Should I put down a LANDLINE (NOT mobile) on Loan Application form?

Ryan.Maloney

Hi.

I want to apply for a loan, but don't necessarily want my employer (who's my friend) finding out I'm getting a loan.

How does the bank (or lender) verify your job and the amount you earn.

Do they phone the number provided?


How does it affect credit scoring?

Ryan.Maloney

I have moved to London -


I am a student and I can't get a landline number where I live.

I was thinking of paying £5 a month for a service - it gives you your own 0207 number, then diverts calls to your mobile (for a fee).

I've heard that you get a higher credit score if you have a landline (sounds strange but true.. apparently)

mr_fishbulb

When you take out a land line contract and start paying it then it will show on your cret history. If you don't have any problems making payments then it will probably improve your score.

Ryan.Maloney

mr_fishbulb wrote:

When you take out a land line contract and start paying it then it will show on your cret history. If you don't have any problems making payments then it will probably improve your score.

I live in a student complex in central London I literally cannot get a landline - there is no service in my high rise building

So I can get a 'fake' landline number - see here for the details - http://www.tamartelecommunications.co.uk/telecoms_geographic.php

It costs £5 a month and may look good (it may give off a good image)

Rafter

I think a landline is the least of your problems. Your score is based on your ability to pay and if you are a student with low income that will be the main restriction surely?

R.

regularsaver1

landlines are more favorable - incase of chasing debt

Catch_A_Fire

They will almost certainly not need to contact you at work, particularly if you state you'd rather be contacted at home or on your mobile. Lenders aren't interested in what you do for a living or where except for fraud prevention purposes. They may be interested in how much you earn in which case they will probably ask you to provide wage slips before they issue the funds. If a lender did call your work number they would only be able to ask for you by name under Data Protection legislation; they will state who they are and may provide a return telephone number if you are not available, if you are available they will say it's "a personal business call" or similar. The details of your employer is extremely unlikely to have any affect on the credit scoring methods of any lender.

HTH

Catch_A_Fire

Rafter wrote:

I think a landline is the least of your problems. Your score is based on your ability to pay and if you are a student with low income that will be the main restriction surely?

R.

Completely agree. A landline is not important in most cases. Many lenders will not touch you as you are a student. Your best approach to a good credit rating may well be by getting a good student account with a credit card (if you don't already have it) and pay ontime everytime.

mr_fishbulb

Ryan.Maloney wrote:

I live in a student complex in central London I literally cannot get a landline - there is no service in my high rise building

So I can get a 'fake' landline number - see here for the details - http://www.tamartelecommunications.co.uk/telecoms_geographic.php

It costs £5 a month and may look good (it may give off a good image)

I wasn't saying get one, just explaining how it improves your credit score, but it wouldn't for the 'fake' phone line.

Ryan.Maloney

Rafter wrote:

I think a landline is the least of your problems. Your score is based on your ability to pay and if you are a student with low income that will be the main restriction surely?

R.

I've built up a good credit rating over the past few years

I'm 25 years old now.. on my second degree..

I am intending to apply for one huge loan to cover all my existing cards, so I am 'tweaking' things to get the best possible credit score

I have never had a late payment charge and I have an income during the holidays. I am considering being creative (I could include bonuses and overtime I expect) with the figures for my income.. are they going to check?

Ryan.Maloney

But on credit card application forms, loans forms etc. it says how much £ do you earch per month:

I could put £200, or £300 etc.

In my case - THIS IS OVER THE PHONE. I have been with Virgin Credit cards for over 4 years - they say I have mainted my account very well and asked if I wanted to apply for a loan!? I actually need one so I am worried they will call my employers and check up on my earnings..