Credit

[RaceDiagnostics]

Having had a problem with an online PayPal purchase a couple of years ago (PayPal were zero help with a bad seller), I switched to using a CC for all online purchases, it gives you much better protection and I guess helps with your score.

 

[brightspark]

It's mad. We got credit cards and use them once a month for something like blu-roll off amazon. That adds loads to our credit score, so if we wanted a loan it would be cheaper. Our score was low for the same reason as you, we don't owe anything so we have no loans to repay. Mad.

i havent a credit rating as i owe or borrow nothing just have my business card

 

[Morrisman]

I’ve never checked my ‘credit score’. I always thought it was an American thing, as it was on the TV repeatedly when I worked over there.

I assume someone checked it for me whenever I have applied for a mortgage, or credit card, though I don’t ever recall having a bank loan.

My credit card limit was only £400 until I was 42 years old, then one summer I tried to collect a hire car I’d booked at Heathrow and was refused because my card didn’t cover whatever astronomical sum they wanted for 3 weeks hire.

I called my bank and they did some magic over the next five minutes and suddenly I had a £2000 limit, and a hire car.

 

[brightspark]

my business card has a 4 grand limit on it

 

[oldbikedavey]

' Neither a borrower , nor a lender be....'

 

[bourbon]

' Neither a borrower , nor a lender be....'

But with a rubbish credit score

 

[gaz1]

its also the part i hate to do with couples the mrs has no credit record even if they are both named on the account

as my mum found out she knew the bank manager, she paid the bills, everything in cash for her had done for 40 years

my father then past away she had no credit record

even though she owned the whole house her credit at the bank was a thousand and advised to pay off bills buy what you want with the cc

that was just to improve her credit record

 

[ukracer]

The whole credit card system is built like the old green shield stamps...more you spend the more they keep giving, but the banks formula is not stamps but more credit. Having said that i use my company credit card for a lot of my materials and it can be a cheap form of credit if used right.

is it true that we now have to pay interest as soon as we purchase something. Paying the card off in full no longer is free. Thats what I have been told.

 

[sg66]

is it true that we now have to pay interest as soon as we purchase something. Paying the card off in full no longer is free. Thats what I have been told.

Nope, wife just pays hers before due date and pays no interest and she does it a lot

 

[ajlelectronics]

is it true that we now have to pay interest as soon as we purchase something. Paying the card off in full no longer is free. Thats what I have been told.

Then you have been misinformed. The only transaction that applies to is cash advances on a credit card.

 

[roofman]

is it true that we now have to pay interest as soon as we purchase something. Paying the card off in full no longer is free. Thats what I have been told.

I do pay interest on my card but its still less expensive than using my overdraft facility. We are currently part way through a 5 blocks of flats job totaling almost 2000 sq meters which won't return money for at least 8 to 10 weeks, very expensive materials which i have had to out source away from my normal suppliers and my normal 30 day credit accounts, perfect job for the credit card to keep me out of overdraft. Credit costs are always priced into quotes anyway so its covered.

 

[ukracer]

Interesting.... I am sure I have read or been told that it's going to happen or is planned .

 

[m_c]

I'm fairly sure this has been discussed on here before, but the various credit scores that you get, are based on whatever scoring system the entity creating the score uses.

The credit reference agencies don't provide any score to entities accessing your credit history, they provide your credit history. In the case of a soft search, just a summary, or in the case of a hard search, your full credit and payment history.
Each entity then uses their own scoring system to decide whether they deem you to be a suitable customer or not.

 

[Onthespotwelding]

If you want to build your credit score look at this company

Start Building Your Credit Score Today With Loqbox

Increasing your credit score with Loqbox is straightforward, our approach helps you build credit while managing your finances, opening new doors to better credit

www.loqbox.com

You pay in each month, and at the end of your 12 months you get all your money back

 

[roofman]

I'm fairly sure this has been discussed on here before, but the various credit scores that you get, are based on whatever scoring system the entity creating the score uses.

The credit reference agencies don't provide any score to entities accessing your credit history, they provide your credit history. In the case of a soft search, just a summary, or in the case of a hard search, your full credit and payment history.
Each entity then uses their own scoring system to decide whether they deem you to be a suitable customer or not.

Yep backed up by me having different scores from different companies providing this info...be glad when i get rid of all this monetary madness and hang the boots up, wife nags me everyday to do it.

 

[addjunkie]

Then you have been misinformed. The only transaction that applies to is cash advances on a credit card.

This is also my understanding. I pay my credit card by direct debit each month, never pay any interest.

That is the position I was in. The Mrs wants to start a small business so we have had to get a credit card etc to boost it.

When we wanted to open a joint business account, for a new business venture, Barclays whom my Mrs and I both are supposed to be premier customers with wouldn't do it. When I enquired with my personal banking guy, apparently it was because we didn't have enough credit history for a business account. He couldn't understand it, both pre arranged and never used 5 k overdrafts. And high through puts (his words) through our current accounts. Told him to stick his business account and opened a crappy one on line. It does what we need and is cheaper than Barclays anyway. But each time they ring for what ever reason they now ask if we want a business account. My usual response …..the only reason my personal account is still with you is because Im too lazy to change!

 

[Farside]

If you want to build your credit score look at this company

Start Building Your Credit Score Today With Loqbox

Increasing your credit score with Loqbox is straightforward, our approach helps you build credit while managing your finances, opening new doors to better credit

www.loqbox.com

You pay in each month, and at the end of your 12 months you get all your money back

Dodgy-looking as a chimp with a cigar, that site.
It's probably legit, but it gives off the air of being shady as heck.

 

[optima21]

I guess we're lucky if we dont need to borrow money and having to worry about credit scores.

 

[eLuSiVeMiTe]

Builders merchant accounts have kept my credit scores high.

No credit cards. No loans.
Credit scores are a bit of a joke really.

 

[Morrisman]

Interesting.... I am sure I have read or been told that it's going to happen or is planned .

I pay my credit card off every couple of days. I know full well that if I leave it a week or so I’m suddenly in debt more than most small countries are.

How come spending a couple of quid here and there on a credit card you soon owe 3 grand, but a couple of quid here and there chucked into a saving account only gives you £12 after a year?