a loan?

[Marc]

all i can say to that is if u have managed to ammount 1580 in bank charges and ur mate 5600 then ur both shit with money, take some responsibiliy an stop blaming banks cos u spend more than u earn but have nothing inplace to allow you to

lol

It was great trying to blow our combined £7.5k in a couple of days. Drinks and persians were on HSBC and Halifax. I also hope banks stop giving people free banking because of all these reclaimed bank charges, so people like you, will have to pay for my mistakes

 

[tris-]

Get a credit card.Spend the £1k. Then get an RBS credit card which has 13 months interest free for balance transfers.

sweet, been looking for an interest free balance transfer card for a while now.

edit: bah, says you gotta earn £10k a year minimum for that card

 

[Marc]

sweet, been looking for an interest free balance transfer card for a while now.

edit: bah, says you gotta earn £10k a year minimum for that card

On the RBS one?? My GF got one with a £5k limit yet she doesnt earn 10k a year as shes part time. That said, she does have a £180k house with no borrowings on it, maybe they take that into consideration? I dunno.

 

[Marc]

Also, there are plenty of cards that do 0% balance transfers, I mentioned RBS because that was for the longest period. Most will do 6 months minimum.

 

[Mey]

Hehe marc, i'm glad you got your money back, whilst i don't agree with it. It's nice to see people who have got themselves into abit of trouble getting a helping hand to stop it from happening again.

And i'll never pay for a bank account that would be insane charging staff

 

[Golena]

there is a better way. use your CC as a debit card. spend what you can afford and clear the balance each month. you wont get charged interest that way. and what do you mean untill they notice? do you think they just check the accounts once a year and then send out a bill??

When you don't clear the balance then your account gets flagged by the system. It then notices the fact that you've paid it all off and gives you a greater good mark than the bad marks you accrued before. You do have to pay lots of interest tho so I wouldn't recommend people did it deliberately.

If you clear the balance every month then the bank actually hates you!! They lend you money which means they can't invest it elsewhere and get zero return back from you in the way of charges/interest (how exactly do you think lenders earn money!!). Your the type of customer that the bank completely despises.
I know of people being delined credit because they paid it back too regularly (end of every month) so the bank was actually losing money.

What credit lenders love is people that will supply them with a healthy dose of interest but actually return the money sucessfully in the end. It's the greatest profit return for the lender..

 

[Marc]

Hehe marc, i'm glad you got your money back, whilst i don't agree with it. It's nice to see people who have got themselves into abit of trouble getting a helping hand to stop it from happening again.

And i'll never pay for a bank account that would be insane charging staff

It was totally hassle free though Mey, the bank (HSBC) were brilliant. Oh and the comment about hoping they stop free banking was tongue in cheek in reply to the teenager who hasnt lived in the real world yet and assumed because both my myself and my mate ran up a lot of bank charges, it was because we were shit with money, which is so wide of the mark. Circumstances can change in a heartbeat. Im sure Tohtori knows what im taking about

 

[Gamah]

<o/ I earn well over 20,000 and I cant even get a debit card.

Credit agencies for the win <o/

 

[gohan]

It was totally hassle free though Mey, the bank (HSBC) were brilliant. Oh and the comment about hoping they stop free banking was tongue in cheek in reply to the teenager who hasnt lived in the real world yet and assumed because both my myself and my mate ran up a lot of bank charges, it was because we were shit with money, which is so wide of the mark. Circumstances can change in a heartbeat. Im sure Tohtori knows what im taking about

or possibly the person who works in a bank, see's your type day in day out whinning at me like its my fault you over spend and get charges.

 

[Marc]

or possibly the person who works in a bank, see's your type day in day out whinning at me like its my fault you over spend and get charges.

"my type"?

As I said, you havent got a clue

 

[tris-]

When you don't clear the balance then your account gets flagged by the system. It then notices the fact that you've paid it all off and gives you a greater good mark than the bad marks you accrued before. You do have to pay lots of interest tho so I wouldn't recommend people did it deliberately.

If you clear the balance every month then the bank actually hates you!! They lend you money which means they can't invest it elsewhere and get zero return back from you in the way of charges/interest (how exactly do you think lenders earn money!!). Your the type of customer that the bank completely despises.
I know of people being delined credit because they paid it back too regularly (end of every month) so the bank was actually losing money.

What credit lenders love is people that will supply them with a healthy dose of interest but actually return the money sucessfully in the end. It's the greatest profit return for the lender..

sorry to be a dick, but i hope no one listens to your advice. youre suggesting people go into debt to get a better credit rating, suggesting people should pay interest for no reason at all.

the best way to get your credit rating up is to spend on it, and clear it. hanging about for years paying a fiver every now and again does no one any favours.

