credit score

[Electric_Andy]

Basically unless you have applied for a non-bank loan (ie car finance) or rented a property via an Agent, then you don't exist on the Experian or D&B database.

I heard, I think from Martin Lewis, that it can sometimes be beneficial to obtain some sort of credit and pay it off. That way you actually get registered and your credit score can be calculated. If you never have credit cards or anything then you can essentially stay off the system, which might suit some but not others who might need a credit score in the future.

I'm still sceptical about loans; it doesn't surprise me that those with a flawless record and considerable assets are made to jump through hoops for a loan, whilst other financially vulnerable people would get approved in a heartbeat because the companies think they can make easy money off them.

 

[biggs682]

We even got turned down once for ordering through a mail order company when questioned why , the reply we got told was because we had no regular outgoings for credit cards and mortgages we were considered to be un credit worthy .

 

[nickyboy]

We even got turned down once for ordering through a mail order company when questioned why , the reply we got told was because we had no regular outgoings for credit cards and mortgages we were considered to be un credit worthy .

This is because "credit worthiness" is determined not by your ability to repay the loan but your history in successfully repaying previous loans. The people making the loan (or interest free credit or whatever) have no access to information on your untold millions in your bank account. All they have is your history in successfully repaying previous loan-type transactions

 

[gbb]

For 99.9% of the population, i suspect its worthless, pointless information.....dressed up as something quite important to make it saleable.

But that's the cynic in me

 

[swee'pea99]

This is because "credit worthiness" is determined not by your ability to repay the loan but your history in successfully repaying previous loans. The people making the loan (or interest free credit or whatever) have no access to information on your untold millions in your bank account. All they have is your history in successfully repaying previous loan-type transactions

Spot on. You don't get a good rating by being wealthy, having a big income or never needing to use credit cards; you get it by borrowing money and paying it back.

 

[Levo-Lon]

As many know allowing your children to have a credit card at 16 or 18 is a good idea in our credit society.

Small amount, and a regular payment will help them when they need to buy bikes cars houses... No good for drugs though..

 

[further]

No good for drugs though.

Er how do you know this

 

[Brains]

Spot on. You don't get a good rating by being wealthy, having a big income or never needing to use credit cards; you get it by borrowing money and paying it back.

It's a common issue

A 6 figure annual income.
Assets worth 6 zero's on the end.
Credit rating of 6 zero's.

According to Experian or D&B, The Queen and Duke of Grosvenor would be unable to pay off a £50 loan between the pair of them.

 

[Levo-Lon]

Er how do you know this

Cash is king, unless you want a loan..