money saving, girlfriend, first home. Advice?
Discussion
ferrariF50lover said:
You know what's useful for credit score? Wonga.
Borrow £50 for one day and pay it back. Do this once a month for 9 months and watch your credit score rocket. It'll cost you £5/time.
Credit scores are bulls
t. A few years ago, I was earning a fat wedge and was in a job from which I couldn't be sacked (well, not quickly, at least). Problem was, I moved a lot, so I had a dozen or so addresses on my file all within about 18 months of each other (although sometimes it was as simple as leaving out one element of the name of my office, resulting in another "new" address). Accordingly, my score was in the toilet. I couldn't get a loan of £5 for lunch, let alone a credit card or anything else. It was only once I had the chance to apply for a savings account and actually speak to a human being that I was able to show them that my income was considerable and I wasn't the dole scum that my computerised history would seem to suggest.*
On another note, is she really the one you want to buy a house with? No reason to suspect she's not, just a question worth asking yourself, since I can imagine it gets overlooked.
Simon.
This is absolutely terrible advice! Borrow £50 for one day and pay it back. Do this once a month for 9 months and watch your credit score rocket. It'll cost you £5/time.
Credit scores are bulls
t. A few years ago, I was earning a fat wedge and was in a job from which I couldn't be sacked (well, not quickly, at least). Problem was, I moved a lot, so I had a dozen or so addresses on my file all within about 18 months of each other (although sometimes it was as simple as leaving out one element of the name of my office, resulting in another "new" address). Accordingly, my score was in the toilet. I couldn't get a loan of £5 for lunch, let alone a credit card or anything else. It was only once I had the chance to apply for a savings account and actually speak to a human being that I was able to show them that my income was considerable and I wasn't the dole scum that my computerised history would seem to suggest.*On another note, is she really the one you want to buy a house with? No reason to suspect she's not, just a question worth asking yourself, since I can imagine it gets overlooked.
Simon.
- yes, yes, considerably richer than yow etc.
I work in the credit industry, working with lenders to develop their scorecard and credit policy. Payday data is pretty much a straight decline in all but a minority of cases or will land you with a high %. Taking multiple PDLs would be fatal for your chances!
col2e said:
This is absolutely terrible advice!
I work in the credit industry, working with lenders to develop their scorecard and credit policy. Payday data is pretty much a straight decline in all but a minority of cases or will land you with a high %. Taking multiple PDLs would be fatal for your chances!
As someone else who works in the credit industry, I 100% agree with col2e. That previous advice is horrific. Using payday loans every month is going to be pretty horrific for you when it comes to applying for any sort of serious credit. You're unlikely to get a mortgage if you can't make it through a single month in the last year without use of a payday loan. And I don't expect they'll like the response 'but i only done it to inflate my credit score'I work in the credit industry, working with lenders to develop their scorecard and credit policy. Payday data is pretty much a straight decline in all but a minority of cases or will land you with a high %. Taking multiple PDLs would be fatal for your chances!
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