Credit Card for £5000 purchase or save cash for it? Dont knows for the best?

Mozzyp

Thanks for your input again guys, much appreciated.
The purchase is of a medical nature, which the NHS no longer fund so im having to go private, which is why i'd prefer it sooner rather than later.
The idea was to use this card for the one off 'purchase'. Then the card would be cut up. I have no intention of keeping it or using it. Im good with discipline like that.
I signed up to experian to get my credit score, purely our of curiosity really. My score is 903. My rating is in the Good category. Im above average. And 29% of the population are better than me. And im on the electoral role at my current address.

katie84uk

I signed up to experian to get my credit score, purely our of curiosity really. My score is 903. My rating is in the Good category. Im above average. And 29% of the population are better than me. And im on the electoral role at my current address.

Sounds like your well on your way to a good credit rating and judging by how well diciplined you are when it comes to money i'm sure you will get a good deal on a card.

I suggest you make an appointement with your bank who will be able to advise you more.

[Deleted User]

You mentioned that you'd been offered a loan - is that worth investigating? While 'save for it' is generally the best advice, I can see why your purchase may be an exception to the rule.

(Unless your puchase of a 'medical nature' is a 50'' plasma because you're a bit short sighted.)

sicker

Just a thought but if you already have the cash to hand you might ask the supplier if they will give you a discount for cash. Remeber they will be charged for the use of the credit card and may well add a charge to your purchase to cover that or be happy to give a small discount for a cash payment.

ps Sorry I misread your post and thought you had been saving for a year and had the cash, My apologies.

Any

katie84uk wrote: »

Sounds like your well on your way to a good credit rating and judging by how well diciplined you are when it comes to money i'm sure you will get a good deal on a card.

?????

Mozzyp wrote: »

Thanks for your input again guys, much appreciated.
The purchase is of a medical nature, which the NHS no longer fund so im having to go private, which is why i'd prefer it sooner rather than later.
The idea was to use this card for the one off 'purchase'. Then the card would be cut up. I have no intention of keeping it or using it. Im good with discipline like that.
I signed up to experian to get my credit score, purely our of curiosity really. My score is 903. My rating is in the Good category. Im above average. And 29% of the population are better than me. And im on the electoral role at my current address.

Please do not ever again pay for your "score". This number is completely meaningless, half the people who pay for it have 999, only because they have no default and they come here wondering why they cannot get anything at all if it says they have 999... But they also have no history and lenders require that for best deals.
Experian is not going to lend you money, so what they think your score is completely and utterly irrelevant (apart from the fact that it is not very good system). Every lender has different scoring system and they are the ones that can lend you money.

As advised before - go to your bank and see what they say about the card. That is your best bet.

Mozzyp

I didnt purchase anything. I got the 30 day trial and then cancelled.

Surely these companies give a rough idea of your credit rating? Sure i dont beleive its 100% accurate, but as a general estimate they must be quite useful?

My grandfather who is a business owner, has made his fortune and put it aside. Bought his house outright. Spends his money from his bank account, etc etc. His estimated worth is 2.2 Million including shares, property, everything. He did this Experian thing with me (I live with him) as he too was interested, and his credit rating was Poor. I was suprised, but he said he wasnt because hes never borrowed anything. He's never had to use credit. And experian knew that, thus giving him a poor rating. Through the experian process you dont input that data, so the company obviously has some way of knowing all your personal data regarding credit. Which must be a similar way of the banks or loan/credit card companies? Experian also listed, in detail, all my previous credit items, ammounts, dates, whether i'd missed payments, etc etc. They had details even i wasnt aware of!

Im not saying Experian is the be all and end all of a credit rating and im not saying a bank will take the rating into account, but im saying to totally dismiss it seems unjustified?

I think the experian rating is to be viewed as more of an 'educated guess'.

And i know what some of you are probably going to say now, 'why dont you just borrow the money off your grandad if he's so wealthy?'...the answer:- My grandfather got so wealthy by not handing his money out. His love for his money far out weighs his love for his family. Sad but true. He's always said, if he had it his way he'd like to be buried with his money. Thats my grandfather.

Joe_Bloggs

Giving money away to family when they have not earned it will just encourage the recipients into being lazy and unproductive. This will be a disincentive for them to make the most of their talents.

If a millionaire wants to improve their credit rating then they could use a purchase rebate card when they spend rather than pay by cash or cheque. In the final analysis the credit card company pays the card holder for spending money using their card. A Win - Win for all parties in my view.

Holding back cash rather than spending everything you have ,should be part of the budgeting process. In the end, savings will help you cope with unforeseen circumstances as well as planned ones.

J_B.

Any

Sorry, just because one is rich doesn't mean he should give away money. To say just because he doesn't give away money he loves it more then his family is very short sighted. Someone in my family gives money away to other family members and nothing good came out of it ever yet. All they learned was that there is always someone to bail them out.

re Experian - from what I have seen on here, and I've seen a lot, I completely disregard their scoring, yes. That is just my opinion and everyone is entitled to their own.

Good on you if you haven't paid for it. Smart man.

shop-to-drop

We saved up for a large item a couple of years back. It felt fab to go buy the item and pay with the debit card knowing how hard we had worked for it and then look at the item knowing it was fully paid for. I'd recommend it a year will fly by and maybe if you really want it bad you will be able to sometimes save more than £100 and so get the item sooner. Good Luck!

Mozzyp

I think ive been misunderstood here. I am not saying my grandfather should give me money, or loan me money or do anything regarding me and his money. I was merely pointing out to anyone who possibly wondered why, that obtaining this sum form my grandfather wasnt an option, hence why im doing this on my own. I was just using him as an example as to why i didnt think the results of the Experian process could be total non-sense. Not all to sure why i feel the need to defend myself here but just for the record, i have never asked, nor received money from my grandfather.

Like i said above, the reason i would like the money sooner rather than later is because its for a medical operation which im having to get done priavtely as the NHS, as of 2 years a go, no longer fund this particular surgery. My condition is certainly not life threatening, but it does cause and create numerous issues with my health and well being.

I feel this conversation is starting to a bit off topic now so i guess the next step is for me to see what i can get and acheive. I will get in touch with my bank and other financial institutions to see what i can get. If anyones interested i shall repost with how i got on.

So thank you once again for all your advice and input in to my matter.