So it happens i have no credit score, no debt, no credit...I am deemed a liability despite having a healthy bank account. (for me recently) So i've busted my guts for months, trying to get enugg dough to pay the bairns school (done), enough for a deposit on a car, and have enuff for a good holiday when this is finally is all over (if ever) So with school all paid, i was balancing the other 2 out..After months off searching, i found the car i fancied today, but didn't want to outlay all my cash on just a car, after all it's just a car.. So i booked a test drive for Monday, thought i'd split my coin and get some credit for the car..Should be easy enough right? Fffs 6 loan attempts later, seems i have no credit rating and declined by all the ****s..I'm sat here laughing...I can' get credit as i have no debt? Oh well, guess the Honda Accord can wait, (it's just a car) not even a fancy one... Can't get credit, despite them looking at your bank account I'm kinda relived, was getting bored off looking and searching.. I've paid by cash for everything since i returned to the UK. Am i alone in this credit score ****?
One of my kids had the same, didn’t like credit so didn’t have any debt. Went to buy a car one day, and failed the credit check for exactly the same reason. The way to sort it, is to get yourself a credit card, given your lack of rating you’ll have to make do with one of the high interest ones, but it’s irrelevant, as all you need to do, is make a couple of purchases with it every month, then pay off the full balance when you get the statement. This’ll give you a credit rating within a few months. Also, you need to make sure that you’re on the electoral register for your address.
Try speaking with your bank whether they do personal loans, then pay cash. They may be willing to lend you money. Interest rate will be higher than for car finance but it may not make too much difference if its not too expensive a car. As Tobes said things that help your Credit Score are credit cards, other loans that have been paid off according to plan, owned property and being on the electoral register. Not supporting **** football teams can help as well so you may want to re-think the Sunderland thing. Think my decent credit score is the only reason the wife stays with me. She gets rejected for all sorts. Other day she wanted a new iphone and Apple had an interest free 24month payment plan. Being Asian she loves pay later deals like this - its like free money. She was rejected. I got it within 5minutes.
Yep, you actually need a history of debt to be able to borrow money on the High Street. Tobes is right, best way to get a credit rating is to have a credit card and pay it off every month. If it’s a car loan you’re after though, and it’s not a private sale, I’d imagine the dealer would be able to help you. Most car dealers sell finance as well as motors.
I was pretty similar but I had an old account that was closed with an outstanding balance of -£14 I hadn't realised. Due to that I wasn't able to get a £10 a month phone contract... however later that same month I was able to get a 80k mortgage...
Never checked my credit rating but assume it is ****e as only ever had one loan ( car @ 2-5% interest when interest rates on savings were about 5%) and due to a mix up the first payment failed .My credit card is a second one on wifes account plus i was never on the mortgage as i was considered a health risk for a 25 year loan . Where we live now is in my name was bought with cash so still no help for my credit rating
I don't know if it's the same as it used to be years back, but as @Tel alludes to, the more you credit score, the worse it used to get. It thinks you're trying various ways to navigate the system, much in the same way fraudsters do. You need to get yourself a credit card, with your bank, pay stuff like your shopping bills etc on it maybe. You can still pay it off as you go, like you do cash. All I do is transfer from my debit account over or you could wait until the DD collects, but I'm still old school when it comes to paying bills, in that I pay it as soon has the balance shows on the CC aacount.
I’m looking to invest some money, I could buy a few flats for like £40-50k each and see a monthly return on them from some benefits tenants but that doesn’t excite me at all. There must be some good opportunities atm with the world on it’s knees.
**** knows, anything is profit if you’re unmortgaged, until you go round and find out they’ve sold the boiler and the front door.
Low end rentals are a pain in the ****ing arse. If you get an agent to manage it, it’s usually 15% + Vat.
Yeah like I said, it doesn’t really interest me. I’d rather take a punt than **** around with long term headache. I feel like I want to get a classic car from a barn and restore it, that would be interesting. Even if I broke even that would be interesting.
When I first started work one of the older guys said to me If you owe the bank a pound they will hound you to your grave and your credit rating will be destroyed, however if you owe the bank a million pounds you will be the bank managers best friend and you credit rating will be sky high
