Zable usage example

satanloans

Forgive me if I have ploughed deep beyond something that is obvious on surface but I can't find any example of usage and when charges apply on this Zable card. 

I know the APR is deadly but I intend only to build my credit rating not use it to obtain debt/lending charges. 

But for the life of me I can't see any solid examples. TIA

CliveOfIndia

Assuming there's no annual fee for the card then it's just like any other credit card.  Use it for everyday purchases, stuff you'd have to buy anyway (food, petrol, whatever).  Wait for the statement to arrive, and make sure you repay the full statement balance before the "payment due" date.  Ideally set up a Direct Debit for the full statement balance.

As long as you always pay in full every month without fail, you won't be charged any interest, and you'll gradually start to build up a favourable credit history.

Do, however, ignore the score you'll see on your credit report.  It's nothing more than a meaningless marketing gimmick that is not used - nor even seen - by any lender.

satanloans

Do, however, ignore the score you'll see on your credit report.  It's nothing more than a meaningless marketing gimmick that is not used - nor even seen - by any lender.

What on earth ? That can't be entirely true. 

CliveOfIndia

It is entirely true.

Lenders will take the data contained in your file, run it through their internal algorithms and generate their own internal score.  Their scoring algorithms are confidential and commercially-sensitive, so no-one outside of their credit-risk department will know what their parameters are, or what score they will give you.  And since each lender will have a different risk appetite and a different target customer-base, each lender's criteria will be different - one reason why there cannot possibly be a one-size-fits-all score.

The score generated by the CRAs will drop in response to any change in your credit circumstances, whether good, bad or indifferent.  Possibly the only thing it may be useful for is to alert you to changes.  If you suddenly see a large drop for no apparent reason (you've not opened a new line of credit or closed off/repaid an existing credit agreement) then it would be worth checking your report just to make sure there's nothing untoward going on (someone opening a line of credit fraudulently in your name, for instance).  But other than that, the score itself is totally meaningless.

spinningsheep

I had a zable card when nobody else would touch me for a card. It did the job, paid in full every month by DD, simply used it as a delayed debit card, just spent on it as I would debit card, paid in full, no interest charged, as carrying a balance on the card would have charged horrific APR. Closed the card and other credit builders as my history improved. Only sub prime cards I still have is a capital one (oldest card for longevity) and Zopa, half decent limit and 0% on spending overseas so I quite like it. 

satanloans

CliveOfIndia said:

It is entirely true.

Lenders will take the data contained in your file, run it through their internal algorithms and generate their own internal score.  Their scoring algorithms are confidential and commercially-sensitive, so no-one outside of their credit-risk department will know what their parameters are, or what score they will give you.  And since each lender will have a different risk appetite and a different target customer-base, each lender's criteria will be different - one reason why there cannot possibly be a one-size-fits-all score.

The score generated by the CRAs will drop in response to any change in your credit circumstances, whether good, bad or indifferent.  Possibly the only thing it may be useful for is to alert you to changes.  If you suddenly see a large drop for no apparent reason (you've not opened a new line of credit or closed off/repaid an existing credit agreement) then it would be worth checking your report just to make sure there's nothing untoward going on (someone opening a line of credit fraudulently in your name, for instance).  But other than that, the score itself is totally meaningless.

That makes total sense except I feel to wonder if there is deatail missing from our credit score data that others see ?

Nasqueron

satanloans said:

CliveOfIndia said:

It is entirely true.

Lenders will take the data contained in your file, run it through their internal algorithms and generate their own internal score.  Their scoring algorithms are confidential and commercially-sensitive, so no-one outside of their credit-risk department will know what their parameters are, or what score they will give you.  And since each lender will have a different risk appetite and a different target customer-base, each lender's criteria will be different - one reason why there cannot possibly be a one-size-fits-all score.

The score generated by the CRAs will drop in response to any change in your credit circumstances, whether good, bad or indifferent.  Possibly the only thing it may be useful for is to alert you to changes.  If you suddenly see a large drop for no apparent reason (you've not opened a new line of credit or closed off/repaid an existing credit agreement) then it would be worth checking your report just to make sure there's nothing untoward going on (someone opening a line of credit fraudulently in your name, for instance).  But other than that, the score itself is totally meaningless.

That makes total sense except I feel to wonder if there is deatail missing from our credit score data that others see ?

What you see on the free sites (don't pay for access) is pretty much what the lender gets yes, it might be tailored to them but there isn't anything hidden per se, you can check CIFAS and National Hunter if you were getting instant declines - it's your information and you have the right to access it