I am on Booster card, I actually really love it.
I (possibly everyone else on booster) would be very interested if I was to be offered a regular card along with booster. Say, with the 1/10th of the booster limit could be set as the regular cards limit which would be low risk for Tymit.
So £1000 limit on booster would get £100 on the regular Tymit.
I would still have the paid card as well as accessing and building my credit history with two cards rather than one.
What are your thoughts?
This is unlikely to make commercial sense for Tymit. Issuing of plastic is the most expensive part of card operations beyond the initial setup and integration, so issuing a second card doesn’t make sense.
Also, Tymit have assessed the risk to their business to be too great to offer regular Tymit. For the sake of offering a low rate with small use, it probably doesn’t make business sense.
Finally, what would stop someone adding £10,000 to their Booster account, then getting another £1,000 of regular Tymit?
I actually think Booster customers have a great deal with with zero interest for greater than 3 months
If somebody can put 10K on a secure card it is highly unlikely he would default on the 1K.
But the risk isn’t assessed constantly (that costs money) so it’s assessed once upon application and then at times appropriate throughout the life of the account. If regular Tymit wasn’t suitable at the time, adding £10,000 to Booster doesn’t make it suddenly suitable.
Also, there’s no advantage to this. On regular Tymit, you have a shorter interest free period, so I don’t see the advantage for the user to have regular Tymit. Maybe I’m missing something.
Keep in mind that it would be reported to Experian as a new line of credit and depending on your credit utilisation, may make the credit worthiness assessment for regular Tymit skewed.
The refusal for regular Tymit is not necessarily a bad or risky customer. I have almost £30k limit on my credit cards with an employment salary without including the benefits and dividents over £100k a year. I was declined. No hard feelings, I joined the Booster and I love it. My profile just did not fit the Tymit’s “best” customer profile. That was all.
The regular Tymid would be connected to the first one - this way the customer would never leave the booster as he would lose two accounts and benefits associated with it such as credit score can decree with account closures. Remember Booster customers generate funds for the organisation and they are good for the business.
1million Tymit Booster customers = £10mil a month = £120mil a year in gross turnover which is great. So it would be irrelevant for very small number of customers defaulting on the regular Tymit card because the pool would be very great and this make the default looses insignificant.
Sounds fishy to me! How many applicants are being pushed towards Booster simply to remove any risk to Tymit I wonder, ones who without any doubt would otherwise be accepted…
It does seem strange that @NewUser has an annual salary in excess of £100k but only offered booster.
At least you will be able to give yourself a more generous credit limit than you would of probably got on standard Tymit plus the ability to spread anything up to 36 months without any interest just the monthly fee.
Tymit just like any other credit card company are out to make money, so they will only accept customers they think they will make money from. If you follow MoneySavingExpert Martin, he’s said so many times, its not always about the credit score.
Nothing strange about it - it was probably the fact I had so many cards at the same time and several credit lines openings.
Yes I like the fact I can rocket my credit card limit with the Booster as I am pleased, and then make a large purchase which would be fully protected under the Consumer Credit Act 1974.
Correct, it is not about credit score but GOOD CREDIT HISTORY which the Tymit Regular or Booster gives you. All credit providers have their own screening and what the CRAs give you as in the score is irrelevant.
Assuming they report the CRA which in 12 months experience is hit & miss at best with Tymit…
Little update here, I had the booster for just over 6 months and Regular Tymit Credit Card appeared on Experian credit card search at 95% for approval. Not pre approved but I guess it may be possible to get two cards from Tymit.
My better half was showing likelihood but was unable to get the card. I think the aggregator such as Credit Karma and Clear Score etc… perhaps had the wrong eligibility criteria.
Hi Jase, so Tymit declined it because the applicant had the booster ?
No I think when the application started, the eligibility for regular Tymit wasn’t met. He doesn’t have Booster.
I see, I have a booster, and it may show pre-approved in a month or two but I have other cards in mind. I wouldn’t give up the booster thought