FabSwingers.com forum: Okay, let's talk credit history

By *k82 OP Man
over a year ago

Walthamstow

Hi, whatever

Anyway I'm annoyed as my finance didn't go through, as my score was low apparently and I am a risk factor !

Bills are always on time before the expected date, good job, good pay and Never been in debt before, has anyone else been through this before ?

Advice..

Let it begin

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By *lex46TV/TS
over a year ago

Near Wells

Never been in debt is the reason you have a low credit score.

As daft as it sounds, you have no credit history so finance companies don't know what risk you are and if you will pay those debts in time.

Get a credit card, spend a couple hundred pounds on it or whatever and pay it off completely before it's due.

That way these pe can see you're responsible with money.

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By *929Man
over a year ago

bedlington

The above is true I even got refused a cheap pay monthly phone because I had zero credit history it’s still not in my name to this day

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By *oveGiving44Man
over a year ago

Bristol

Get a credit card, spend a couple hundred pounds on it or whatever and pay it off completely before it's due.

That way these pe can see you're responsible with money.

That's what I did. I was bad with debt in the past and it tanked my credit rating (I've learnt that lesson the hard way). I now have an excellent credit rating and was able to get a mortgage so it does work.

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By (user no longer on site)
over a year ago

I had to get a credit card to apply for a mortgage so that i showed up in a credit search

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By *iger4uWoman
over a year ago

In my happy place

"Hi, whatever

Anyway I'm annoyed as my finance didn't go through, as my score was low apparently and I am a risk factor !

Bills are always on time before the expected date, good job, good pay and Never been in debt before, has anyone else been through this before ?

Advice..

Let it begin"

You need a credit card. Buy things and pay on time.

It proves you can pay debts.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

They wouldn’t have told you your ‘score’ was low, lenders don’t score or give reasons when refusing credit only Experian, equifax etc make up scores, but if you move house or job frequently , live with people who have not paid credit agreements on time or have no credit agreements yourself you are a risk. You can get a free statutory report from Experian to see what the issue is

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By *91kMan
over a year ago

Maidstone

As said above, get a credit card and use it. I use mine for fuel as an example, and then just pay it off the next month.

That way my bank can see I'm trustworthy and able to pay back what I borrow. In a nutshell, that is what a credit score is. A score of how good you are at paying money back.

Check out Experian or any of the others. They analyse your credit history by showing you how many accounts you've got currently open, the remaining balance on them and/or which ones you've paid off. They use this data to see how your score is likely to change over time

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By (user no longer on site)
over a year ago

"As said above, get a credit card and use it. I use mine for fuel as an example, and then just pay it off the next month.

That way my bank can see I'm trustworthy and able to pay back what I borrow. In a nutshell, that is what a credit score is. A score of how good you are at paying money back.

Wouldn’t trust ya to pull a pizza out of the oven…

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By *elshkinkyMan
over a year ago

south wales

You need to have a track record of paying credit on time… if you’ve never had credit like a credit card you have no track history ..

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By (user no longer on site)
over a year ago

The year before taking my first mortgage I bought different things at 0% credit just to build up a score. It felt so stupid but was necessary.

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By (user no longer on site)
over a year ago

Get credit. Id advise against a credit card as theyre a slippery slope and you dont typically have a payment deadline. Im fortunate not to need need credit however in the business im in ive had to buy certain machinery that can cost 200-300 thousand so obviously that needs financing.

i tend to take 2 loans out for £5000 atime over 1 years, each loan ill pay £88 interest the loan money goes into a new bank accounts which you can get with a free £100 moving fee, the payments are taken out the same account so for 2 loans i actually make money while boosting my credit rating

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By *k82 OP Man
over a year ago

Walthamstow

"Never been in debt is the reason you have a low credit score.

As daft as it sounds, you have no credit history so finance companies don't know what risk you are and if you will pay those debts in time.

Get a credit card, spend a couple hundred pounds on it or whatever and pay it off completely before it's due.

That way these pe can see you're responsible with money.

I have a credit card, and I spunk money on there like no tomorrow. But unfortunately I have no idea what is going on.

It's why I thought perhaps maybe someone on here could guide the truth out of its hole.

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By *k82 OP Man
over a year ago

Walthamstow

"Hi, whatever

Anyway I'm annoyed as my finance didn't go through, as my score was low apparently and I am a risk factor !

Bills are always on time before the expected date, good job, good pay and Never been in debt before, has anyone else been through this before ?

Advice..

Let it begin

You need a credit card. Buy things and pay on time.

It proves you can pay debts. "

I have. I should of written in the original text but realised it later after I had posted.

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By *k82 OP Man
over a year ago

Walthamstow

"They wouldn’t have told you your ‘score’ was low, lenders don’t score or give reasons when refusing credit only Experian, equifax etc make up scores, but if you move house or job frequently , live with people who have not paid credit agreements on time or have no credit agreements yourself you are a risk. You can get a free statutory report from Experian to see what the issue is "

It maybe because of my job yes. My address has been same for the past 20 years

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By *iger4uWoman
over a year ago

In my happy place

"Hi, whatever

Anyway I'm annoyed as my finance didn't go through, as my score was low apparently and I am a risk factor !

Bills are always on time before the expected date, good job, good pay and Never been in debt before, has anyone else been through this before ?

Advice..

Let it begin

You need a credit card. Buy things and pay on time.

It proves you can pay debts.

I have. I should of written in the original text but realised it later after I had posted."

Money saving expert website forums. Lots of advice on there.

If you are always in an overdraft position you need not to be.

You need to check that there are no errors on your credit files from the 3 main companies. Old mobile phone contracts, ccjs etc.

That website will guide you on steps to take.

But.. Dont start randomly trying to secure loans or mortgages all over till you check info. It leaves footprints.

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