New comer in UK and credit score funny story
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@CKhalvashi I also took the card from this site to support it, it's the only one to give you an overview with also 3 months of permanence in UK, I also get other packages.
My current cc maximum will reach 1200, it's not from an high street bank, it's from a credit institute and because is to build credit, it's low in amount by default and do not talk about the interest rate 😂, that's why I've put the direct debit to repay...
I wouldn't trust in this country to have a cc more than 2k, the reason is that no damn bank use the 2FA like the rest of EU, you login - - > granted, you pay - - > granted, maybe you receive a call for verification if their machine learning is working and correctly set up... I can't imagine with a credit card... What about notifications? Just push notifications in my bank, recently implemented, I'm amazed 😂😂😂.
Still struggling to find a bank that has all this, I think it doesn't exist.
Yes I save a lot every month, more than I spend, if I put them in savings looks better? Currently the money just resides in the account.
@Ben8282 yes, for example if it's 200£ cc I charge 50£ on it, I need to verify if is possible, in my previous cc was allowed and without human limits. Basically I was almost always using my money and sometimes going down, just to see if something was triggered 😂🤑.
I will check this card...0 -
I wouldn't trust in this country to have a cc more than 2k, the reason is that no damn bank use the 2FA like the rest of EU, you login - - > granted, you pay - - > granted, maybe you receive a call for verification if their machine learning is working and correctly set up... I can't imagine with a credit card... What about notifications? Just push notifications in my bank, recently implemented, I'm amazed 😂😂😂.
Are you yanking our collective chain here? Right from the start it has sounded like you might be, but now I'm sure you are.
No fraudster should know your credit limit, so that would not be a factor in their decision to commit fraud on a card of yours. The way you write it sounds like you think you would have to pay for fraud on your card and that you'd be happy paying up to £2K of fraud - but no more than that. You don't have to pay for fraud on your card.0 -
Terry_Towelling wrote: »
Perhaps the 30% figure should only apply for those who carry a debt from month to month, and then only when the credit limit is more substantial than £200. To be honest, if I were a CC company, I'd view someone who only used £60 of their £200 limit each month (and then never managed to pay it all back) as a higher risk than someone who took the full £200 and cleared it each month
I would agre with what is written above.
I recall that back in the days when credit cards were new it was commonly accepted that the way to have your credit limit increased was to use the card up to it's credit limit (or exceed the credit limit; credit card issuers didn't seem to mind that in those days) and repay.
The utilisation % is an interesting question.
In the sense of an individual with an established credit profile and has several cards with high(ish) credit limits and who repays thier credit cards in full each month, it would be somewhat difficult to exceed the 30% figure anyway unless they had made an exceptionally large purchase the previous month. Even allowing for different lenders reporting practices and reporting dates in relation to statement dates, which I attempted to discuss in a thread a while ago but nobody seemed to able to grasp, that can cause a very significant reported balance variation depending on which card is used, my reported balances rarely exceed 10% overall. If my reported balances did start to exceed 30% on an ongoing basis it would mean that either I was spending a disproportionally high amount of money each month or I had disproportionally low credit limits in relation to my apparent spending power/needs.
In the case of an individual who does not repay in full each month (stoozers included), the high utilisation % would probably indicate significant debt. There would also be the implication that the cardholder was desperate for credit and lacked the ability to easily repay. I don't know exactly how lenders determine credit limits but I think it would be fair to say that where an individual uses a large % of the credit limit that they have been granted, the question of their ability to repay would be called in to question when they next applied for credit. The utilisation % is not relevant except where a new application for credit is being made.
In the case of very low limit cards, obviously it is necessary to use a high % of the credit limit in order for the card to be of any practical use. As has been rightly pointed out above, if an individual obtains a credit card with a limit of £200 and uses it almost up to the limit and repays in full each month, they are using the card for the purpose that it was intended. However, if such an individual uses the card up to it's limit and then makes only minimum payments and starts to pay interest on the £200, then what does that say about the ability of this individual to repay? Of course the issuers of high interest credit builder cards would probably jump at the chance of issuing a card to this type of customer but I don't imagine that they would get very far if they were to apply to Amex for a charge card.
These things are all relative to the overall credit and financial position of the applicant and what sort of credit product they are applying for.0 -
My current cc maximum will reach 1200, it's not from an high street bank, it's from a credit institute and because is to build credit, it's low in amount by default and do not talk about the interest rate 😂, that's why I've put the direct debit to repay...
Who is this with?
My oldest card isn't through a bank but a CC company. It doesn't have the highest limit across the cards I hold, but it has risen fairly.I wouldn't trust in this country to have a cc more than 2k, the reason is that no damn bank use the 2FA like the rest of EU, you login - - > granted, you pay - - > granted, maybe you receive a call for verification if their machine learning is working and correctly set up... I can't imagine with a credit card... What about notifications? Just push notifications in my bank, recently implemented, I'm amazed 😂😂😂.
Still struggling to find a bank that has all this, I think it doesn't exist.
