Can I get sub prime credit? 5 live defaults on credit file

[DaveyBoy]

Morning all. All is currently quiet on my UE diary (dropped to page 4 at time of press!).

My question is as follows:-
I currently have 25k of adverse credit. Some is enforceable and some is UE. All were defaulted with the CRA's between March and May 2007 so in theory will drop off credit file this year. Looking to improve credit rating as wanting to move house after defaults drop and looking to borrow approx 50-60k more (LTV aporox 65-75%). I'm guessing a credit card or two with a spotless payment history will benefit any application for a mortgage so when can i apply for a credit card and get accepted? Is it best to wait for all defaults to dissapear before applying for granite or vanquis or can i apply now and get a head start in getting some history on my credit file?

Cheers

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

Morning,

Ok this is all explained in this section but briefly as the defaults are so old you should be fine getting most mainstream credit right now, bit that depends. It depends on which credit record you are seeing, who you apply to, what you apply for etc etc....

So in the easiest context, lets assume you have 5 defaults and they are to main banks, Lloyds, Halifax, Bank of Scotland, HSBC & RBS. The fact the defaults will drop is is great however you must remember NOT to apply to LTSB, HSBC or RBS group for any credit as they will still have dormant system entries that will pick up the old default/debt and they may chase you for it. So the main thing is to ensure that you apply to separate firms to those you owe money to.

So assuming your defaults are 5 years old and you have no current debt then you ought to start with a couple of applications and firstly apply to Vanquis ---> Credit Card Application | Apply Now | Vanquis

Then give it a day and apply to Capital One ---> Progress Credit Card | Shrink your credit card interest rates to 17.9% p.a. variable | Capital One

The reason I suggest those two is because Vanquis will most likely accept you - granted it is sub-prime and you will get a start limit of less than a grand (usually £500-£750) and it has a high APR but it gets you green [0]'s which is what you need.

Regards Capital One, this is a good starter card and you'll know if you're accepted once you pass the green ticks - but deffo worth applying for both these - run them for 6 months or so then and only then consider a mainstream card such as a barclaycard or the like. Forget MBNA and the huge brands with incentives - you need a good history for acceptance of those.

Do you have a full bank account? If so who with?

[SA Gold]

Re: Can I get sub prime credit? 5 live defaults on credit file

hiya,
Just thought i should give you my personal experience of 2 year old defaults: As per AAD advice, i applied for a Granite (Vanquis) card and got accepted. I'll give it another three months and apply for the capital one card.
I also thought i would try my luck with a b&q card (who as far as i can see from the agreement finance it themselves) and got accepted for that too! Well chuffed because its 60 days interest free.

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

I also thought i would try my luck with a b&q card (who as far as i can see from the agreement finance it themselves) and got accepted for that too! Well chuffed because its 60 days interest free.

what is the B&Q card? The trade card (http://www.diy.com/content/support/s...s/index.jsp)??

If so this is run by Trade UK (linky -> Get Credit - Trade UK) - it's all processed by Ventura (who dealt with Next etc) in Leeds as an outsource, someone I know is a fraud investigator there

[DaveyBoy]

Re: Can I get sub prime credit? 5 live defaults on credit file

Cheers Niddy
Bank account with Natwest, Mortgage with HSBC(never missed a payment in 10 years and on a good deal so would ideally like to port this and add to) defaults are coming up 6 years old but none of the accounts are settled. I'm currently 1yr into UE journey (26k owed to barclays egg cahoot when CCA's got sent and no payments since) so I have debt but do you class this as current debt as mentioned above. if not I dont have any other credit
Thanks as always

[SA Gold]

Re: Can I get sub prime credit? 5 live defaults on credit file

what is the B&Q card? The trade card (http://www.diy.com/content/support/s...s/index.jsp)??

this mate

Edit: I started typing before you finished your post by the look of it!

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

Cheers Niddy
Bank account with Natwest, Mortgage with HSBC(never missed a payment in 10 years and on a good deal so would ideally like to port this and add to) defaults are coming up 6 years old but none of the accounts are settled. I'm currently 1yr into UE journey (26k owed to barclays egg cahoot when CCA's got sent and no payments since) so I have debt but do you class this as current debt as mentioned above. if not I dont have any other credit
Thanks as always

Hiya

Ok, so you have a mortgage with HSBC but no other debt to them, past or present?

Have you applied for a full current account with HSBC? If not so, try it now - thing is they will accept you most likely as you're a mortgage customer so that will give you a basic credit behaviour score of 60 to HSBC meaning you ought to be pre-approved a bank account, overdraft and loan JUST by having such a well run mortgage - I would be prone to go and speak to them and see if you can open a current account. Unless you already have online access for mortgage then don't apply online - do it in branch if you can and use the ploy you want to move your banking to your mortgage holders etc.....

When did you actually last pay into your old debts? I presume if you're not paying and the defaults are away to fall off that statute barred will shortly follow OR were you making payments to the debts in the past?

edit just noticed you paid until last year so forget SB at this stage.

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

this mate

Edit: I started typing before you finished your post by the look of it!

cheers mate - what limit did the trade card give if you don't mind me asking? Just curious as didn't know they were that 'easy' if you see what I mean

[SA Gold]

Re: Can I get sub prime credit? 5 live defaults on credit file

cheers mate - what limit did the trade card give if you don't mind me asking? Just curious as didn't know they were that 'easy' if you see what I mean

Sure mate, its £500. I was expecting to get blown out, but its 60 days interest free for b&q screwfix etc so well happy!

