Son is 21. Works for council on a permanent full time contract.
Wants a new car so has been looking into how much loans are.
Long story short, it would appear that by looking into all these loan deals, and putting his own details in to see what rates he would get, that he has hammered his credit rating.
Dad of course had told him not to get a credit card as he didn’t want to be running up debt. Apparently that has worked against him as well!!!
He has contacted Experia who haven’t been very helpful, just giving him a standard cut and paste reply.
Any thoughts on how we get this rectified if it’s possible to do so?
There is no point in me taking out a loan for him as it still won’t help his rating!
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At 21, living with parents, no loan or payments history, his credit rating is always going to be crap.
Why would Experion help? its not their job to massage the numbers, but merely report the known facts, there is nothing to rectify, he is a poor credit bet, by all the standards the industry use.
Last edited by: Zero on Tue 9 Apr 19 at 20:30
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Get a credit card, use it for everything, pay it off at the end of each month, apply for a loan in a year.
Though discouraging someone from having a credit card to avoid debt and then supporting a loan for an item that can only depreciate seems a bit back to front, to me.
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Make sure he is on electoral roll
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p.s.
"Get a credit card, use it for everything, pay it off at the end of each month"
In times gone past I have used this method in many, many countries. In the US it takes 6 months until you become acceptable, other places vary. From memory it was 12 months in the UK for my wife.
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.. and do you know that his credit rating has changed as a result of the goings-on or is it just bad now, and may always have been bad?
Iv'e been collecting pore-pay debit cards over the past year for no god reason other than they are good to use when travelling, and each new one always sounds better than the last one I've got I think I have 5 now. When we were in Portugal last month I suggested that SWMBO should get one, She said having too many affects your rating. Mine is still pretty good, according to Noddle. Hasn't changed much for a couple of years at least.
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>> pore-pay
Is that a typo or something that I don;t know about?
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>> >> pore-pay
>>
>> Is that a typo or something that I don;t know about?
>>
...helps sweat your assets.......
;-)
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I dont think having pre pay debit cards would directly affect your credit rating, it's more the effect of not having a credit card and paying borrowings back on time that will affect your rating.
If someone does not want a credit card because they fear they may run up debt then then it would not seem unreasonalbe for a finance company not to trust them with a loan.
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Pre-pay! Of course Doh - slaps forehead.
Last edited by: No FM2R on Wed 10 Apr 19 at 02:19
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Contract mobile also helps.
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>> Iv'e been collecting pore-pay debit cards over the past year for no god reason other
>> than they are good to use when travelling, and each new one always sounds better
>> than the last one I've got I think I have 5 now.
I have no idea at all why one would want one pre pay credit card, let alone 5.
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>> I have no idea at all why one would want one pre pay credit card,
>> let alone 5.
Some are quite good value with reasonable exchange rates for loading up and no rip off conversion fees when using abroad. Loss is limited to amount on card.
Mrs B has had a couple over the years in either Euro or Dollars and they've been quite flexible although they're not accepted at French Autoroute tolls.
She now has a second card on my Santander Zero account.
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Fraudulent loss is the responsibility of the card company anyway, and there are quite a few things you cant use them for.
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>> Fraudulent loss is the responsibility of the card company anyway, and there are quite a
>> few things you cant use them for.
Sure, I mentioned Autoroute tolls and I doubt they'd be accepted for a car hire deposit. But they're good for daily spends in shops, bars and restaurants. As mentioned above I have a Santander Zero card but that has limited availability in terms of when and to whom it's offered.
Other no foreign use commission cards are available but they're a faff to find. Can just walk into a bank or travel agent and pick up a pre-pay.
Good for kids as well.
Not everybody's solution but I don't understand why you're sniffy (or is it snobby??) about them.
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I keep one for use on iffy internet sites - I also use it to top up my PayPal Account. Seemed a good idea when I set it up. Top on line as necessary via my primary Banking App.
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>> I keep one for use on iffy internet sites - I also use it to
>> top up my PayPal Account. Seemed a good idea when I set it up. Top
>> on line as necessary via my primary Banking App.
>>
My paypal is connected to my primary credit card, fraudulent activity buck stops with them.
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>> Not everybody's solution but I don't understand why you're sniffy (or is it snobby??) about
>> them.
Not sinffy or snobby, but I dont see the value in them, certainly not enough to bother setting one up. And 5 of them?
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My primary reason for one was because they give really good exchange rates and no commission. Most places take them but not the car hire place for the car deposit (presume because they need to know the money is there if they call on it).
The decent exchange rates apply to all your spend but you can only get out €200 in cash from an ATM per calendar month so I got a second one in case I needed more than that. SWMBO and I just spent March in Portugal and managed to spend nearly €400 between us, but some of that could have gone on cards. (By and large they are not so geared up as we are with paying small amounts by card, and also most places don't have the convenience of wireless payments. And some restaurants and bars were cash only.)
Then as I said in the original post, I just ended up applying for more as they were issued, without really thinking about it, as they seemed to have better features. But they are leapfrogging each other in that respect.
Setting one up took less time than it's taken me to type this post. Literally. And I don't type that slowly.
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Bromp, Halifax Clarity card is good for paying in local currency. No transaction fee and a commercial exchange rate.
If the hotel/restaurant/shop ask if you want to pay in sterling, always decline. Your card will do the conversion for nothing, near as.
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>> p.s.
>>
>> "Get a credit card, use it for everything, pay it off at the end of
>> each month"
>>
>> In times gone past I have used this method in many, many countries. In the
>> US it takes 6 months until you become acceptable, other places vary. From memory it
>> was 12 months in the UK for my wife.
>>
Yep, and you don't even need to use it for everything. Just put a tank or two of fuel on it every month, put the money aside, and then clear it when the bill comes in. Your credit history file (the important bit - there's no such thing as a credit rating per-se outside of the credit reference agencies themselves) will show a pattern of regular transactions and payments over the period, which will be attractive to most lenders.
Your credit file is a factual document which shows what credit accounts you have, have had in the past, what any outstanding balances are, and whether the account is up to date, in arrears, or satisfied/closed. Each individual lender will use this information to score you based on their own criteria, and the criteria itself varies from lender to lender, and even from product to product. One company which sees you clear your credit card every month might see this as a good thing. Some credit card providers may take the view that they won't earn any money off you, so it could be a negative, for example.
If you have a long history of on-time payments across multiple accounts, with no defaults or arrears, you're generally in quite good shape when it comes to scoring.
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Credit rating advice - Zero
