credit secrets....... might help everyone

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monkeysnail
monkeysnail Posts: 66 Forumite
in Credit cards
Went to this site, and helped tremendously when applying for a credit card and loan.

https://www.creditsecrets.co.uk

It costs something like £25 but the information was very useful to me.

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  • denys
    denys Posts: 62 Forumite
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    Aha, so that is why you keep asking so many questions, monkeysnail. ;)
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  • Browntoa
    Browntoa Posts: 49,303 Forumite
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    I'm sure for £25 you are getting nothing that you cannot get for free elsewhere

    I remember all those adverts on the radio about 8 years ago to "mend your credit rating !!" .... they got shut down as they were basically telling people to lie about their debts !
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  • CTT_2
    CTT_2 Posts: 403 Forumite
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    monkeysnail wrote:
    Went to this site, and helped tremendously when applying for a credit card and loan.

    https://www.creditsecrets.co.uk

    It costs something like £25 but the information was very useful to me.

    As this site is all about sending money, are there any secrets you could pass on to us without having to pay out the £25. If you can that would certainly be a real saving.
  • Mr_Skint_2
    Mr_Skint_2 Posts: 5,183 Forumite
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    All this for £25, dont tell my local CAB office........ they might start to charge.
  • monkeysnail
    monkeysnail Posts: 66 Forumite
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    Sorry. If you think it was not worth it. I was just trying to help.

    OThers like me who are new to money saving and credit stuff could get some info.

    Because of the info I got from credit secrets, when I applied for a loan last week, I got an excellent score with the lender. (without lying of course!) They told me over the phone.

    CTT, one thing that was quite a revelation was that you get a perfect score on the question what will you use the money for. Apparently, if you answered consolidation of credit cards and loans, you get a very low point. The top answer is home improvement then buying a car. (Home improvement of course if you own a house)
  • garyclay
    garyclay Posts: 193 Forumite
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    The points given to 'purpose of the loan' are pretty small. Your credit history makes up roughly 80% of the score.

    I'm happy you feel they did a good job for you but I doubt they made much difference to the final decision.
  • CTT_2
    CTT_2 Posts: 403 Forumite
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    monkeysnail wrote:
    Sorry. If you think it was not worth it. I was just trying to help.

    OThers like me who are new to money saving and credit stuff could get some info.

    CTT, one thing that was quite a revelation was that you get a perfect score on the question what will you use the money for. Apparently, if you answered consolidation of credit cards and loans, you get a very low point. The top answer is home improvement then buying a car. (Home improvement of course if you own a house)

    Very interesting. When I was speaking to a Lloyds Manager a few months ago he was saying it depends on what you want the money for and if you want to consolidate debts the rate they charge is higher, than if it was smething like a car.
    Something to bear in mind for the future.
  • monkeysnail
    monkeysnail Posts: 66 Forumite
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    I think it's because in case you default on your payments, they have something to go after for, like your home or your car
  • Galstonian
    Galstonian Posts: 1,292 Forumite
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    monkeysnail wrote:
    Because of the info I got from credit secrets, when I applied for a loan last week, I got an excellent score with the lender. (without lying of course!) They told me over the phone.

    CTT, one thing that was quite a revelation was that you get a perfect score on the question what will you use the money for.

    So how do answer truthfully and improve your score? Surely you answered the same as you would have without the creditsecrets advice? Or were you considering lying and saying that you didn't want a car loan but were going to consolidate other loans?

    Honestly, there is nothing in the information that you have paid for that is not either available free of charge or is (in the case of your example above) highly questionable. My advice to anyone considering paying money to these people is simple: don't.
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