 

[Mey]

"my type"?

As I said, you havent got a clue

You see I understand that circumstances change and that some times going overdrawn is unavoidable, what I don't understand is why people don't go to the bank and say "x has happened, consquently y is going to be affected can you help me out".

But I also agree with the other bloke who says he's tired of having people moaning at him all day about charges when it's not his fault.

In the end as i said happy that it worked out for you in the end, end of the day it doesn't affect my job other than lowering the value of my share holdings *shake fist *

 

[Mey]

When you don't clear the balance then your account gets flagged by the system. It then notices the fact that you've paid it all off and gives you a greater good mark than the bad marks you accrued before. You do have to pay lots of interest tho so I wouldn't recommend people did it deliberately.

If you clear the balance every month then the bank actually hates you!! They lend you money which means they can't invest it elsewhere and get zero return back from you in the way of charges/interest (how exactly do you think lenders earn money!!). Your the type of customer that the bank completely despises.
I know of people being delined credit because they paid it back too regularly (end of every month) so the bank was actually losing money.

What credit lenders love is people that will supply them with a healthy dose of interest but actually return the money sucessfully in the end. It's the greatest profit return for the lender..

No clue retard. Why would banks offer you the reward of interest free when you clear the whole balance if they didn't like you for it. It's an incentive to clear the balance because they want you to do it.

You think banks most there interest on shity personal credit cards.. LOL

Interest that matters to the bank is in the million's on high earning corporate businesses.

Also banks want people to get credit/loans etc.. because it means they are doing more business and have a high proportion of the market share, thus increaseing the share prices of the company.

 

[Laddey]

They refused me, credit check declined. She couldn't tell me why, but she reckons its because i'm 18. No credit rating at all, good or bad.

Tried Loans.co.uk. Lets hope they give me something.

 

[tris-]

weird. i got mine at 18 with no credit card either. it does go by your adress too, so maybe someone there (past or present) might of stopped it.

 

[gohan]

weird. i got mine at 18 with no credit card either. it does go by your adress too, so maybe someone there (past or present) might of stopped it.

they changed it now doesnt go by address anymore

best thing to do to build a credit rating is getting store card/contract phone in your own name and make sure u keep up with payments, other than that ask ur bank about any low limit cards they might offer, barclay offer an initial barclay card which has a shit limit but if specificly for building a rating, sure most banks do simular

 

[Golena]

sorry to be a dick, but i hope no one listens to your advice. youre suggesting people go into debt to get a better credit rating, suggesting people should pay interest for no reason at all.

Sorry to be a dick but you obviously failed to actually read my post, i'm not in any way suggesting that people do it deliberately!
In fact if you read my first post in this thread I said don't get debt unless you actually really need it. (spending on a credit card then paying it off straight away when the bill comes in with funds you have isn't debt).

Will it actually give you a better credit rating, yes.
Is it worth doing deliberately to obtain that better credit rating, 100% no.

comprende?

 

[Mey]

You probably got declined due to ability to repay.

Does your account often go to a zero balance each month?

 

[Golena]

Also banks want people to get credit/loans etc.. because it means they are doing more business and have a high proportion of the market share, thus increaseing the share prices of the company.

Ok so i'll set up a company that lets people have interest free credit/loans forever. I'm fairly sure with a bit of advertising I could get quite a large market share with that strategy.
Think my share price is going to go through the roof?? Of course it won't because i'll be losing money.

Market share in loaning people money is only worth share price because they are making money on it.. How do they make money on it.. late payments and interest. All interest free lending is there to do is get people in as they know that a percentage of those people will go on to pay interest once the deal ends and they are too lazy to change again.

 

[Mey]

Im not talking about introductory offers, i'm stating that:

Most credit cards are interest free if you pay the full balance before on time. (i.e you have 300 quid on a credit card you pay off 300 quid that same month).

The reason why they do this is because if you have a credit card with a company (i.e a bank) you are more like to get other products from them, savings, investments, current accounts. Thus giving the bank more money to put on the market (approx. 65% at any one time) which makes them more money than some shitty interest on credit cards.

You fail to realise banks make relatively little from personal banking in comparison to what they make in business and the market.

Lending to personal customers esp. in the form of Credit Cards and Overdraft is bad for the bank, it means they have less money to put on the market and an increased chance of losing the money they have lent due to people going bankrupt and so on.

 

[Lamp]

I got rid of all my cards except one. I prefer to pay off straight from my bank account. If I can't afford anything, I don't get it.

 

[tris-]

Sorry to be a dick but you obviously failed to actually read my post, i'm not in any way suggesting that people do it deliberately!

