Credit card refusal
- Thread starter SpokeyDokey
- Start date
Page may contain affiliate links. Please see terms for details.
My credit score goes up the more I spend on my credit card (all paid back in interest free period). I was hovering about 850 with one of the agencies' scoring system for well over a year, when I almost maxed out the card I went up to 950 after it was all paid back the next month!
I was also told I would need credit to get credit in future, so used a credit card since I was 21.
I was also told I would need credit to get credit in future, so used a credit card since I was 21.
oldfatfool
Guru
Main reason i have never paid off the mortgage, it helps with the credit rating.
Drago
Legendary Member
- Location
- Suburban Poshshire
I don't have any credit beyonf my MBNA Platinum plus (settled monthly) but my rating is high enough. Its amazing what a big fat police retirement payout and injury award sitting in the bamk does for ones credit rating, even if one doesn't need it any more.
vickster
Squire
I'm thinking the same. Mine's around £15k now, when it gets to 5k I might switch to interest only
I'm also self employed, so if I ever wanted another mortgage, it will be better to have one ticking along
I also use a credit card, paid off monthly. No hassle getting 9k 30 month interest free CC from Sainsbury's recently...to potentially abuse at Enigma
Maybe try them?
Last edited:
Drago
Legendary Member
- Location
- Suburban Poshshire
We could have a 'who has the highest credit limit' piddling contest.
Not sure what that has to do with it. I stick everything in Amex that accepts it so I get 1% cash back. Then everything paid in full the beginning of the following month. It means I keep my money in best place to earn me money and keep my current account which pays the CC from at a minimum as it earns me nothing. Means if I want to make a larger purchase I move money to cover it at my convenience.
Tin Pot
Guru
Looks like my years of financial prudence have bitten me on the bum then.... next life I'll be more reckless.
Not really, you have no financial worries, a reckless person is in debt, acrueing more debt and unable to pay his rent.
It makes complete sense once you realise that it is sensible to lend to people who have a history paying it back.
Someone who appears to have plenty of cash, has not had a loan in fifteen years, and now wants a loan...could be any reason, fair or foul, all Inknow is that they've never had a credit line before.
Anyway, bear in mind that we are guessing as to the reason.
I only have one to hire cars abroad.
I've paid off my mortgage, so don't care about my credit rating.
Flying Dodo
It'll soon be summer
Not exactly. If you pay for something costing between £100 and £30,000, and it turns out to be faulty, or it's a holiday and the firm goes bust for example, if you've paid for some or all of it on a credit card, then the credit card company is required to pay a refund and you can claim the full amount back from them. That protection isn't available if you pay by debit card.
keithmac
Guru
Sorry I was replying to a post abour BACS and it go mixed up!.
You are correct, Visa Debit (or any debit card) doesn't offer any protection (same as cash or BACS)..
Credit card is the way to go, even part payment.
Glow worm
Legendary Member
- Location
- Near Newmarket
From the Financial Times.
Or maybe the Viz, I forget which.
Last edited:
oldfatfool
Guru
You never know when credit might be usefull. A very rich man once told me, borrow 50k and the bank will hound you and you will worry, borrow a million and the bank will buy you lunch and be the ones to worry.
No point paying off the mortgage whether its 10k or 100k when the balance in the offset account is equal to the mortgage balance, just like having money on call for no outlay and instant credit at 0.5% above base.
