The Sub Prime Credit Thread - Part IV

never-in-doubt

izools wrote: »

Clearly you're totally missed the point. IMHO helping someone with their problem (low credit score) would be to a) tell them how to increase it, and b) impart advice that won't result in a similar situation arising again.

But you do not know this mate! You're what, 20? 21 maybe? - sorry but you're really barking up the wrong tree and DO NOT KNOW as much as you'd like to think....

Youve had one round of credit, abused it and went B/R - you're now on round 2 - see what i'm saying yet?

Can I say its not a dig at you but stop trying to answer everything - you make yourself look daft!

I stick to one thing, unenforceability - i'll take anyone on that wants to have a technical battle with me (and i'll win, i'm that confident I know the CCA inside out) - however I also know CRA's and FPA's inside out - I was writing guides about these before you even joined here! lol (sarcy comment by the way!)

izools

never-in-doubt wrote: »

But you do not know this mate! You're what, 20? 21 maybe? - sorry but you're really barking up the wrong tree and DO NOT KNOW as much as you'd like to think....

Youve had one round of credit, abused it and went B/R - you're now on round 2 - see what i'm saying yet?

Can I say its not a dig at you but stop trying to answer everything - you make yourself look daft!

I stick to one thing, unenforceability - i'll take anyone on that wants to have a technical battle with me (and i'll win, i'm that confident I know the CCA inside out) - however I also know CRA's and FPA's inside out - I was writing guides about these before you even joined here! lol

No one is under obligation to follow my advice but I feel duty bound to suggest not paying interest on high rate cards given the number of people I've seen both on these forums and first hand (including myself) struggle to clear high interest debts.

I value your advice and will try to be more gentle with this advice in future.

How's this:

You can pay any amount back from the minimum to the maximum but if you are using the card for credit building purposes my advice would be to clear the bill in full each month and try not to spend more than you can repay each month, as the interest is prohibitively high and you might resent having to pay it.

Better?

ElkyElky

izools wrote: »

And IME helping someone with their problem (low credit score) would be to a) tell them how to increase it, and b) impart advice that won't result in a similar situation arising again.

No one is under obligation to follow my advice but I feel duty bound to suggest not paying interest on high rate cards given the number of people I've seen both on these forums and first hand struggle to clear high interest debts.

I value your advice and will try to be more gentle with this advice in future.

How's this:

You can pay any amount back from the minimum to the maximum but if you are using the card for credit building purposes my advice would be to clear the bill in full each month and try not to spend more than you can repay each month, as the interest is prohibitively high and you might resent having to pay it.

Better?

Yes, much. Advising people, rather than telling them what to do is probably the best way of expressing it.

Why anyone would give them 59% a year is beyond me.

izools

ElkyElky wrote: »

Yes, much. Advising people, rather than telling them what to do is probably the best way of expressing it.

Why anyone would give them 59% a year is beyond me.

Fine. That's all that needed to be said, and I agree. So let's all just move on shall we?

RE: Three Sim Zero - Niddy - let's draw a bottom line, shall we? Is it more likely to do more harm or good having it on your credit file? If you had to make a choice?

never-in-doubt

izools wrote: »

RE: Three Sim Zero - Niddy - let's draw a bottom line, shall we? Is it more likely to do more harm or good having it on your credit file? If you had to make a choice?

Mate it will make no difference whatsoever - that's my point. Ever wondered why you cannot use a mobile bill as proof of ID...?

I think that says it all really

izools

never-in-doubt wrote: »

Mate it will make no difference whatsoever - that's my point. Ever wondered why you cannot use a mobile bill as proof of ID...?

I think that says it all really

Not like you to be on the fence! So how come you can use a landline bill as proof of ID? Hmm... Although that has probably changed now...

That really gets my goat up... that Mobile contracts are held in such disregard when up to date and aren't regulated by the CCA however when a Mobile contracts default that most certainly is interpreted by creditors as just a bigger pitfall as a credit default.

It will at least make a difference when someone goes to take out a mobile phone contract. A mobile phone provider is more likely to give someone say for example an iPhone without a deposit if they have a long standing up to date active mobile account than if they don't. Agreed? Three for example, didn't credit check me for my Nokia E71 I got last month, due to being an existing customer with the Sim Zero. But as the chap said in store, the Sim Zero has much lower pass mark than the contracts with handsets.

