Sygma Bank Credit Cards

[Never-In-Doubt]

[color=#FF8000][size=5][center]Sygma Bank Credit Cards[/center][/size][/color]
Sygma Bank, or Creation Finance, is somewhat of a dark horse when it comes to issuing credit cards. They are not a sub prime lender but their scoring techniques are unique in that they do offer cards to some sub-primers, and it seems once you're in - [size=5][u]you're in[/u]!

So, what's the story with them? Well they are a large French outfit who specialise in financial services, namely branded credit cards to retail outlets. The unique thing though is the process in which you can do things - for instance you can apply for and have more than one account with them; the criteria for this is to ensure that you wait at least a full month after applying for your previously accepted account, although 3 months is usually the best way to go about this.

Also, so long as you keep your account in good standing you are eligible for a credit limit increase (request) every 3 months, albeit a soft search (footprint) will be performed at Equifax. This is always 30% of your credit limit (a £1000 limit would get a £300 increase).

The way limits are issued is a mystery, it does appear that for most people you will be awarded a £1000 limit when you apply for the first time, however if you apply for the Flybe or Silver card higher limits are more forthcoming - however their scoring technique will be the main influence on whatever limit you are given, not necessarily the type of card you apply for.

If you've been rejected by Sygma for an account, you must wait a full 6 months before reapplying or the system will default to a decline as you would immediately fail their initial assessment of criteria (i.e. have you recently applied/been declined - if so you must wait 6mth or you're illegible to apply ergo straight fail). If you are accepted for an account, then you should be ok to apply after three months, for an additional account; although it has been confirmed that some people have applied after around a month and been accepted - maybe so but it is not recommended as most will be declined, it is simply too soon. So, to reiterate, you can re-apply monthly (only if existing account holder) if you want to, but there is a high chance you'll be declined if you do this too often - account history will generate a higher limit and more chance of success.

This thread should be read in conjunction with the [url=http://forums.all-about-debt.co.uk/viewtopic.php?f=29&t=55]The Sub-Prime Credit Thread[/url].

[color=#FF8000][size=5][center]Most Common Cards[/center][/size][/color]
[center][img]http://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/jjbsports.en-GB.6/graphics/logos/jjb_mastercard_visual.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/silvermastercard.en-GB.6/graphics/logos/rightmarginlogo.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/flybe.en-GB.7/graphics/logos/card.jpg[/img][/center]

[center][img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/jdwe.en-GB.6/graphics/logos/card.gif[/img] [img]http://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/Creation.en-GB.4/graphics/logos/card.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/days.en-GB.6/graphics/logos/rightmarginlogo.jpg[/img][/center]

[center][img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/allsaints.en-GB.6/graphics/logos/rightmarginlogo.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/myworld.en-GB.6/graphics/logos/rightmarginlogo.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/adams.en-GB.7/graphics/logos/rightmarginlogo.jpg[/img][/center]

[color=#FF8000][size=5][center]Football Cards.....[/center][/size][/color]
[center][img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/everton.en-GB.7/graphics/logos/rightmarginlogo.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/wolves.en-GB.6/graphics/logos/rightmarginlogo.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/leeds.en-GB.6/graphics/logos/card.jpg[/img] [img]https://www.your-application.co.uk/NetFinanceCertegyMicrosite/UnityMicrosite/Creation/owls.en-GB.6/graphics/logos/rightmarginlogo.jpg[/img][/center]

[Never-In-Doubt]

Sygma Bank Additional Links

[color=#FF8000][size=5][center]Sygma Bank Additional Links[/center][/size][/color]
The following is a list of links that will help you find your way around Sygma (in particular Creation FS) - for things such as contact details, log-in and balance transfers.....
[list][b]New customer? Have you seen the rewards pages? [/b]
[url=http://creation.co.uk/terms-and-conditions.html][color=#FF8000]--->[/color] Sygma Rewards[/url]

[b]Want to register or access your account?[/b]
[url=http://creation.co.uk/my-account/][color=#FF8000]--->[/color] Log-In/Register to My Account[/url]

[b]Fancy an unsecured loan?[/b]
[url=http://creation.co.uk/products/loans.html][color=#FF8000]--->[/color] Personal Loans[/url]

[b]Want to do a Balance Transfer?[/b]
[url=http://creation.co.uk/products/balance-transfers.html][color=#FF8000]--->[/color] Balance Transfer Request[/url]

[b]Want to do a SBT to your bank account?[/b]
[url=http://creation.co.uk/products/cash.html][color=#FF8000]--->[/color] Super Balance Transfer[/url]

[b]Want to contact them?[/b]
[url=http://creation.co.uk/contact-us.html][color=#FF8000]--->[/color] Contact Sygma/Creation[/url][/list]

[Never-In-Doubt]

Sygma Bank Credit Scoring

[color=#FF8000][size=5][center]Sygma Bank Credit Scoring[/center][/size][/color]
This section will work on how Sygma (Creation) credit score you; pass processes and additional information that will assist in you obtaining the maximum benefit from your customer status with this French Banking Giant!

[kilasuit]

Re: Sygma Bank Credit Cards

Just wish to state that in July i got the DAYS Mastercard and also the MyWorld Mastercard.

Both of these had been initial referrals but with speaking to the underwriters i managed to get it overturned and approved.

I also had it confirmed that a duplicate flag should then in essence mean an auto refer then decline and that only with an underwriters intervention (which had to be initiated by the applicant) an application can be approved.

Thats what i got told on both occasions.

