Spin off thread - credit scores

Gavrillo

Old-Salt
No Amazon account , no e-bay account . Others in the family have those so if I need to buy online I ask them to do it for me .
Never had a credit card so those that cold call offering to sell me credit card insurance can bugger off too .
I'm sure information about me is on the internet somewhere but I would think it's pretty well hidden .
Even my farcebook account is under an 'assumed' name and not my real one .
I expect, like me, you have no credit rating, which I'm kind of proud about. 'Normal' people seem to worry about credit ratings and consider not having one a bad thing. I like cash, when I have none left in my pocket I know to stop buying things.
 
YouTube access and having to prove ID

... which I do not need to do I think ... because I have a Google Account an use Google Chrome , I have a G Mail E Mail address as well as several others .... and now hands up time for Internet use ...

I use Internet banking and whenever my Credit Card or Debit Card is used within minutes I receive a Text . Message . Another advantage when Covid was at its worst was that I was able to use Contactless Payment to reduce the chances of picking up infection . Again because of Covid I have been buying more on the Internet and have had a E Bay account for years ... linked to PayPal which I also use whenever possible for other Internet purchases . I have dispensed with paper statements which reduces the risk of intercepted mail being opened to reveal all sorts of info .

Most of the communications from my investment portfolio are now via the internet / E Mail and more and more dividend payments are paid this way ... I currently receive dividends as cheques from only two companies and that will change this year .

I actually have a Facebook account which is set up with information e.g. DOB which is not quite correct . I have no " Friends " .... well not long until the Spring Equinox when I get my first 2022 bath ... I am a member of three closed groups and am thus able to keep in contact with comrades from years ago and be advised of events such as reunion dinners .

I have an account with Experian and they watch constantly for organisations / people carrying out financial checks on me e.g. if I change my Car Insurance company I will get an E Mail from Experian informing me that some activity is taking place and a new organisation is checking on me .

Because of an increasing number of cases in which properties have been sold without the real owner knowing about it I now have my house , which is in a Family Trust , electronically registered with HM Land Registry , and again if anything strange is happening with my property I will receive an E Mail .

So all the above is via the Internet ... It is all about risk ... I believe if you are sensible in your approach to the Internet then life can be easier and in some ways your assets safer .

Having said that the whole lot will probably be hacked tomorrow because of my info stored on ARRSE .
 

Londo

LE
I expect, like me, you have no credit rating, which I'm kind of proud about. 'Normal' people seem to worry about credit ratings and consider not having one a bad thing. I like cash, when I have none left in my pocket I know to stop buying things.
I did have a credit rating many years ago . No idea now as it's been a few decades since I bought anything on tick . Always cash , check or bankers draft or whatever they call them now .
 

wheel

LE
I expect, like me, you have no credit rating, which I'm kind of proud about. 'Normal' people seem to worry about credit ratings and consider not having one a bad thing. I like cash, when I have none left in my pocket I know to stop buying things.
I see adverts for that kind of shit and wonder what its all about.
 

RangdoOfArg

LE
Book Reviewer
I see adverts for that kind of shit and wonder what its all about.
As I understand it: Better your credit rating, less of a borrowing risk you are. So easier to get a loan, mortgage etc.
If that’s what you need. This is a world that lives on credit. I used to put all my purchases on the Credit Card and pay it off monthly as the CC company gave me cash back. No more, so sacked it.
 
I expect, like me, you have no credit rating, which I'm kind of proud about. 'Normal' people seem to worry about credit ratings and consider not having one a bad thing. I like cash, when I have none left in my pocket I know to stop buying things.

I left the UK in 1991 never been back except for holidays but do have a few bank accounts and always try to make a few quid for nothing. About 9 years ago the Halifax had an incentive to open an account. You pay in 1000 quid a month, they give you 5 quid a month.

I’m back on holiday , So my minds thinking, OK , I already have two or three accounts with them all I need to do is to pay in 1000 on the 1st of the month. Also open 10 other accounts and on the 2nd, 3rd, 4th etc. Just transfer the 1000 from account 1 to number 2, 3 , 4 etc. So I’m getting 60 quid, 720 quid a year to do nothing.

Tried to open said account, I even asked one of their “personal”bankers if what I planned was OK. She smiled and said , “sorry I cannot answer that question” . So had to call their credit rating site. Been with them for over 30 years , only savings and interest on top. After about 2 hours, glad it was their phone I was calling on.


Sorry , you not have a good credit rating. ?
 

wheel

LE
As I understand it: Better your credit rating, less of a borrowing risk you are. So easier to get a loan, mortgage etc.
If that’s what you need. This is a world that lives on credit. I used to put all my purchases on the Credit Card and pay it off monthly as the CC company gave me cash back. No more, so sacked it.
So basically its only important to people who have no money.
 

endure

GCM
Adverts that I see are usually showing car or other depreciating items.
Your credit rating is an indication of how good you are at paying back any debt that you owe. That applies to mortgages just as much as it does to cars.

Jim there's a bloke that wants us to lend him £500,000 to buy a house.

What's his credit rating Bob?

He hasn't got one Jim. He's never had any credit at all.

Best not lend money to someone who hasn't demonstrated that they can be trusted to make repayments Bob. Tell him no...
 
So basically its only important to people who have no money.
I only have a debit card, not interested in a credit card, I always save for what I want. I don't do new cars, I always buy a banger, run it into the ground, scrap it and get another one. It's no point buying anything decent with the mileages I do every year.
 

The_Duke

LE
Moderator
You can certainly live without a credit rating, as long as you are either rolling in money or have very simple tastes and budgets, eg (exaggerated for effect):

You will move into the family pile, or will be living in council accommodation.

You can walk into the Rolls Royce dealership and pay cash, or follow the bosshog route of serial banger ownership.

Treading the middle road of mortgages, car loans etc is easier (and cheaper) with a strong credit rating. There are also protections associated with credit card purchase that can be well worth having.
 

Kirkz

LE
Book Reviewer
You can certainly live without a credit rating, as long as you are either rolling in money or have very simple tastes and budgets, eg (exaggerated for effect):

You will move into the family pile, or will be living in council accommodation.

You can walk into the Rolls Royce dealership and pay cash, or follow the bosshog route of serial banger ownership.

Treading the middle road of mortgages, car loans etc is easier (and cheaper) with a strong credit rating. There are also protections associated with credit card purchase that can be well worth having.
I have a credit card but only ever use it for large purchases and booking foreign holidays and always pay it off in full when the bill comes in, purely for that protection.
 
I have a credit card but only ever use it for large purchases and booking foreign holidays and always pay it off in full when the bill comes in, purely for that protection.
I do something similar .... and cleared every month .
 
Unless you're a company director who can claim it "on the business", mobile phone contracts are for the, er, dumb, or those who want what is effect a loan to buy a stupidly expensive handset.

Buy your own phone. 10 squid a month gets me unlimited calls and texts and I think 10GB of mobile data.

ETA: work issued me an iPhone 12. I haven't even opened the box. I don't need it.
 

endure

GCM
Unless you're a company director who can claim it "on the business", mobile phone contracts are for the, er, dumb, or those who want what is effect a loan to buy a stupidly expensive handset.

Buy your own phone. 10 squid a month gets me unlimited calls and texts and I think 10GB of mobile data.

ETA: work issued me an iPhone 12. I haven't even opened the box. I don't need it.
You can buy your own phone and still have a SIM only contract which is usually cheaper, and occasionally has other benefits, than a PAYG sim.
 

New Posts

Latest Threads

Top