PROLIANT

izools wrote: »

Fine. That's all that needed to be said, and I agree. So let's all just move on shall we?

RE: Three Sim Zero - Niddy - let's draw a bottom line, shall we? Is it more likely to do more harm or good having it on your credit file? If you had to make a choice?

If the account was late/defaulted then this would have a negative impact on your credit profile, I can see where you are all coming from (different points of view etc) however for the sake of debate here is my two penneth;

1. Having an active "credit account" on your file will have a positive impact on your profile.
2. Not having any "credit accounts" on your file will have a negative impact on your credit profile.

As pointed out by Never In Doubt mainstream lenders are looking for new business with a history of managing related products like Credit Cards et al, however lets just say for the sake of arguendo you are 19 years old, bank with the NatWest to which a salary is paid in to and you have at least one active credit account on your file, the chance of getting a Visa/MasterCard from the bank will be pretty good.

izools

PROLIANT wrote: »

If the account was late/defaulted then this would have a negative impact on your credit profile, I can see where you are all coming from (different points of view etc) however for the sake of debate here is my two penneth;

1. Having an active "credit account" on your file will have a positive impact on your profile.
2. Not having any "credit accounts" on your file will have a negative impact on your credit profile.

As pointed out by Never In Doubt mainstream lenders are looking for new business with a history of managing related products like Credit Cards et al, however lets just say for the sake of arguendo you are 19 years old, bank with the NatWest to which a salary is paid in to and you have at least one active credit account on your file, the chance of getting a Visa/MasterCard from the bank will be pretty good.

Agreed.

In the greater scheme of things (i.e. not just credit products, but also mobile phones, and other utilities like Virgin media, BT, and British Gas) would it not be fair to say having an active and up to date mobile contract on file will be better than none atall?

It mightn't have a positive impact when scoring credit products but I find it impossible to believe it won't have a positive impact when being scored for utilities...

coffeeandfags

Oh dear, i never intended to start an arguement *EEK* :eek:

Ok, so for the record "3" are never gonna give me a contract anyway
Capital One will never look at me again
Barclaycard ditto

When i said my credit record is shot, i meant blown to pieces

Thanks for the advice about the high interest rate, but thats like teaching your granny to suck eggs. Unfortunately you are telling this to someone who is paying Provident £5300 for a £2500 loan :eek:. Sometimes needs must im afraid. However, only a year to go and ive never missed a payment..... not that that matters with Provvy.

On a brighter note though, most of my credit accounts are now either paid or statute barred. I have a CCJ remaining that im 3 years into paying.

My intention is to pay the card in full every month UNLESS its gonna affect me IE credit limit will never go up. I soooo want to see a line of shiny greens

BTW, thanks for the advice on the Creditbuilder card. Its one ive always considered and very much mightve been my next move but i wont bother now, so thanks :T

ElkyElky

coffeeandfags wrote: »

Oh dear, i never intended to start an arguement *EEK* :eek:

Ok, so for the record "3" are never gonna give me a contract anyway
Capital One will never look at me again
Barclaycard ditto

When i said my credit record is shot, i meant blown to pieces

Thanks for the advice about the high interest rate, but thats like teaching your granny to suck eggs. Unfortunately you are telling this to someone who is paying Provident £5300 for a £2500 loan :eek:. Sometimes needs must im afraid. However, only a year to go and ive never missed a payment..... not that that matters with Provvy.

On a brighter note though, most of my credit accounts are now either paid or statute barred. I have a CCJ remaining that im 3 years into paying.

My intention is to pay the card in full every month UNLESS its gonna affect me IE credit limit will never go up. I soooo want to see a line of shiny greens

BTW, thanks for the advice on the Creditbuilder card. Its one ive always considered and very much mightve been my next move but i wont bother now, so thanks :T

Just a heated debate, we hold one quite regularly and you're more than welcome to join in next time. :rotfl:

It's up to you to try and rebuild whatever is left of your credit file using that Vanquis card. I don't think I need to suggest you don't miss payments, I'm sure you're already aware of the whole process.

Consider this a fresh start, or rather, a second chance. Be good to your credit file and in time, he'll reward you with all of the lovely things that the financial sector brings.