very

patrick1982

oh i made a screenshot from capital one..........for everyone who does say they do not care about
credit scores.......

https://ibb.co/gMy1Xx4

boo_star

patrick1982 wrote: »

oh i made a screenshot from capital one..........for everyone who does say they do not care about
credit scores.......

https://ibb.co/gMy1Xx4

Given that CapitalOne are a peddler of useless credit scores via their "CreditWise" system I wouldn't put much stock in that statement. They have a vested interest in perpetuating the myth that scores matter.

patrick1982

whats credit wise ?

right now i'm using checkmyfile because i'm unable to get any info from the agencies directly for some odd reason

[Deleted User]

They’re referring to their own internal scoring and merely quoting CRA “advice” - which I suppose they have to pedal to get people to sign up to Credit Wise (their credit reporting service from Equifax).

SlovakianGuy

!!! wrote: »

As for the loan - taking a loan (if any amount of any period of time) screams of desperation to most lenders and that you cannot get by day to day money wise.

Hence it not being good for you.
It may well “improve your score” but a lender will look at it and alarm bells will start ringing.

My Aviva car insurance also shows as a Loan on my credit report. Btw, the insurance ended in June and I'm now with a different provider, but the Aviva "Loan" is still active, just showing "0 payment OK" for the last 2 months. I expected to see it "settled" or something. Any idea why it is still among other active credit accounts?

System

What on earth is Very? Seems an endless stream of people in credit trouble with Very. Why is it so bad for it?

SlovakianGuy

patrick1982 wrote: »

oh also have a Monzo current account and Revolut

Revolut won't build you any history as they are not a bank and don't report anything to CRAs. My Revolut account doesn't show on any of my 3 credit reports.

Monzo only reports to TransUnion (former CallCredit).

patrick1982 wrote: »

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

Not a history of payments, but still, lenders also look on address history - how long you've been registered on ER on your current address. The longer the better. It definitely helps.

Btw, if you are new to the UK, you are really well informed.
When I arrived to the UK 5 years ago, I knew absolutely nothing about credit scoring, reports, history, etc. Most other people had no idea either. In the UK it is much more complex than in most other EU countries. What I like about UK is that you can build a positive image over time if you care at least a bit and if you know what you are doing. You can see your own credit files, etc. No such thing in Slovakia and probably in many other countries either.

Willing2Learn

beany_bot wrote: »

What on earth is Very? Seems an endless stream of people in credit trouble with Very. Why is it so bad for it?

Very is a mail-order catalogue. They sell stuff at reasonable prices. I have an account with them and never pay interest as I always pay during the interest free period.

People get into trouble when they don't pay in time, as the interest rate is very high...

JohnMl88

beany_bot wrote: »

What on earth is Very? Seems an endless stream of people in credit trouble with Very. Why is it so bad for it?

https://www.very.co.uk/july-offer-1.page

They offer BNPL and the prices are quite competitive.

SlovakianGuy

JohnMl88 wrote: »

Just get a sim only contract, don’t waste your money

Even this is not suitable for 100% of the people. For example, me. I use my phone very very little. I literally don't call anyone and don't browse the web. Only check my bank apps here and there. To me, any SIM contract is a waste of money as I need to pay it regardless of my needs. I top-up my GiffGaff once in 3 months or so.

Also, you first need to make sure that your provider reports to all 3 CRAs. The best way is to ask them directly (you can even do it via Facebook message). For example, above mentioned GiffGaff don't report anything anywhere. I'm now considering iD mobile since it has the cheapest possible SIM-only plan for 4 quids a month. They've told me on FB that they report to all 3 CRAs. Hopefully their social media team have correct info.

My point is that even SIM-only contract may be a waste of money for some people, while Loqbox costs you literally nothing if you open some savings account at the end (and if you don't count that 4-5 pounds of interest that you miss in 12 months while paying off the "loan").