Why do I need a Credit Card

adindas

yksi wrote: »

You could consider Loqbox, which is a savings account that most people don't tend to like, but it does have the benefit of building credit history without borrowing money.

Loqbox again !!! Loqbox again !!!
Is it coming from the same group of people who has connection or has profited from Loqbox ???

I could get 2% by put my money into saving account. Mind to mention how much interest the people will get with saving money in Logbox ??

How easily you could get your money back after the saving period has ended ??

Please stop misleading people especially in the Money saving expert forum where reasonable number of people are well aware about money product to be used as comparison.

If this this product is so good to built up credit history why it has never been covered in MSE main page. People are only aware about this Loqbox after a few post on this forum which might be coming from the same group of people.

Also I just found this self proclaiming wording :
"LOQBOX is authorised and regulated by the Financial Conduct Authority (FCA). Any money you put into your LOQBOX is protected (albeit in a roundabout way) by the Financial Services Compensation Scheme (FSCS)".

I do not bother to research about this wording but from the wording it is clear that that it is not the same with ordinary saving product which is 100% protected by FSCS.

Bimyum

I struggle to understand the difference between Credit Score and Credit History🤔
Surely Credit Score is based on Credit History...
Can anyone explain the difference?

[Deleted User]

Bimyum wrote: »

I struggle to understand the difference between Credit Score and Credit History🤔
Surely Credit Score is based on Credit History...
Can anyone explain the difference?

Credit history is the only thing that matters and what lenders see.

Credit scores are made up by the CRA’s to sell you “improvement” products.

SusieT

Bimyum wrote: »

I struggle to understand the difference between Credit Score and Credit History��
Surely Credit Score is based on Credit History...
Can anyone explain the difference?

Credit score is given to you by people who do not give you a loan or credit card, but try to have you apply for credit cards and loans from links that they give, thus making them money
Credit history is what is used by companies who DO lend you money to decide how much they are prepared to lend you and at what % rate.

If you are a few % or points lower on your credit score than you would like I will donate some of mine to you.

Try to think of it as not getting a credit card, but they are trying to make you take out a Debt card that could double (or more) the cost of what you are buying if its not paid off in full each month, thats a lot more realistic for most people.

yksi

adindas wrote: »

...... again !!! ...... again !!!
Is it coming from the same group of people who has connection or has profited from ...... ???

Deleted the name from your quote, just to make you happy that it isn't being mentioned again, since it's upsetting you so much.

Are you seriously accusing me of only being here to promote a company? I've never mentioned it before! You're way off base here.

There are not many suggestions in this thread that offer any alternatives to a credit card and the service concerned does actually have a lot of positive reviews on independent third-party sites. No it is not for everyone and it is not universally loved. Neither are subprime cards and they're still recommended on these forums. We are not all sheep. Not everyone wants the same path from life or the same products.

It's pretty incredible how often people make posts with a lemon in their mouths and have nothing constructive to offer but instead just rip into someone else. No wonder so many people make one post and then don't come back.

abc.xyz

If you never intend to apply for credit again, why are you bothered what your credit score/report says?

[Deleted User]

Sub prime cards are perfectly fine, because, if you’re playing the game properly, you’ll be clearing you balance in full each month

adindas

adindas wrote: »

Loqbox again !!! Loqbox again !!!
Is it coming from the same group of people who has connection or has profited from Loqbox ???

yksi wrote: »

Deleted the name from your quote, just to make you happy that it isn't being mentioned again, since it's upsetting you so much.

Are you seriously accusing me of only being here to promote a company? I've never mentioned it before! You're way off base here.

There are not many suggestions in this thread that offer any alternatives to a credit card and the service concerned does actually have a lot of positive reviews on independent third-party sites. No it is not for everyone and it is not universally loved. Neither are subprime cards and they're still recommended on these forums. We are not all sheep. Not everyone wants the same path from life or the same products.

It's pretty incredible how often people make posts with a lemon in their mouths and have nothing constructive to offer but instead just rip into someone else.

I am not accusing I am asking ....Thus a question mark .....
it is reasonable to suspect where an unknown company is suddenly mentioned many times.

I have forwarded a few questions which questioning the benefit of have Loqbox for ordinary people.

Ordinary people could get credit builder credit card, could register in the electoral role. All of that is without paying a penny. Also many people could get a cheap mobile phone contract. Is it not better rather than not getting interest, risking your money to disappear (no full fscs protection).

If it is good why it is not mentioned on MSE main site ....??

yksi wrote: »

No wonder so many people make one post and then don't come back.

Well did you notice vast many people who come up with controversial posting are the old posters who just create a new ID. With mobile internet where you could get a new sim card for free it is very easy to create a profile without being able to be identified.

ryan121

I wouldn't bother with a credit card, I just don't see the point. Also with a mortgage they only care about negative factors such as missed payments or defaults. A credit card will not help you get a mortgage. You will find people all the time with no credit history getting a mortgage and a car on finance for example.

Also I don't see the issue with loqbox. Seems like a good idea. Who cares about interest when most banks don't even pay any on your balance anyway. Loqbox isn't about earning interest, it's about building a history of using credit.

adindas

ryan121 wrote: »

I wouldn't bother with a credit card, I just don't see the point. Also with a mortgage they only care about negative factors such as missed payments or defaults. A credit card will not help you get a mortgage. You will find people all the time with no credit history getting a mortgage and a car on finance for example.

Also I don't see the issue with loqbox. Seems like a good idea. Who cares about interest when most banks don't even pay any on your balance anyway. Loqbox isn't about earning interest, it's about building a history of using credit.

Well, you have been here for more than ten years and still can not see the benefit of having credit card ??. Where have you been ??

Creditcard is a method of payment. Using the right type of credit card, you might also get other benefits such as cashback, S75 protection, favourable currency exchange rate, travel insurance.

No fee 0% Interest is another benefit. A few people here are making reasonable amount of money using credit card.

Now, regarding your comment of the benefit of credit card in credit history building, getting mortgage, etc you should better speak to MSE or to Mortgage advisers.

See rule No 13.
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

Also, did you see a saving like product Loqbox or the like is mentioned here ???

You should better educate yourself the benefit of having credit card, to avoid making such an ill judgement.

But of course no one is forcing you to apply for a credit card if you do not believe the benefit of having it.