As stupid as it sounds the best way to get good credit rating is to get a credit card, pay nothing at all on it until they notice then pay it all off. If you simply don't abuse credit then you actually have "no credit rating" not a "good credit rating".

youre suggesting not paying the money back untill they notice, what ever thats supposed to mean.

When you don't clear the balance then your account gets flagged by the system. It then notices the fact that you've paid it all off and gives you a greater good mark than the bad marks you accrued before. You do have to pay lots of interest tho so I wouldn't recommend people did it deliberately.

again suggesting here people should accrue interest to try do something that doesnt work at all. put it this way - would you lend money to someone who pays quickly or someone who takes ages? even mey said your bullshit and that mofo works in a bank!

 

[Gamah]

Good trick is.

Get an interest free offer card (till sep 2008 etc)

Buy stuff on it as you normally would, instead of paying the full balance, pay the minimum balance every month, however put the rest of the money that you would have payed into a high interest account. When your cc interest free period ends take that money and pay off the entire thing..you've just made lots of interest on money that wasn't yours

 

[gohan]

Good trick is.

Get an interest free offer card (till sep 2008 etc)

Buy stuff on it as you normally would, instead of paying the full balance, pay the minimum balance every month, however put the rest of the money that you would have payed into a high interest account. When your cc interest free period ends take that money and pay off the entire thing..you've just made lots of interest on money that wasn't yours

well not lots, at most you'd make ur credit limit which in my case is 1k atm (could probly get it raised) and like 5% on 1k is only £50 in a year, but good idea in theory

 

[Golena]

youre suggesting not paying the money back untill they notice, what ever thats supposed to mean.

If the ONLY thing you care about is raising your credit rating.

It's going to cost you money so isn't worth it.. but in a purely hypothetical, I want the highest credit rating in the shortest time possible approach. There's plenty of cheaper ways of getting an acceptable credit rating which i'd actually advise following in real life.

put it this way - would you lend money to someone who pays quickly or someone who takes ages?

Put it this way, would you lend £100 to someone who would pay you back £100 in a weeks time or £140 in 2 weeks time?

 

[Mey]

The simplest way too get a good credit rating is by leaving money in your acc and not spending it..

The bank see's you have too much income per month and thinks that you can afford to repay for loans and so on..

 

[Ballard]

stuff

I dont mean to be rude but do you actually know what you are talking about?

I have worked in the personal finance and mortgage industry for the last 15 years in both the UK and australsia. In that time I have designed many credit reporting applications and credit bureau services for banks, building societies and finance companies.

Positive credit history is actually a myth. Credit bureaus (the company your bank checks with to see your credit history) do not record positive actions. rather they limit themselves purely to defaults, county court judgements and assets securitisations.

What you can achieve is a good customer rating with your bank or finance company. This will not however move with you when you try for finance with any other unrelated organisation. Getting debt to build a relationship with a company whose objective is to get as much cash out of you as possible is downright crazy.

Personally I would never recommend finance on anything that is not an appreciating asset (house, investment etc). But if you do want or need finance what can you do to maximise your credit scoring?

- Secured debt. Do you have an asset (car etc) that you can use to secure the debt? Most banks have both secured and undescured products. Unsecured products typically will attract a 5-10% interest premium.
- Contact details. Home phone + mobile + email + 1-3 years of previous addresses is a positive score in many organisations. If the debt turns bad they want to be able to ahold of you.
- Next of kin details. If these are not mandatory on the application still supply them if you can for the same reason as above. They will count in your favour.
- Income verification. Payslips etc are more than enough
- Age, cant do much about this! unfortunately it is used as a key indicator by many organisations.

Good luck with your application. p.s. Always make sure you read the fine print. The most important things to look for are early repayment charges and penalty interest. These things can really sting you if you arent aware of them.

 

[Golena]

I dont mean to be rude but do you actually know what you are talking about?

I've heard it from several unconnected sources so I assume that there's some truth behind it.

I'm quite happy to be proved wrong by someone who actually knows how all credit ratings work. I'm not going to admit i'm wrong by someone yelling, I have no idea how it actually works either but your a retard.

But as i've already pointed out alot now for the people who either couldn't be bothered to read or just needed to throw insults about, doing it would be stupid so it doesn't really matter either way.

 

[Overdriven]

but your a retard.

Don't call somebody a retard and forget to use correct spelling and grammar, it's "you're", so I suggest you remember that.

Retard.

 

[tris-]

I'm quite happy to be proved wrong by someone who actually knows how all credit ratings work.

the poster has worked in the industry for 15 years, his oppinnion is more valid than yours and the whispers of some random hobos down at the local.