Yes I save a lot every month, more than I spend, if I put them in savings looks better? Currently the money just resides in the account.
@Ben8282 yes, for example if it's 200£ cc I charge 50£ on it, I need to verify if is possible, in my previous cc was allowed and without human limits. Basically I was almost always using my money and sometimes going down, just to see if something was triggered 😂🤑.
I will check this card...
My cards are fine for normal and a range of 'one off' spending.
The only transaction that has been picked up on any card I hold this year was funnily enough about £4 to Belarusian Railways. This was done online about 2 days after I'd booked flights with the national airline. A quick phonecall and it was dealt with within about 30 seconds and the transaction was put back through successfully.
I bank with one of the majors as a 'main' bank. I need to enter a login, password and then a 6 digit code that changes every 30 seconds to access my online banking or the app. As far as I'm aware, this is secure. So secure in fact that I can't always access it due to the code changing.
With another bank I needed my card, PIN and a reader to access the app first time. Now I just need to enter a 6 digit PIN I've set up, as is the case with a credit card company. I'm sure I could probably set up SMS alerts however back in the real world, I really don't see the point.
You are covered for any fraud unless the bank can prove you've been negligent.💙💛 💔0 -
What on earth are you talking about?@Ben8282 yes, for example if it's 200£ cc I charge 50£ on it, I need to verify if is possible, in my previous cc was allowed and without human limits. Basically I was almost always using my money and sometimes going down, just to see if something was triggered 😂🤑.
I will check this card...0 -
In the case of an individual who does not repay in full each month (stoozers included), the high utilisation % would probably indicate significant debt. There would also be the implication that the cardholder was desperate for credit and lacked the ability to easily repay. I don't know exactly how lenders determine credit limits but I think it would be fair to say that where an individual uses a large % of the credit limit that they have been granted, the question of their ability to repay would be called in to question when they next applied for credit. The utilisation % is not relevant except where a new application for credit is being made.
In the case of stoozers, do you think it's right that they are treated in the same way as people who can't pay the debt back? Many stoozers have equivalent savings ready to pay off the debt in full. The only time savings is taken into account for any debt is offset mortgages, but such a mortgage would still be assessed ignoring any savings and only taking into account the debts on credit cards etc.0 -
@Terry Towelling great post, I didn't think about charging the card before the direct debit that would have cleared it fully and automatically.
Because I can't be sure how the company sees it, for the moment I just spend the max I can.0 -
I understand what you are saying. However, a potential lender has NO WAY of knowing this. There is absolutey no way to tell the difference between a big time stoozer and somebody heavily in debt. The new lender has no way of knowing that the stoozer actually has the money to repay the debt, besides which there is nothing to stop them spending the money/savings the very next day if they were so inclined.In the case of stoozers, do you think it's right that they are treated in the same way as people who can't pay the debt back? Many stoozers have equivalent savings ready to pay off the debt in full. The only time savings is taken into account for any debt is offset mortgages, but such a mortgage would still be assessed ignoring any savings and only taking into account the debts on credit cards etc.
There appears to be a misconception on this forum that high balances are fine so long as they are at 0%. That is not correct. A balance is a balance and a debt is a debt. A person stoozing say £20,000 at 0% has £20,000 of credit card debt which could become interest bearing when the 0% period runs out until such time as they actually repay it.0 -
It's a shame that FIs can't introduce a way to include any cash savings. I was thinking specifically of mortgage providers looking at savings history. Is the person really likely to run off an immediately blow all their savings given they've saved regularly for x period, etc.
Maybe it wouldn't work though, broker once told me that even if you paid off the CCs before getting the mortgage, an increasing number of mortgage providers are taking into account the fact that someone with long term CC debt (even at 0%) will usually always keep getting CC debt and that counts against them. Even if that debt is manageable, and has been manageable for a number of years.There appears to be a misconception on this forum that high balances are fine so long as they are at 0%. That is not correct.
High balances at 0% are fine (to a consumer) if they're manageable. They might not be "fine" to another lender because of the potential risk of not being manageable in the future.0 -
@Terry Towelling great post, I didn't think about charging the card before the direct debit that would have cleared it fully and automatically.
Because I can't be sure how the company sees it, for the moment I just spend the max I can.
Well thanks for that (please don't think the deflection has worked though).
You still haven't answered the question about what you did with the cards and bank accounts you had in other countries.
You might also want to analyse what you have said about not wanting a credit limit exceeding £2K because of the risk of online fraud. Remember that credit on a credit card is not your money, so if someone uses it fraudulently, it is a pain, but at least it isn't your money.
You have quite glibly told us all that you carry balances in your bank accounts of £9K to £12K. Do you have debit cards for those accounts? Don't you think it would be far worse if a fraudster were to commit debit card fraud against one of your pointlessly large bank balances where they can get at substantially more than £2K and it is actually your money they are taking?
Just going back to something you said a while ago, as an Italian (allegedly), do you really consider yourself to be Central European, or were you just referring to time you have spent in central Europe?
Keep yanking that chain - it's quite enjoyable (and that isn't a euphemism).0
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