terrible credit rating

[Laddey]

i've got an appauling credit rating, and im 20 years old. Lol. All my mates are getting loans for cars and shit like that. Stringy is driving a new vauxhall astra and hes 19 years old!

So now ive got a job, what the shit can i do to improve my credit rating? I mean its so bad that i cant get a loan or contract phone to improve it. What the hell can i do?

 

[Aada]

i've got an appauling credit rating, and im 20 years old. Lol. All my mates are getting loans for cars and shit like that. Stringy is driving a new vauxhall astra and hes 19 years old!

So now ive got a job, what the shit can i do to improve my credit rating? I mean its so bad that i cant get a loan or contract phone to improve it. What the hell can i do?

Do yourself one huge favour and don't bother you will be better off in the long run.

It's all fine and dandy having 5k in your bank but depending on how long you took it out for you are paying that back every month.

Your 20? I assume your job isn't amazing well paid so could you really afford 100-200+ coming out of your bank every month for the loan?

Is your job SECURE? The climate we are in now anything but the supermarket giants are game for going under the shitter.

 

[Laddey]

Do yourself one huge favour and don't bother you will be better off in the long run.

It's all fine and dandy having 5k in your bank but depending on how long you took it out for you are paying that back every month.

Your 20? I assume your job isn't amazing well paid so could you really afford 100-200+ coming out of your bank every month for the loan?

£8 an hour.

Wouldn't bother me having 200 come out if i had a decent car to show for it!

 

[Access Denied]

Best thinkg to do is get a decent credit card. Here

There's one on there specifically designed to improve your credit rating. As logn as you clear you balance in full each month your rating will get better.

 

[soze]

Anything you pay monthly helps i think so maybe a mobile contract?

 

[Laddey]

Anything you pay monthly helps i think so maybe a mobile contract?

I've tried, even with companies that give people with no/poorish rating such as T-Mobile.

I need to do it now, cos whenever i want credit further on in my life its gonna be hard.

Although i've heard it clears after 5 years?

 

[old.Tohtori]

Don't get a loan. Ever.

EVER.

Did i say ever?

Ok ok, maybe for a house if you knock someone up, but other then that...no.

Also credit cards are satans work too.

 

[Gorbachioo]

With the credit crunch and all heres an idea............

























Save money. Then buy things.

 

[Laddey]

With the credit crunch and all heres an idea............

























Save money. Then buy things.

and how will i benefit from this, on terms of credit rating?

 

[old.Tohtori]

I still can't believe that ASININE credit rating system.

You need to make debt/have a loan to have a loan

 

[Ch3tan]

Why do you have a bad credit rating? What have you missed payments on to get one?

 

[Laddey]

Why do you have a bad credit rating? What have you missed payments on to get one?

Contract phones when i was younger, 2

 

[Lamp]

Credit Rating: How it works and how to improve it ...

Improve your credit rating, history and score | This is Money

Ten ways to improve your credit rating

 

[Chronictank]

£8 an hour.

Wouldn't bother me having 200 come out if i had a decent car to show for it!

Dont, save the money and buy it outright

Buying things you dont need on credit is for muppets who dont seem to realise it is going to cost them more in the long run

 

[Laddey]

Credit Rating: How it works and how to improve it ...

Improve your credit rating, history and score | This is Money

Ten ways to improve your credit rating

cheers mate

 

[Afran]

Stringy is driving a new vauxhall astra and hes 19 years old!

Coloured in burberry?

 

[Laddey]

Dont, save the money and buy it outright

Buying things you dont need on credit is for muppets who dont seem to realise it is going to cost them more in the long run

What about a mortgage, dont you need good credit to get a decent mortgage etc? Deposit for a house n that

Coloured in burberry?

lol. It's a black whip. Tinted rear windows. Looks big in the game!

 

[Chronictank]

What about a mortgage, dont you need good credit to get a decent mortgage etc? Deposit for a house n that

Mortgage is different to a credit card mate , the house you want to buy is held as collateral
You don't actually own it until the mortgage is paid off

 

[Laddey]

Mortgage is different to a credit card mate , the house you want to buy is held as collateral
You don't actually own it until the mortgage is paid off

but doesn't having good credit decrease the ammount you pay? I know thats very vague it could be like interest or something havn't a fucking clue.

Remember catching somebody mention something basic along the lines, maybe i picked up the wrong end of the stick completly

 

[Ch3tan]

Chronic, there is nothing wrong with buying on credit, as long as you can afford the payments and you understand what it is going to cost you in terms of interest.

A bad credit rating is a pain in the arse and Laddey is right to try and sort it now. He will need it for things eventually.

 

[Chronictank]

but doesn't having good credit decrease the ammount you pay? I know thats very vague it could be like interest or something havn't a fucking clue.

Remember catching somebody mention something basic along the lines, maybe i picked up the wrong end of the stick completly

Yes, they wont lend you as much (if any) money if you have a poor credit rating for a mortgage

You should definitely fix your credit rating, i am just suggesting you dont buy anything on credit that you cant afford at the end of the month when your credit card bills come in as at the end of the day you pay more than you would buying it outright

@Ch3tan I dont quite understand why you would want to buy something (something you dont need particularly) for more than it costs

 

[Bahumat]

One good way is to have a savings account and current account with overdraft facility. What you do is take a portion of your wages and put it into the savings account, then go into your overdraft (DO NOT exceed your overdraft limit). When you get paid it will pay the bank their money back. If you do this every other month (maybe even every month, i'm no banker so how would i know?) it shows the bank you can effectively and reliably pay the money back.

I may be completely wrong but this is what i did.

 

[Laddey]

Also, if the bank sees a steady wage going in every single month, and by having savings etc will this increase my eligibility for credit?

 

[Chronictank]

you can just get a phone contract it will build up your rating every month

But you are right, you take a overdraft and leave a little on it (especially student ones because of the lower interest rate) and pay the £2,3 every month because of the low interest rate. So long as you can pay the lump sum if the bank turns around and goes "givf now!" i cant see the harm in it

 

[soze]

I still can't believe that ASININE credit rating system.

You need to make debt/have a loan to have a loan

Its more prove you can pay back £5000 before we lend you £100000, in theory a good idea but its not how it really works.

 

[Chronictank]

Also, if the bank sees a steady wage going in every single month, and by having savings etc will this increase my eligibility for credit?

For a mortgage yes, because your deposit will be bigger (40% of the property or so nowdays if you want a fixed rate)

 

[old.Tohtori]

Its more prove you can pay back £5000 before we lend you £100000, in theory a good idea but its not how it really works.

Yeah, if it worked like that, then it would be fine but like you said, not how it works.

Case of "idea tits up" i think.

 

[Huntingtons]

HI Laddey, Im the Prince of Nigeria. I have alot of money for you because you're the sole heir to my Riches!
Please give me details of your accounts and creditcard + your girlfriend.

Kind regards
Your rich uncle-Prince, Søren.

 

[Bahumat]

HI Laddey, Im the Prince of Nigeria. I have alot of money for you because you're the sole heir to my Riches!
Please give me details of your accounts and creditcard + your girlfriend.

Kind regards
Your rich uncle-Prince, Søren.

Do you need our daoc accounts?

 

[Huntingtons]

only to trade it for sex - true manisch style.