a very rich man by now but he doesn't and gives you this advice for free so use it because it works :)

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

I love it when you see this happen, well done - great to see you're finally back on the relatively short road to financial recovery already :clap :clap

[Boogiemaster]

Re: How to get back onto the Credit Ladder

Being declined all the time isn't a nice feeling and if you keep getting declined all the time you feel worthless.

I went about getting credit the wrong way and until I followed your guide I didn't know what I was doing wrong?


You guide says you need to learn to walk before you can run and even though it takes time its worth learning to walk because you learn so much about why you were getting turned down in the first place?

But getting accepted for credit is the nicest feeling in the world and I'm a happier person now I don't feel down.

But thanks to you Niddy I'm a different person :)

PS, you the man :)

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

:beer

[neilyork]

Re: Clean Credit File - Adverse Data in the Past

[QUOTE=Never-In-Doubt;54048][CENTER][FONT=Verdana][SIZE=2][SIZE=5][COLOR=DarkOrange]Clean Credit File - Adverse Data in the Past[/COLOR][/SIZE]
[/SIZE][/FONT][/CENTER]
[FONT=Verdana][SIZE=2]
If you've had adverse data registered against you in the past but your file is now clean (after 6 years) then the most suitable products would be as follows;

[/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=DarkOrange]Credit Cards;[/COLOR][/SIZE][/FONT][INDENT][FONT=Verdana][SIZE=2][B]1. [URL="http://www.vanquis.co.uk/home/home.aspx"]Vanquis[/URL][/B]
[B]2. [URL="http://www.aquacard.co.uk/"]Aqua[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[B]3. [URL="http://www.capitalone.co.uk/creditcards/capital-one-classic-card.jsf"]Capital One[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[B]4. [URL="http://www.barclaycard.co.uk/creditbuilder/"]Barclaycard[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[B]5. [/B][/SIZE][/FONT][SIZE=2][B][URL="http://www.rbs.co.uk/personal/credit-cards.ashx"]RBS[/URL][/B][/SIZE]
[FONT=Verdana][SIZE=2][B]6. [URL="http://www.flybe.com/card/default.htm"]Sygma Bank (FlyBe)[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[B]7. [URL="http://www.tescofinance.com/personal/finance/finance/creditcards/index.jsp"]Tesco[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[/SIZE][/FONT] [/INDENT][FONT=Verdana][SIZE=2]All the above credit card providers give varying limits ranging from £200 - £3000+ depending on your individual circumstances. If you get rejected for one card, don't be put off just try another but don't get happy with the apply button because too many searches are a bad sign and show desperation to potential lenders. It is best to stay within 6 searches in a 6 month period with a maximum of 10 in any 12 month period.

[/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=DarkOrange]Bank Accounts;[/COLOR][/SIZE][/FONT][INDENT][FONT=Verdana][SIZE=2][B]1. [/B][URL="http://www.hsbc.co.uk/1/2/personal/current-accounts;jsessionid=0000OaCgP6iK2Mtz9Kc6kjDYfT9:12ntf1n0a"][B]HSBC Current Account[/B][/URL]
[B]2. [/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2][URL="http://www.citibank.co.uk/personal/banking/?merchant=citi"][B]Citi Bank[/B][/URL]
[B]3. [/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2][URL="http://www.barclays.co.uk/current-accounts/"][B]Barclays Bank[/B][/URL]
[B]4. [/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2][URL="http://www.halifax.co.uk/bankaccounts/bankaccountshome.asp"][B]HBOS[/B][/URL]
[B]5. [/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2][URL="http://www.lloydstsb.com/current_accounts.asp"][B]Lloyds Tsb[/B][/URL]
[/SIZE][/FONT] [/INDENT][FONT=Verdana][SIZE=2]These providers all offer a Basic Bank Account if you fail the score for a full account and they all offer a Visa Debit Card with their Basic Accounts with the exception of Citi who do not offer Basic Banking, but their normal accounts are very good, apparently. It is also worth considering getting a catalogue or two, the green 0's on your credit report all add up and it does no harm getting a catalogue, even if you never use it. A selection of 'easy to get' catalogues are listed below;

[/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=DarkOrange]Catalogues;[/COLOR][/SIZE][/FONT][INDENT][FONT=Verdana][SIZE=2][B]1. [URL="http://www.jdwilliams.co.uk/shop/"]J D Williams Group[/URL][/B]
[B]2. [URL="http://www.lwsdg.co.uk/"]Shop Direct Group[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[B]3. [URL="https://www.next.co.uk/directory.asp"]Next[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[/SIZE][/FONT] [/INDENT][FONT=Verdana][SIZE=2]These catalogues range in status dependant upon your individual circumstances, for example JD Williams will almost certainly offer a £125 start limit whilst Littlewoods/Empire (SDG) generally offer £500 starting limit with their accounts. Next is for the more exclusive with a good credit file, ideally people with a bank account and one long standing credit card.

