GeoffCapes
Member
- Messages
- 14,000
If he got himself into a hole and lives on pot noodles to make his payments, his credit score means diddly squat!
THE GLOBAL FINANCIAL CRISIS......DID WE LEARN OUR LESSONS? HAS THERE BEEN CHANGES? WHAT DO YOU THINK?!
- Thread starter rockits
- Start date
If he got himself into a hole and lives on pot noodles to make his payments, his credit score means diddly squat!
CatmanV2
Member
- Messages
- 48,710
Not at all. It means exactly what it means. He's good at making credit payments. Credit scores (yet) don't determine affordability of new credit. Not the same thing at all
C
rockits
Member
- Messages
- 9,172
Indeed....I dare say my credit score isn't that high. Mainly down to not having much credit therefore not displaying a good history of repaying debt.
I thought having no debt in the first place, having all assets paid for except the mortgage, always paying bills on time and having some savings/investments was a good thing. Judging by my inability to easily get a mortgage or remortgage it seems not!
I thought having no debt in the first place, having all assets paid for except the mortgage, always paying bills on time and having some savings/investments was a good thing. Judging by my inability to easily get a mortgage or remortgage it seems not!
hoyin
Member
- Messages
- 1,842
Definitely not. The opposite.
Want you want to show is that you have credit and are using it. In fact the greater debit you have can improve your score as long as you are paying back on time.
I.e. quite a few credit cards with credit that you are using and paying back on time.
This is what gives you a better score.
If you go to moneysavingexpert you can sign up to the credit club and get free access to your Experian credit score.
Even a simple mistake can affect you getting a new credit card or bank account.
I.e. if you put down the wrong number of credit cards you have or other information that is stored on your credit rating file.
Even if the information on your scoring is wrong it is best to either try and get it changed or to match the info it displays.
Sent from my iPhone using Tapatalk
Want you want to show is that you have credit and are using it. In fact the greater debit you have can improve your score as long as you are paying back on time.
I.e. quite a few credit cards with credit that you are using and paying back on time.
This is what gives you a better score.
If you go to moneysavingexpert you can sign up to the credit club and get free access to your Experian credit score.
Even a simple mistake can affect you getting a new credit card or bank account.
I.e. if you put down the wrong number of credit cards you have or other information that is stored on your credit rating file.
Even if the information on your scoring is wrong it is best to either try and get it changed or to match the info it displays.
Sent from my iPhone using Tapatalk
GeoffCapes
Member
- Messages
- 14,000
I'm exactly the same.
After my divorce I got lumbered with a load of debt and having been stitched up by a former employer who didn't pay me for 2 months my credit rating went to the dogs.
So over the last 7 years, the only debt I have is a credit card (it might have got to £1500 once), which barely gets used each month.
I buy all my cars in cash.
So with money in the bank and no debt, my credit rating is 'Poor' according to Experian.
Yet the ficticious guy above who just about manages his debt and lives on pot noodles has an excellent credit rating.
I guess credit rating and affordability are two different things.
GeoffCapes
Member
- Messages
- 14,000
Oh I have credit cards and use them a lot all paid on time. Not sure how many I've got though! A few personal a few business
That's no good for your credit rating. You're supposed to rack up debt on them. Not pay them off!
