Omega Owners Forum

Please login or register.

Login with username, password and session length
Advanced search  

News:

Welcome to OOF

Pages: [1] 2  All   Go Down

Author Topic: Credit scores.  (Read 2729 times)

0 Members and 1 Guest are viewing this topic.

ronnyd

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Bury St Edmunds Suffolk
  • Posts: 8591
    • Vectra 1.8 SRI Silver
    • View Profile
Credit scores.
« on: 05 November 2019, 19:05:16 »

Keep seeing loads of adverts for these on the T/V. What the hell are they all about and what good do they do? Asked my kids (they are all in their 50s) and they weren,t really sure. Can any of you world wise buggers on here enlighten me.  :D
Logged

STEMO

  • Guest
Re: Credit scores.
« Reply #1 on: 05 November 2019, 19:34:56 »

Keep seeing loads of adverts for these on the T/V. What the hell are they all about and what good do they do? Asked my kids (they are all in their 50s) and they weren,t really sure. Can any of you world wise buggers on here enlighten me.  :D
I'll try to keep it simple:
Credit reference agencies hold all of your financial information. When you apply for a product, (mortgage, loan, credit card, etc) the lender accesses the information in your credit files to see if you are creditworthy, amongst other things.
To monetise this information, credit reference agencies have start inventing magical numbers. The higher your 'score' the better your chances. In fact, they'll even suggest which credit cards you might be eligible for....and take a backhander if you're application is successful.
Lenders cannot see this magic number, only you can. In other words, it has no bearing on any lenders decision. They are a con.

Hope that was short enough.
Logged

ronnyd

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Bury St Edmunds Suffolk
  • Posts: 8591
    • Vectra 1.8 SRI Silver
    • View Profile
Re: Credit scores.
« Reply #2 on: 05 November 2019, 19:42:16 »

Thanks for that STEMO. As i haven,t applied for anything like that for donkeys years, does that mean i.m a bad credit risk? Not that i give a shit.  ;D
Logged

STEMO

  • Guest
Re: Credit scores.
« Reply #3 on: 05 November 2019, 19:47:22 »

Thanks for that STEMO. As i haven,t applied for anything like that for donkeys years, does that mean i.m a bad credit risk? Not that i give a shit.  ;D
Your age would disqualify you for most products now, Ron. But I wouldn't lose any sleep.
If you want to see your magical number, sign up to Credit karma or Clearscore or the like.
Logged

ronnyd

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Bury St Edmunds Suffolk
  • Posts: 8591
    • Vectra 1.8 SRI Silver
    • View Profile
Re: Credit scores.
« Reply #4 on: 05 November 2019, 20:09:57 »

Thanks for that STEMO. As i haven,t applied for anything like that for donkeys years, does that mean i.m a bad credit risk? Not that i give a shit.  ;D
Your age would disqualify you for most products now, Ron. But I wouldn't lose any sleep.
If you want to see your magical number, sign up to Credit karma or Clearscore or the like.
Last sentence applies.  ;)
Logged

Doctor Gollum

  • Get A Life!!
  • *****
  • Offline Offline
  • Gender: Male
  • In a colds and darks puddleses
  • Posts: 28088
  • If you can't eat them, join them...
    • Feetses.
    • View Profile
Re: Credit scores.
« Reply #5 on: 05 November 2019, 22:12:18 »

You need a credit score in order to borrow money. You need to borrow money (and repay it) to maintain your credit score.

With no borrowing or credit agreements including energy supplies/mobile phones/car insurance installments then you will potentially have a zero score or an indeterminate one.

Basically if you don't intend to borrow, then you don't need one.
Logged
Onanists always think outside the box.

ronnyd

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Bury St Edmunds Suffolk
  • Posts: 8591
    • Vectra 1.8 SRI Silver
    • View Profile
Re: Credit scores.
« Reply #6 on: 05 November 2019, 22:41:09 »

Got DDs for VED and Gas/Leccy. Does that count?
Logged

STEMO

  • Guest
Re: Credit scores.
« Reply #7 on: 06 November 2019, 06:27:07 »

You need a credit score in order to borrow money. You need to borrow money (and repay it) to maintain your credit score.

With no borrowing or credit agreements including energy supplies/mobile phones/car insurance installments then you will potentially have a zero score or an indeterminate one.

Basically if you don't intend to borrow, then you don't need one.
A credit score is a made up number that only you see. It's your credit history that lenders look at.
« Last Edit: 06 November 2019, 06:29:59 by STEMO »
Logged

Doctor Gollum

  • Get A Life!!
  • *****
  • Offline Offline
  • Gender: Male
  • In a colds and darks puddleses
  • Posts: 28088
  • If you can't eat them, join them...
    • Feetses.
    • View Profile
Re: Credit scores.
« Reply #8 on: 06 November 2019, 09:45:16 »

Got DDs for VED and Gas/Leccy. Does that count?
You'll need to read the small print to confirm.  ;)
Logged
Onanists always think outside the box.

Field Marshal Dr. Opti

  • Get A Life!!
  • *****
  • Offline Offline
  • Gender: Male
  • Utopia
  • Posts: 31558
  • Speaking sense, not Woke PC crap
    • View Profile
Re: Credit scores.
« Reply #9 on: 06 November 2019, 11:37:29 »

With the exception of my mortgage(s) I have nothing on credit.

No idea what my credit score is.

Car dealers always trying to tempt me with PCP.
Logged

ronnyd

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Bury St Edmunds Suffolk
  • Posts: 8591
    • Vectra 1.8 SRI Silver
    • View Profile
Re: Credit scores.
« Reply #10 on: 06 November 2019, 18:39:30 »

I keep getting emails from Barclays offering me loans. 8)
Logged

STEMO

  • Guest
Re: Credit scores.
« Reply #11 on: 06 November 2019, 19:36:45 »

I keep getting emails from Barclays offering me loans. 8)

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000.  ;D
Logged

dave the builder

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Derbyshire
  • Posts: 7760
    • omega b2 2.6 cdxi
    • View Profile
Re: Credit scores.
« Reply #12 on: 06 November 2019, 19:52:43 »

I keep getting emails from Barclays offering me loans. 8)

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000.  ;D
tell her to go for it   :D
Logged

STEMO

  • Guest
Re: Credit scores.
« Reply #13 on: 06 November 2019, 20:02:16 »

I keep getting emails from Barclays offering me loans. 8)

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000.  ;D
tell her to go for it   :D
Then we'd get on to the credit check bit, and computer would say no.  :)
Logged

Sir Tigger KC

  • Get A Life!!
  • *****
  • Offline Offline
  • Gender: Male
  • West Dorset
  • Posts: 23418
    • 2 Fords
    • View Profile
Re: Credit scores.
« Reply #14 on: 06 November 2019, 21:49:49 »

I keep getting emails from Barclays offering me loans. 8)

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000.  ;D
tell her to go for it   :D
Then we'd get on to the credit check bit, and computer would say no.  :)

Why's that Uncle STEMO?  :-\

Has your Mum got a load of CCJ's?  ???  :D  ;D
Logged
RIP Paul 'Luvvie' Lovejoy

Politically homeless ......
Pages: [1] 2  All   Go Up
 

Page created in 0.044 seconds with 21 queries.