[telecomenginee]

Re: Sygma Bank Credit Cards

have the flybe 2K limit opened in march - never missed a payment
got the silver 1K limit opened in june - never missed a payment

applied for the creation card in july declined - said i did not meet the criteria despite earning over 25K etc..

no nasties on my equifax - 5 searches in last 6 months

How long can i wait to re-apply for the creation 3 or 6 months?

would I be eligible for a flybe increase to £2600 or would the creation card decline last month go against me?

[Never-In-Doubt]

Re: Sygma Bank Credit Cards

I'd wait 3 months if recently declined, the credit limit increase will go ahead if you've ran your accounts ok, they wouldn't hold the recent decline against you.....

Someone else I know has a £5k card and they got declined a new one (usually £1k limits) but a day after the decline of a second card, he got an increase from £5k to £6.5k (30%) and he mentioned this when he appealed the decline - they said sorry but they couldn't give a second card (but they gave a higher limit increase than most second cards come with)

Thats the French for ya matey

[Zack]

Re: Sygma Bank Credit Cards

[quote=never-in-doubt]I'd wait 3 months if recently declined, the credit limit increase will go ahead if you've ran your accounts ok, they wouldn't hold the recent decline against you.....

Someone else I know has a £5k card and they got declined a new one (usually £1k limits) but a day after the decline of a second card, he got an increase from £5k to £6.5k (30%) and he mentioned this when he appealed the decline - they said sorry but they couldn't give a second card (but they gave a higher limit increase than most second cards come with)

Thats the French for ya matey[/quote]
Haha that's so weird!

Are you likely to start a 2nd card with the same limit as you had on the first? I only got £200 on the first card... starting a 2nd card on that would be pretty annoying, as the first increase only pushes the limit up 60 quid! I'm hoping they'll look at my conduct and might say £500 start for a 2nd card or something if I'm accepted? That way 30% is £150 to £650, then up to nearly £850 as 30% of that... it gets a lot higher a lot quicker that way! :grin2

[telecomenginee]

Re: Sygma Bank Credit Cards

[quote=never-in-doubt]I'd wait 3 months if recently declined, the credit limit increase will go ahead if you've ran your accounts ok, they wouldn't hold the recent decline against you.....

Someone else I know has a £5k card and they got declined a new one (usually £1k limits) but a day after the decline of a second card, he got an increase from £5k to £6.5k (30%) and he mentioned this when he appealed the decline - they said sorry but they couldn't give a second card (but they gave a higher limit increase than most second cards come with)

Thats the French for ya matey[/quote]

I applied online...it asked for the reason for increase so i said "car repairs"

The request has to be in multiples of £250 so I opted for £500 just short of the £600 (30% limit)

will let you know the outcome in 24 hours and whether they do a full or unrecorded enquiry via equifax

[telecomenginee]

Re: Sygma Bank Credit Cards

[quote=telecomengineer][quote=never-in-doubt]I'd wait 3 months if recently declined, the credit limit increase will go ahead if you've ran your accounts ok, they wouldn't hold the recent decline against you.....

Someone else I know has a £5k card and they got declined a new one (usually £1k limits) but a day after the decline of a second card, he got an increase from £5k to £6.5k (30%) and he mentioned this when he appealed the decline - they said sorry but they couldn't give a second card (but they gave a higher limit increase than most second cards come with)

Thats the French for ya matey[/quote]

I applied online...it asked for the reason for increase so i said "car repairs"

The request has to be in multiples of £250 so I opted for £500 just short of the £600 (30% limit)

will let you know the outcome in 24 hours and whether they do a full or unrecorded enquiry via equifax[/quote]

Just logged in to my account the £500 increase was granted - Unrecorded search on equifax ;LOL

[kilasuit]

Re: Sygma Bank Credit Cards

Just a quick update to Sygma's limit increase policy since 1st Jan 2011 when government legislations came into force.

You now have pre-approved limits with sygma which are updated every quarter (i.e. every 3 months) i beleive wihout any credit searches but to apply to increase to or beyond the pre aproved limits you still need to have a credit search conducted.


HTH

[kilasuit]

Re: Sygma Bank Credit Cards

oh and its now every [U]4 months[/U] between [B]CL[/B] increases [U][B]NOT[/B][/U] 4 for initial and then every 3 months

[fiscalfool]

Re: Sygma Bank Credit Cards

Out of interest, what's the point in having multiple cards with them?

Do several cards all managed by same lender improve credit rating better than just one with the same lender?

[kilasuit]

Re: Sygma Bank Credit Cards

lenders dont see [B]who[/B] your accounts are [B]with[/B]
they only see account type limit balance and conduct.

hence its often thought that more accounts with semi sensible stable limits that are run well are better than 1 account with a comined limit also run well.

[magicgirl]

Re: Sygma Bank Credit Cards

well, I applied for a sygma card. i never actually expected to get one as my capital one has only just been increased to £800 but after applying i forgot so imagine my surprise when i open my post box to see a card waiting for me with a £2k limit!

I was excited at the increase on my C1 as it was the first time since BR that i had a credit line over £250 but hoping this will all help me long term. I have a small balance on my C1 which i will be paying on thursday as its payday but otherwise. i have not had any serious need for credit in the last few years except for the wedding which dh put on his card and i will be paying off. (start as you mean to go on right?! lol)

the only outstanding credit he has is his mortgage so between us, we are not doing terribly but i cant thank you guys enough for all your assistance in re building my life here. I really hope to never 'need' credit again except perhaps in the form of a mortgage or similar but its all small steps. :)

[Never-In-Doubt]

Re: Sygma Bank Credit Cards

Brilliant, wait 3 months and apply for another of their cards, you'll get it - also every 3 months you can ring and increase your limit by a third... lol

well done :clap :clap