Debt pronWatching TV the other day we caught one of these "Bank of Mummy or the Wife" type shows and we thought, "This is Debt Pron." I.e. peoples financial problems exploited for the voyeuristic pleasure of others. Then we thought, "We bet lots of people on B3ta have massive financial problems. Let's exploit them." So, confess them all. Dodgy credit cards, lending money to some bloke in the pub, visits from the bailiffs, using one card to pay off another. We want to wallow in your fiscal pain. So, what is your biggest money fuck up?
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rob, Thu 23 Nov 2006, 19:50)
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Debt is a game of silly buggers@ emvee:
I work for one of the biggest credit referencing agencies in the country and ur way of "building" a credit record up - altho gud in theory - doesnt work.
Credit scoring works like this: to get credit you have to be in debt.. ironically. DONT use store cards - go straight to your own bank and get a credit card. Use it as you would a bank card but NEVER spend more than 30% of your available credit. Pay on time, theres no point in paying early it doesnt really help. make sure u also never miss a mobile phone bill & if you have a overdraft DONT use it.
everytime you apply for credit you have a 'footprint' on your account - the more applcations for credit - the worse your record becomes; because it looks like your desperate for money. these drop off after 12 months so if you're having dificulty getting credit at the moment, wait for 12 months then try again, chances are that you will get what you need - which is lots of interest free dosh!
Also, ignore any store card offer, even if you save 10% on what ever you are buying because even if you just use it the once and then pay it off it stays on your record for 6 YEARS.
Hope thats cleared a bit up... FYI i know all this because i used 2 be in SERIOUS debt trouble but i have managed to pull myself around and even now i still have a 'poor' credit rating hehe
(, Sat 25 Nov 2006, 17:05, Reply)
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