CatmanV2
Member
- Messages
- 48,710
CatmanV2
Member
- Messages
- 48,710
CatmanV2
Member
- Messages
- 48,710
I can imagine! Keeps you off the streets and pays the bills
Until recently it was something I was only really tangentially involved. Since sort of October time and the new role it's something I've had to learn a little more than I like about
C
Wattie
Member
- Messages
- 8,640
Italy's 'perma-recession' could trigger a €2 trillion financial crisis that threatens the eurozone itself
Italy has entered a "perma-recession" and there is no obvious way out, analysts told Business Insider. European Union rules prevent the kind of government deficit spending that might grow the economy. At the same time, Italy's debt-to-GDP load has reached heights not seen since World War II. There is now a growing risk of a systemic financial crisis, these analysts told Business Insider. The scale of such a collapse would be magnitudes greater than the Greek debt crisis of 2015, and thus
Read in Business Insider: https://apple.news/Az_StA9FiSgGOVh34kS6Q1A
Italy has entered a "perma-recession" and there is no obvious way out, analysts told Business Insider. European Union rules prevent the kind of government deficit spending that might grow the economy. At the same time, Italy's debt-to-GDP load has reached heights not seen since World War II. There is now a growing risk of a systemic financial crisis, these analysts told Business Insider. The scale of such a collapse would be magnitudes greater than the Greek debt crisis of 2015, and thus
Read in Business Insider: https://apple.news/Az_StA9FiSgGOVh34kS6Q1A
GeoffCapes
Member
- Messages
- 14,000
Interesting piece. Basically Italy are in too much financial trouble to stay in the EU.
But are in too much debt to the EU to leave.
Something will have to give.
But are in too much debt to the EU to leave.
Something will have to give.
Phil H
Member
- Messages
- 4,146
Meanwhile, with the EU elections looming, Greece increases demands for Germany to pay billions of Euros in WW II reparations and there are rumblings in Poland for the same thing.
And I thought the EU was supposed to be a harmonious club!
PH
GeoffCapes
Member
- Messages
- 14,000
We might as well ask for a few quid then.
You have to go all the way back to the creation of the euro to understand this as the macro economic conditions that suit Germany/Netherlands and the like don't work in Italy. Italy historically hid poor fiscal management behind lax monetary policy and a depreciating lira. The euro doesn't allow this which is why it was always flawed for southern Europe. In fact the main beneficiary of it is Germany as it gives them a stable currency export market (most of the EU) for its manufactured goods. That is why they were desperate for the UK to join the euro and John Major was spot on to realise that this was the case and we should not join.
Wattie
Member
- Messages
- 8,640
Mmmmmmmnnnnn
www.zerohedge.com
Nearly 102 Million Americans Do Not Have A Job Right Now – Worse Than At Any Point During The Last Recession
If that sounds terrible to you, that is because it is terrible...
Im not close to how the US collect figures but this response looked logical. Much the same how the UK massage their employment figures. In short - the worse off will be worse off when the next recession happens.
Labor Force" as defined by the BLS does not include the following: people over 16 who live in institutions (for example, correctional facilities, long-term care hospitals, and nursing homes) and who are on active duty in the Armed Forces. So you have to eliminate all military, under 16s, and institutionalized individuals. That's about 1.3+65+(2.3+1.5) million, or about 70 million people. That leaves 30 million unaccounted from the number given above.
"Not in the Labor Force" also includes the following: retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work. There are over 50 million people over 65 in the US. While many work, I think they can easily make up the 30 million difference. That doesn't even include the over 15s that are in school.
So the statement that " If you would like to claim that we have had a very marginal “employment recovery” since the last recession, that is a legitimate argument to make. But anything beyond that is simply not being honest," is based on incomplete and poorly researched material. It's likely that things haven't changed significantly based on the numbers I've found, though asset bubbles, "fake" jobs like Solyndra, and a few other factors have caused things to skew a bit.
Labor Force" as defined by the BLS does not include the following: people over 16 who live in institutions (for example, correctional facilities, long-term care hospitals, and nursing homes) and who are on active duty in the Armed Forces. So you have to eliminate all military, under 16s, and institutionalized individuals. That's about 1.3+65+(2.3+1.5) million, or about 70 million people. That leaves 30 million unaccounted from the number given above.
"Not in the Labor Force" also includes the following: retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work. There are over 50 million people over 65 in the US. While many work, I think they can easily make up the 30 million difference. That doesn't even include the over 15s that are in school.
So the statement that " If you would like to claim that we have had a very marginal “employment recovery” since the last recession, that is a legitimate argument to make. But anything beyond that is simply not being honest," is based on incomplete and poorly researched material. It's likely that things haven't changed significantly based on the numbers I've found, though asset bubbles, "fake" jobs like Solyndra, and a few other factors have caused things to skew a bit.