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Credit boosting Loan
Comments
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Silly idea. Why pay interest?
Get a credit card. Use it. Clear the balance in full monthly. Pay no interest.0 -
It's difficult for me to see any value in it, but then there may be something you are trying to achieve that I don't know about.
I use financial products because I need/ want them, not to increase my chances of getting more.
So it doesn't compute for me that someone would deliberately pay interest to increase their chances of getting more debt.0 -
Can anyone tell me if it is a good idea to get a loan of £1000-£2000 to boost my credit rating by paying it off in a short term?
If you get offered a loan for £2000 over 12 months then the interest will be quite high, compare that to a credit card.
If you make fuel and food purchases on the card and clear them when the statement comes in then you will achieve the same result.0
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