Credit Rating

[T Fearon]

Join your local Credit Union. Benefits as follows:

Not for profit
Owned by members, who have full say in running them
Loan Rates average at 1% per month on reducing balance, and interest rebate of about 30% on average of total interest paid each year, making avergae cost around 5% per annum.
No set up or any other fees.
All loans life assured at no additional cost
No penalty charge for early settlement
Loan repayments can be renegotiated if you run into diffs by mutual agreement, and you will get a sympathetic ear.

Also all monies saved up to age of 55 (to a maximum of £10,000) will attract an insurance legacy of double this amount for your next of kin. ie if you have saved £10,000 at 55, retain it in the CU, they will pay out £20,000 to your next of kin whenever you die.

All savings are insured if CU goes belly up as well, at no cost.

Most have total savings well in excess of their total loans so they are awash with cash which they are only too keen to lend to responsible borrowers.

All you need to do is to live in the area in which your CU is located.

Simple!

[the Deel Rover]

Join your local Credit Union. Benefits as follows:

Not for profit
Owned by members, who have full say in running them
Loan Rates average at 1% per month on reducing balance, and interest rebate of about 30% on average of total interest paid each year, making avergae cost around 5% per annum.No set up or any other fees.
All loans life assured at no additional cost
No penalty charge for early settlement
Loan repayments can be renegotiated if you run into diffs by mutual agreement, and you will get a sympathetic ear.

Also all monies saved up to age of 55 (to a maximum of £10,000) will attract an insurance legacy of double this amount for your next of kin. ie if you have saved £10,000 at 55, retain it in the CU, they will pay out £20,000 to your next of kin whenever you die.

All savings are insured if CU goes belly up as well, at no cost.

Most have total savings well in excess of their total loans so they are awash with cash which they are only too keen to lend to responsible borrowers.

All you need to do is to live in the area in which your CU is located.

Simple!

TF just wondering how you are getting a figure of 5% on the loan if thats the case i must join mine in the morning. Right 1% per month is 12% pa so your saying they give back 30% of interest paid so 30% of 12% is 3.6 so i'm making it a rate of 8.40pa or maybe i'm doing something wrong

[nifan]

Dont know if tonys figures are exact, but 1% is on reducing balance deel rover - so month 2 the 1% will be on the remaining balance, not the original i would guess

[doire na raithe]

I had bad credit history Uladh and checked it up. Apart from missing a few credit card payments which had slightly effected my rating, the biggest effect had come from Orange. Years ago I had a contract with them and got so pissed off with the huge bills (usually over £100 a month) which were generally due to the crap phone I had going into southern reception, I just stopped using it and paying them eventually after months of yapping at each other we came to an agreement about payment and ending the contract.

But low and behold about 4-5 years later it has had a huge effect on my credit rating. That particular part of the file was flagged as being basically the worst type of defaulting before you would go to court.

You should think of examples of things like this, shitty contracts you might have been in and not thought very much of years ago, for example sky tv/ntl im sure would be in the same boat.

[Uladh]

Never had a mobile and i wouldn't endanger my sky by not making payments!

I can honestly say i've never mucked anything up credit wise as i've taken very little on

[doire na raithe]

well your only option would seem to be to get one of those high interest cards that someone was talking about there. Capital one offer one for people who can't get a normal card. The interest is 39% though, but if you keep it under control and pay it off every month then it wont cost you anything. Use it for 4-5 months and then eventually you'll be able to get a proper credit card.

[The Watcher Pat]

You need a credit card to get the free rating from those sites....

You dont, i have never had a credit card and was able to get th free trial for a month. Another thing to bear in mind Uladh, the more you apply and are declined this will affect your credit rating adversely.

You dont need a credit card to get the free trial but you will still need a debit card...and you can't get one of them if you have a bad credit rating......Credit crunch at the minute..no one will take a chance on you if you have a bad or no credit rating.........

[ONeill]

Poor Uladh has a poor credit rating and is trying to find a way out of it.

Serious epidemic in Armagh.

[Tyrones own]

Is there such a thing as a cash secured Credit Card back there? thats how i got the ball
rolling when I first came here.

[wherefromreferee?]

You can get a months free trial with Experian:

http://www.creditexpert.co.uk/index.aspx

Curiosity got the better of me and I just checked my credit rating there now on that site.  Thought it was going to be a disaster, but turned out grand.  Very easy site to use and free! 

[screenexile]

I can't seem to get on to it... need a PIN or something but there's been no email sent to me. Do they post it out?

[wherefromreferee?]

I had the choice to use VISA or Maestro.

When I clicked Maestro, it said something about a P.I.N. would be posted out to me and I would have to log into the website again and enter it.  When I seen this, I changed my mind and went with VISA.  It didnt require a P.I.N. and could give you the results immediately.

It gives you a full breakdown.  The only thing missing is that if you want your actual score, you'll have to pay.  Dont think the score it necessary, the important information is in the breakdown.