My Old Landy
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I had the same and I actually lost 16 points as I took business insurance out too.
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addjunkie
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Personally speaking Id suggest you all stop worrying about it, and just get on with your life. Keeping an eye out for dodgey dealings yes, but obsession over a credit score…..lifes too short. Use credit card, pay bill when it comes.
My Old Landy
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That is what I do, but when checking for anomalies you get that information pop up. It categorically says it is because you have taken out insurance
addjunkie
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Two reasons for this one if you pay monthly…the other is they do a light check to make sure your not a bankrupt or dodgey dealings that might tempt you to do dodgey insurance claims.That is what I do, but when checking for anomalies you get that information pop up. It categorically says it is because you have taken out insurance
Yes I understand that BUT if you need to get funds on a remortgage to buy the leasehold the last thing you need is some random company tell them you are a risk as you have not used your credit cards in the last 6 months.
Then another one telling them you only have 20k credit in cards as you have 5k outstanding on a couple.
It's not the score that concerns me it's how they arrive at it.
Morrisman
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My daughter was telling me about her ‘credit score’ today, she actually has two different and well known companies giving her the score. One reckons she is around 600 ‘whatevers’ on their score card, the other reckons 900.
The 600 was around 900, but then it suddenly dropped a few months ago, for no known reason.
How on earth is that supposed to mean anything, to anybody?
ajlelectronics
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How on earth is that supposed to mean anything, to anybody?
It doesn't. It is a relative rather than absolute measurement I suppose.
My Old Landy
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I only got a credit card around a year ago as I knew I would be starting a business. I figured it would be best to get a credit rating.
I don't have a mortgage and I own my own home. I was surprised just how low it was and also how quickly it has changed over the past year.
I don't have a mortgage and I own my own home. I was surprised just how low it was and also how quickly it has changed over the past year.
My Old Landy
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Sadly true, it just doesn't sit well with me.
8ob
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Morrisman
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Top line on a credit card statement tells you how much you have left to spend on the card, not how much you owe, which is definitely some carefully planned move to make you spend more.
It works, my ex wife saw the credit card limit as an open invitation to free money.
Or so it seemed, whenever I intercepted her statements…. and usually paid off her bills for her….
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Top line on a credit card statement tells you how much you have left to spend on the card, not how much you owe, which is definitely some carefully planned move to make you spend more.
It works, my ex wife saw the credit card limit as an open invitation to free money.
Or so it seemed, whenever I intercepted her statements…. and usually paid off her bills for her….
My missus never looks at the statements, that's my department, she spends, I pay
addjunkie
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Exactly right, but having no mortgage isn't really held against you, if you've successfully paid one off in the past. Same with car finance or whatever, it demonstrates you pay your way, they make their cut. Its all about covering your commitments on time as per the contract.
When it comes to debt a good risk, will always get better rates than a bad risk. Loan to value of assets ratio is a huge thing, it guarantees they get their money back if the wheels fall off. Mortgages and re mortgages are done on an affordability sum rather than direct debt. So the calculation is arrived at taking in to account your regular outgoings. No outstanding credit card balance is a good thing. But for credit scoring better to use your card and settle the bill every month.
I recently put funds in place to buy a property at auction. I was borrowing about 40% of the value. Keeping my spare money to do it up/ convert it. Loans were not really an issue. Just delt with my bank. Fortunately or unfortunately depending on how you view it. The bid went higher than I was prepared to go.