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

Sure mate, its £500. I was expecting to get blown out, but its 60 days interest free for b&q screwfix etc so well happy!

result

* now stop applying and wait a couple of months then go for capital one, use the same link as above for the progress card - the limit goes up and apr drops the longer and better you use it

[DaveyBoy]

Re: Can I get sub prime credit? 5 live defaults on credit file

Cheers Niddy
Last payment to debts was March last year (after i sent off CCA's) as part of a DMP to payplan which was set up late 2006. Defaults were registered with CRA's early to mid 2007

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

Cheers Niddy
Last payment to debts was March last year (after i sent off CCA's) as part of a DMP to payplan which was set up late 2006. Defaults were registered with CRA's early to mid 2007

Ok so they can still try and enforce at a later date so if I was you I would look to make an application to HSBC asap if you do want to move there.

If anything go into branch and just say you're thinking of moving your mainstream banking there as you are a mortgage customer and ask them to perform an account review to see if you're pre-approved for any banking facilities.

That's what I would do right now... you never know, you could be pre-approved for a £10k credit card

But deffo apply to Vanquis and Capital one as above in my earlier post.

[SA Gold]

Re: Can I get sub prime credit? 5 live defaults on credit file

result

* now stop applying and wait a couple of months then go for capital one, use the same link as above for the progress card - the limit goes up and apr drops the longer and better you use it

Will do mate
I was going to run it past AAD first, but when i read the agreement and didn't see a finance company thought i would take a punt! :niddy

[Never-In-Doubt]

Re: Can I get sub prime credit? 5 live defaults on credit file

but when i read the agreement

Like this....

You have read and understood the Trade Account Terms and Conditions, the On-line Access Terms and Conditions and the Trading Terms and Conditions for TradePoint and Screwfix
The information given by you when applying for this account is correct and we may rely upon it.
You are authorised to bind the account holder to this agreement.
We reserve the right to decline applications and amend or withdraw credit accounts subject to status and/or company policy.
We may undertake a search with Experian for the purposes of verifying your identity. To do so Experian may check the details supplied against any particulars on any data base (public or otherwise) to which Experian have access. Experian may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.
I, the director, agree to guarantee performance of all the company’s current & future financial obligations to Trade UK including any subsequent increase/s in credit limit.
You have read and understood the following condensed guide to the use of your personal and business information by ourselves and at Credit Reference and Fraud Prevention Agencies
When you apply to us to open an account, this organisation will check the following records about you and your business partners
Our own.
Personal and business records at credit reference agencies (CRAs). When CRAs receive a search from us they will place a search footprint on your business credit file that may be seen by other lenders. They supply to us both public (including the electoral register) and shared credit and fraud prevention information.
Those at fraud prevention agencies (FPAs).
If you are a director, we will seek confirmation, from credit reference agencies, that the residential address that you provide is the same as that shown on the restricted register of directors’ usual addresses at Companies House.
We will make checks such as; assessing this application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your account with us.
Information on applications will be sent to CRAs and will be recorded by them, including information on your business and its proprietors and CRAs may create a record of the name and address of your business and its proprietors if there is not one already. Where you borrow from us, we will give details of your accounts and how you manage it/them to CRAs.
If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted.
If you give us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention.
If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover debts.
We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.
This is a condensed version and if you would like to read the full details of how your data may be used please contact Customer Services on 0845 603 8389.

You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all. They will charge you a small statutory fee.

CallCredit, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 060 1414
Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 010 0583 or log on to Equifax - Free Credit Report, Credit Check and Identity Protection Services
Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 481 8000 or log on to Credit Check, Credit Score and Free Credit Report from Experian UK.
Please contact our Customer Services on 0845 603 8389 if you want to receive details of the relevant fraud prevention agencies.

Thing is, this is for businesses isn't it - not like normal public - is it?

[DaveyBoy]

Re: Can I get sub prime credit? 5 live defaults on credit file

Morning,

Ok this is all explained in this section but briefly as the defaults are so old you should be fine getting most mainstream credit right now, bit that depends. It depends on which credit record you are seeing, who you apply to, what you apply for etc etc....

So in the easiest context, lets assume you have 5 defaults and they are to main banks, Lloyds, Halifax, Bank of Scotland, HSBC & RBS. The fact the defaults will drop is is great however you must remember NOT to apply to LTSB, HSBC or RBS group for any credit as they will still have dormant system entries that will pick up the old default/debt and they may chase you for it. So the main thing is to ensure that you apply to separate firms to those you owe money to.

So assuming your defaults are 5 years old and you have no current debt then you ought to start with a couple of applications and firstly apply to Vanquis ---> Credit Card Application | Apply Now | Vanquis

Then give it a day and apply to Capital One ---> Progress Credit Card | Shrink your credit card interest rates to 17.9% p.a. variable | Capital One

The reason I suggest those two is because Vanquis will most likely accept you - granted it is sub-prime and you will get a start limit of less than a grand (usually £500-£750) and it has a high APR but it gets you green [0]'s which is what you need.

Regards Capital One, this is a good starter card and you'll know if you're accepted once you pass the green ticks - but deffo worth applying for both these - run them for 6 months or so then and only then consider a mainstream card such as a barclaycard or the like. Forget MBNA and the huge brands with incentives - you need a good history for acceptance of those.

Do you have a full bank account? If so who with?

Ok so they can still try and enforce at a later date so if I was you I would look to make an application to HSBC asap if you do want to move there.

If anything go into branch and just say you're thinking of moving your mainstream banking there as you are a mortgage customer and ask them to perform an account review to see if you're pre-approved for any banking facilities.

That's what I would do right now... you never know, you could be pre-approved for a £10k credit card

But deffo apply to Vanquis and Capital one as above in my earlier post.

Will try HSBC asap then. Any suggestions on the mortgage front as ultimately I dont want or need a credit card but was hoping this would improve my chance of getting a new mortgage (preferably porting my current debt and deal) and adding to on a not so good deal.
Cheers