very

patrick1982

like what ?

i mean i'm struggeling to build a history all bad credit/ credit builder CC's refuse me. Bank Accounts get frozen closed (for not having history)

Maybe ER can get me into a bank account but doesnt build me any history........

I'm sure when i open an account with a bank wait a few month of monthly salary they still run a credit check when i ask for a CC and still tell me oh u dont have any history ?!

cymruchris

!!! wrote: »

Things like LoqBox and Cashbuilder should be ignored and stored will clear of.

There are better ways of building a credit history.

I have a feeling from some of your posts that you might not be a fan of either of the above. And that's ok of course I do have to disagree also though, and believe in the right circumstances - they can be helpful for a small number of people. As with all credit related items - not everything is suitable for everyone - but if there's a way to help speed things along when you're right at the bottom of the ladder - why not use those tools to help you begin your climb up? Yes - electoral roll is good - making sure you've paid everything else up to date is good - checking your files for inaccuracies is good - lots of things we can do that all contribute to an upwards trend - but do think the loqbox particularly has some sense to it for those at the bottom - and actually it costs you nothing as long as you open a regular savings or current account with one of their partners at the end of it - what do you have to lose when you're at rock bottom? Nothing at all...

patrick1982

i rather pay someone 1000-2000 pound to have something solid and not having this hassle of hearing oh but u dont have any history.

I might get a secured card when my score is ok for this with Capital One and proof i can be trusted.

patrick1982

My hubby is actually american and as far as i know he cant get on the ER, sucks for people like him with no way out it seems

cymruchris

patrick1982 wrote: »

i rather pay someone 1000-2000 pound to have something solid and not having this hassle of hearing oh but u dont have any history.

I might get a secured card when my score is ok for this with Capital One and proof i can be trusted.

With Loqbox though - you'll be getting all your money at the end of it anyway - and as said - if you open up one of their partner regular current accounts or a savings account - there's no fee to you - 100 percent of what you put in comes back again - and you've then got a 12 month unsecured loan showing on your history - all paid off and settled. I see a lot of people 'against this - but not everyone seems to understand how it can help those most in need - and not actually cost a penny.

[Deleted User]

A loan is not a good thing to have showing on your credit files.

Meanwhile you could have banked that money and earned interest on it.

Also stop referring to your score to get a card - it’s not a factor used in lending.

cymruchris

!!! wrote: »

A loan is not a good thing to have showing on your credit files.

Meanwhile you could have banked that money and earned interest on it.

Also stop referring to your score to get a card - it’s not a factor used in lending.

Just to help my understanding - why wouldn't a loan of 12 months (in this case the loqbox), showing on-time payments, and then a 'settled' status be a bad thing? It shows regular payments, it shows being on time, it shows affordability and it shows seeing it through to the end. That's much more valuable on SOME people's credit file than a few pennies interest in a bank account? (But happy to discuss)

patrick1982

if its not a factor why does capital one give me a message sorry your score is too low ?!

It must be a factor somehow, i believe that all these companies (Experian, Equifax, Transunion) do use somekind of scoring and just copy that system from the USA (where they from)........

patrick1982

patrick1982 wrote: »

if its not a factor why does capital one give me a message sorry your score is too low ?!

It must be a factor somehow, i believe that all these companies (Experian, Equifax, Transunion) do use somekind of scoring and just copy that system from the USA (where they from)........

i think the same, specially for somebody like me who has like 0 payment history and proofs he can be trusted.

A Credit card might be better but in my mind i feel like its also a lot more risk than a loan than has a pre-selected repayment schedule

xlnc99

!!! wrote: »

A loan is not a good thing to have showing on your credit files.

Meanwhile you could have banked that money and earned interest on it.

Also stop referring to your score to get a card - it’s not a factor used in lending.

Thats like saying a CC is not a good thing to have showing on your credit files. Or Car Finance. Or Catalogue Accounts