|   FM Home  |   FM Forum  |   FM News  |   FM Blog  |  

Go Back   Finance & Money Forums > Finance > Loans



Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Loans Discussions about loans and lending practices.

Reply
 
Thread Tools
  #1 (permalink)  
Old 09-18-2007, 02:00 PM
Finance News's Avatar
Senior Member
 
Join Date: Sep 2007
Posts: 2,761
Post No credit history could be a setback

Research from Experian, the global information solutions company, has shown that a consumer without credit history may encounter difficulties due to the fact that lenders have nothing on which to base their decision. Experian commented that the amount of people opting not to register on the electoral roll is also an obstruction - this is the [...]

More: No credit history could be a setback
Reply With Quote
  #2 (permalink)  
Old 06-01-2009, 09:39 PM
OilTrader OilTrader is offline
Finance Market forums
 
Join Date: Jun 2009
Posts: 23
Default Re: No credit history could be a setback

no credit history is pretty much is like bad credit history. So i suggest you get a few credit cards (with high APR) but always repay straight away whatever you spend, and in one year you will have far better choice.
Reply With Quote
  #3 (permalink)  
Old 08-13-2009, 10:42 AM
Portman Asset Finance Portman Asset Finance is offline
Junior Member
 
Join Date: Aug 2009
Posts: 4
Default Re: No credit history could be a setback

Great advice! credit cards are the simplest and quickest route to building a credit history/profile.

Just make sure you're not late on any payment!
Reply With Quote
  #4 (permalink)  
Old 08-18-2009, 11:58 AM
brian's Avatar
Administrator
 
Join Date: Mar 2006
Posts: 781
Default Re: No credit history could be a setback

Indeed, when I needed to build up a credit history, I got a credit card to help with that - but do remember to ensure they are paid off every month via Direct Debit.

Paying for retail goods via a credit card also comes with extra consumer protections.

Just don't fall into the trap of treating the credit card as credit you don't have, but instead to debit money you can afford to spend.

2c.
Reply With Quote
  #5 (permalink)  
Old 10-07-2009, 11:50 PM
Ryan6 Ryan6 is offline
Junior Member
 
Join Date: Oct 2009
Location: Cheshire, England
Posts: 15
Default Re: No credit history could be a setback

You need to have shown some kind of trust at some point down the line. The electoral roll is certainly important and I think a fair amount of people even forget to contact their local council and get listed, which can really go against them.
Reply With Quote
  #6 (permalink)  
Old 12-05-2009, 07:42 PM
WBD2009 WBD2009 is offline
Member
 
Join Date: Nov 2009
Location: UK
Posts: 61
Default Re: No credit history could be a setback

No credit history is definitely a drawback. There is no question about it.

Not every credit card helps build a profile though. In the UK there are a number of cards that actively promote themselves as helping build a credit rating. Each of them does have a high APR though, Capital One Classic is one such card and so is the Vanquis Bank Credit Card but Vanquis has the highest APR of any credit card on the UK and they are part of the Provident Group so in my view morally questionable.
Reply With Quote
  #7 (permalink)  
Old 12-21-2009, 10:01 AM
FactoringInvoices FactoringInvoices is offline
Finance Market forums
 
Join Date: Dec 2009
Posts: 15
Default Re: No credit history could be a setback

The HSBC credit card has been good for me in terms of credit and interest rates.

Paying direct debit bills to phone companies and other service providers can also help you in gaining credit.
Reply With Quote
  #8 (permalink)  
Old 01-02-2010, 08:17 AM
Jitendrasnv Jitendrasnv is offline
Finance Market forums
 
Join Date: Jan 2010
Posts: 5
Default Re: No credit history could be a setback

Quote:
Originally Posted by WBD2009 View Post
No credit history is definitely a drawback. There is no question about it.

Not every credit card helps build a profile though. In the UK there are a number of cards that actively promote themselves as helping build a credit rating. Each of them does have a high APR though, Capital One Classic is one such card and so is the Vanquis Bank Credit Card but Vanquis has the highest APR of any credit card on the UK and they are part of the Provident Group so in my view morally questionable.
I am agree with this fact that No credit history is definitely a drawback.

Its because if u want to make profit the credit card is not only a option so one should be aware of the new market trend and other features provided by the various banks.
Reply With Quote
  #9 (permalink)  
Old 01-04-2010, 03:01 AM
Debby_em Debby_em is offline
Junior Member
 
Join Date: Jan 2010
Posts: 1
Default Re: No credit history could be a setback

it is very true that having no credit history can be a draw back . But I went the route of trying to get credit cards also ,but the down fall to that is if you dont have credit you end up having a really bad interest rate, and I know I got to the point of realizing that paying that much interest was not worth it, and I waited until I needed a car and then bought one on credit. THe interest rate was not nearly what the credit card was ...and it gave me a few years to pay it off and did help in starting credit
Reply With Quote
  #10 (permalink)  
Old 01-07-2010, 09:13 AM
Eve Amelie Eve Amelie is offline
Junior Member
 
Join Date: Jan 2010
Posts: 4
Default Re: No credit history could be a setback

If you have No credit history in this case you eligible for payday loans. because for payday loans no credit required.
Reply With Quote
  #11 (permalink)  
Old 01-09-2010, 04:42 PM
brian's Avatar
Administrator
 
Join Date: Mar 2006
Posts: 781
Default Re: No credit history could be a setback

Payday loans are just evil, though.
Reply With Quote
  #12 (permalink)  
Old 02-13-2010, 06:44 PM
newlookloans newlookloans is offline
Junior Member
 
Join Date: Feb 2010
Posts: 5
Default Re: No credit history could be a setback

No credit history is a huge setback in today's climate. Prior to the recession it was possible for people who had no credit history but had a good overall profile to obtain prime finance rates. This has become more difficult of late due to the lending institutions being forced into more responsible lending.
Registering on the electoral roll is always a good place to start. Getting a contract mobile phone, Capital One Classis or Vanquis card and maybe a store card may also be helpful.
Reply With Quote
Reply

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Avoiding UK Credit Card Fees Some Tips SavingsFriend Credit Cards 0 08-09-2007 02:12 AM


All times are GMT +1. The time now is 12:33 PM.


Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2010, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.1.0

© 2005-2009 Finance Markets. All rights reserved  |  About  |  Disclaimer  |  Resources  |  XML Feed  |  Contact us