Credit Card

midlifecrisis

Member
Messages
16,102
I can't see the point of those credit history check scores and people worrying about what their score is. Experian are trying to scaremonger people into thinking that you must have a good one and you must pay to massage it up.

Says a man with an Amex and Visa with a huge credit limit...both are cash back. Unless you actually fly regularly or buy in a particular shop I would only recommend cashback cards.
 

hoyin

Member
Messages
1,842
Borrowing at 0% and investing the money.

Yup.

Been doing it since I could get a credit card.

As long as you keep track of it and obviously have the money to pay it all back. I wouldn’t be leveraging and not having the money to pay it all back.

But it is useful and I can use the money in other ventures. I could use my stoozed money to buy a Strad. But then I wouldn’t be investing!


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hoyin

Member
Messages
1,842
I can't see the point of those credit history check scores and people worrying about what their score is. Experian are trying to scaremonger people into thinking that you must have a good one and you must pay to massage it up.

Says a man with an Amex and Visa with a huge credit limit...both are cash back. Unless you actually fly regularly or buy in a particular shop I would only recommend cashback cards.

It is useful though to look through it all. As a simple mistake could mean you are denied some credit.

So it is important you look it up for free and

1. Cancel all cards you don’t use anymore
2. Make sure all your details are correct

Incorrect info can sometimes mean you are rejected.

Also too many checks in a row can also be problematic. Even soft checks I.e. when opening new bank accounts. Don’t do this if you are about to apply for a mortgage etc. As it can be detrimental.


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TridentTested

Member
Messages
1,819
t is useful though to look through it all. As a simple mistake could mean you are denied some cred

Someone I know lost a property deal this way. He was buying a place to do a quick extension and flip but despite agreeing the price with the vendor he was refused a loan at the last minute because it turned out some previous tenant, from years ago when he had let out his home, had used that address for some unpaid credit card accounts.

He got this cleared up and removed from the address' records but not before he lost his property deal. Someone else grabbed it and turned a £550k purchase into a £1m sale after putting £100k's worth of extension and refurb on it. You can imagine what my mate said he would do to his previous tenants if ever he found them.