Credit Score not going up

xlnc99

wrong terminology - i meant a good credit history. I know the score is meaningless i was referring to the actual data on the credit file

cymruchris

xlnc99 wrote: »

This is perfect for people who have bad history or no history!

I totally agree. Not everyone will though, as has been demonstrated, I can see the positive impact on my credit history, even if others don't see the point.

[Deleted User]

cymruchris wrote: »

I totally agree. Not everyone will though, as has been demonstrated, I can see the positive impact on my credit history, even if others don't see the point.

What positive do you see?
The make believe number going up?

cymruchris

!!! wrote: »

What positive do you see?
The make believe number going up?

No - as I've said several times - the basic principle is not to do with make believe numbers, but demonstrating the ability to manage accounts well. At the end of 12 months, my history will show me as having taken an unsecured loan over 12 months, fully repaid, on-time payments, settled and marked as so, adding to the evidence within my files that other lenders in future will look at as part of their decision on whether to accept me for credit. I know you're firmly against the principle of this - although I'm not sure why, as it has a place for some people. You might not be one of those people and I can respect that - but for those it would be beneficial for, maybe keep a more open mind instead of repeatedly going on about made up scores. Look beyond that as to the tangible benefits this can offer someone with very little, or no credit history.

Yes - you can get on the ER - that's a great step forward - but every little helps as people establish their ability to manage credit responsibly to future lenders they approach. It may very well have an effect on my made-up score, but that's not why I'm doing it. I do know that several months ago my made-up score was incredibly low, but as my bankruptcy has dropped off, and my existing accounts have been managed well, the made-up score has been increasing.

In reality - my behaviour with accounts is slowly but surely making me a more attractive proposition to lenders - with my aim being to get back into a mortgage at sometime in the future. The made-up score happens to be moving up at the same time as my history of managing accounts well gets longer. I don't however pay any attention to worrying as to whether the made-up number goes up or down though.

xlnc99

cymruchris wrote: »

No - as I've said several times - the basic principle is not to do with make believe numbers, but demonstrating the ability to manage accounts well. At the end of 12 months, my history will show me as having taken an unsecured loan over 12 months, fully repaid, on-time payments, settled and marked as so, adding to the evidence within my files that other lenders in future will look at as part of their decision on whether to accept me for credit. I know you're firmly against the principle of this - although I'm not sure why, as it has a place for some people. You might not be one of those people and I can respect that - but for those it would be beneficial for, maybe keep a more open mind instead of repeatedly going on about made up scores. Look beyond that as to the tangible benefits this can offer someone with very little, or no credit history.

Yes - you can get on the ER - that's a great step forward - but every little helps as people establish their ability to manage credit responsibly to future lenders they approach. It may very well have an effect on my made-up score, but that's not why I'm doing it. I do know that several months ago my made-up score was incredibly low, but as my bankruptcy has dropped off, and my existing accounts have been managed well, the made-up score has been increasing.

In reality - my behaviour with accounts is slowly but surely making me a more attractive proposition to lenders - with my aim being to get back into a mortgage at sometime in the future. The made-up score happens to be moving up at the same time as my history of managing accounts well gets longer. I don't however pay any attention to worrying as to whether the made-up number goes up or down though.

summed it up perfectly

adindas

I just have a look on "loqbox"

People who fall into such kind of useless exercise are those vulnerable people who do not want to learn.

Also it seems it is the easiest way to collect money from vulnerable people without paying them any interest. At the end of the 12 months you’ll end up with a new account that you might not have wanted, or alternatively you’ll incur a £30 fee. Just wait until they have enough money and run away with all hard earning cash from vulnerable people.

They might take a large number of vulnerable people with them as a ransom where in turn the government will need to intervene using taxpayers money.

https://www.finder.com/uk/personal-loans/loqbox

xlnc99

what you have said makes no sense. Its no scam because your money is protected by the FSC. You cant lose any money. ITs a win win there is no losing scenario with loqbox unless you miss your payment and they mark it as a negative. Even that they are very good, they give you 45 days to pay a missed payment before marking it late. You can also cancel anytime and there is no contract. You get all your money back minus 30 fee or if you open an account with their partners then keep the 30 pound.

There are no negatives with loqbox just all positives for those with poor credit history or no credit history. Dont understand your point

[Deleted User]

Also if you have poor credit, what’s the betting you won’t even be able to open one of the offered current accounts to remove the withdrawal fee?

adindas

xlnc99 wrote: »

what you have said makes no sense. Its no scam because your money is protected by the FSC. You cant lose any money. ITs a win win there is no losing scenario with loqbox unless you miss your payment and they mark it as a negative. Even that they are very good, they give you 45 days to pay a missed payment before marking it late. You can also cancel anytime and there is no contract. You get all your money back minus 30 fee or if you open an account with their partners then keep the 30 pound.

There are no negatives with loqbox just all positives for those with poor credit history or no credit history. Dont understand your point

I never say the people will not get their money back. But Yes, I agree with you senseless for people who have little sense in money management.

You get all your money back minus 30 fee ????
Very interesting .............

If you just want to build up your credit, you could apply for credit builder credit card, small SIMO phone contact that you will be using it anyway, pay utility bill by DD. It will cost you nothing and your £200 a month might get 5% in regular saver account. It is probably a better way of building up your credit history because you have a relationship with a well respected and well known creditor and your money earn a good interest elsewhere.

Ben8282

adindas wrote: »

Yes, I agree senseless for people who have little sense in money management. You get all your money back minus 30 fee ????

I never say I am not saying the people will not get their money back.

If you just want to build up your credit, you could apply for credit builder credit card, small phone SIMO contact, and cost you nothing and your £200 a month might get 5% in regular saver account.

Certain individuals are more interested in promoting Loqbox than giving any consideration to things like that.