[/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=DarkOrange]StoreCards;[/COLOR][/SIZE][/FONT][INDENT][FONT=Verdana][SIZE=2][B]1. [URL="http://www6.marksandspencer.com/pages/default.asp?PageId=Interim&Product=CA"]M&S Chargecard[/URL][/B]
[B]2. [URL="http://www.debenhams.com/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&top=Y&categoryId=18640"]Debenhams Account[/URL][/B][/SIZE][/FONT] [FONT=Verdana][SIZE=2]
[/SIZE][/FONT] [/INDENT][FONT=Verdana][SIZE=2]The above list is not exhaustive but based on the general feeling amongst MSE users and acceptability prospects. Remember, you are not guaranteed credit and if you get declined, try appealing using the [URL="http://forums.all-about-debt.co.uk/showpost.php?p=54050&postcount=6"][B]Template Letter[/B][/URL] - you never know, for the price of a stamp it could well be worth it...
[/SIZE][/FONT][/QUOTE]

Hi NID,

Thanks for this brilliant forum - my mind is filled with detail now!

Can I ask your advice - here's my situation:

- entered IVA Feb 2006, completed 2011, all 3 CRA files clear of this history as of Feb 2012
- have held bank account with £1500 o/d since 2000 - no adverse but it's not a high street bank and they don't welcome new accounts of any type now - so in a way my positive relationship is wasted with them!
- have Vanquis with £1250 limit and 9 greens showing on CRAs
- have basic Nationwide card account - but being reported Green for several years
- have full facilities NatWest card account (but NW cc was in my IVA so I have bad history with them)
but report green for several years
- mobile phone contract since 2005 with o2 - again, reporting green and no payments missed

Now, here's what I've done in terms of applications:

- applied for Barclaycard - soft check said 70-80% chance but when applied they said no because they still had my old account from IVA in their system

- applied for Tesco but they said no straight away

- applied for Nationwide with £4500 limit and 15.9% apr - but referred for additional checks and still waiting to hear (does this sound promising or not?)

Critically, I'm not on voters roll but have applied to be - should take affect around early March according to local council.

I also have a basic bank account with Metro Bank - I could try upgrading to full account plus credit card..

What I would like is something mainstream, assuming Nationwide will say no.

I'm a little nervous about Sygma as I've worked hard to keep my file green and now it has, I'd hate for them to wreck it by doing a CIFAS on me - I read - I think from you - that they CIFAS you even if you sneeze in the wrong direction..

So what would you do if you were me?

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

Hiya

Ok from what you have said, Nationwide perform a soft search then quote you and so long as you are not quoted at the highest APR (24.9%) and the limit is more than £1000 then you're likely to be accepted, however it could have been referred depends on the card you applied for cos the new card is only available to full debit card holders, not the purple plus card.

However that said, you should be fine - ring NW and ask how the app's going, as a customer they will tell you no probs.

I would hold off on any more app's but if your equifax reads ok then deffo apply to Sygma as they'll bite your hand off, wait a month then reapply for another account with them and they usually give you a few (my mate has 9 all with over £3k limits :wtf )

Best of luck :beer

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

Hold fire - I will show you mine and then you'll see what I mean.... brb :beer

[neilyork]

Re: How to get back onto the Credit Ladder

Right you are, thanks a million NID. I saw that exclusive to full debit card one so applied for the other one - fingers crossed and I'll let you know how I get on.

Seriously pondering Sygma now you said that - Equifax is fine..

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

[QUOTE=Never-In-Doubt;159616]Hold fire - I will show you mine and then you'll see what I mean.... brb :beer[/QUOTE] Ok, as you can see from mine - on the normal credit card which has APR of 9.9-19.9%, I got quoted maximum of £1k at the highest APR (19.9%) which means I will 100% get declined so I don't ever submit it, I simply refresh it every 29 days - just in case :lol

Hope this helps?

[ATTACH]3481[/ATTACH]

[Never-In-Doubt]

Re: How to get back onto the Credit Ladder

[QUOTE=neilyork;159617]Seriously pondering Sygma now you said that - Equifax is fine..[/QUOTE] Here, have a go mate - nothing to lose (but do not do it till NW have confirmed a yes/no as the additional search may make you appear desperate for credit - ring NW and see what the position of your app is - they'll speak to you and tell you).....

Linky to Creation top card right now ---> [B][URL="http://apply.creation.co.uk/creation-card/web_channel/cards/microsite/carddetails.aspx?termsAndConditionsCode=MC0110&MC=18000075&operatorCode=1&responseCode=ORGCRE"]Card Details
[/URL][/B]

[neilyork]

Re: How to get back onto the Credit Ladder

Well, Metro said yes - to the credit card, full current account and overdraft..

They only searched Equifax - one Table 1 search and three Table 2 searches (all AML)..