What have you just bought?
Today, 15:37
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#7816
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Dr Pepper Addict
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Re: What have you just bought?
Quote:
Originally Posted by papa smurf
does anyone have a savings account anymore
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Yes.
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 Baby, I was born this way.
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Today, 16:04
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#7817
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CF Resident Dog
Join Date: Mar 2005
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Re: What have you just bought?
Quote:
Originally Posted by Dingbat
Good tip.
Nationwide tells me mine is 604, which is negatively impacted by having no mortgage, credit card, or unsecured loans in my name. So it seems that the better you manage your finances, the worse your score becomes?
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I have no mortgage, loans or debt, so my high score with TransUnion will be because I put everything on credit card and pay it off in full when the monthly statement comes.
---------- Post added at 17:04 ---------- Previous post was at 17:02 ----------
Quote:
Originally Posted by papa smurf
does anyone have a savings account anymore
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Why wouldn't someone have a savings account?
I've got an instant access savings account and a fixed rate ISA, my current account doesn't pay any interest but after 38 years I can't be arsed to move it.
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Today, 16:17
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#7818
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vox populi vox dei
Join Date: Mar 2007
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Re: What have you just bought?
Quote:
Originally Posted by SnoopZ
I have no mortgage, loans or debt, so my high score with TransUnion will be because I put everything on credit card and pay it off in full when the monthly statement comes.
---------- Post added at 17:04 ---------- Previous post was at 17:02 ----------
Why wouldn't someone have a savings account?
I've got an instant access savings account and a fixed rate ISA, my current account doesn't pay any interest but after 38 years I can't be arsed to move it.
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i ask because people seem obsessed with credit,which is totally opposite to the way i purchase things
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Today, 16:27
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#7819
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laeva recumbens anguis
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Re: What have you just bought?
credit score, not credit
A good credit score makes it easier to get interest free credit, which means the money stays in your bank account longer, rather than giving it all up front to pay for something.
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Today, 17:18
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#7820
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vox populi vox dei
Join Date: Mar 2007
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Re: What have you just bought?
Quote:
Originally Posted by Hugh
credit score, not credit
A good credit score makes it easier to get interest free credit, which means the money stays in your bank account longer, rather than giving it all up front to pay for something.
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what's wrong with paying in full on the day of purchase, bank interest rates are pants, i like things done and dusted on the day of purchase.
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To be or not to be, woke is the question Whether 'tis nobler in the mind to suffer. The slings and arrows of outrageous wokedome, Or to take arms against a sea of wokies. And by opposing end them.
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Today, 17:24
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#7821
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laeva recumbens anguis
Cable Forum Mod
Join Date: Jun 2006
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Re: What have you just bought?
Quote:
Originally Posted by papa smurf
what's wrong with paying in full on the day of purchase, bank interest rates are pants, i like things done and dusted on the day of purchase.
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If that works for you, go for it…
We’re going to buy a couple of Parker Knoll recliner sofas next year - we can either pay £6-7k up front, or get interest-free credit over three years and keep the money in our ISAs earning 4.7%…
Also, if you are younger and going for a mortgage, a good credit score will mean you have a wider choice of mortgages at a lower rate.
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Last edited by Hugh; Today at 17:31.
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Today, 17:26
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#7822
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Just a Geek
Join Date: Jul 2015
Posts: 5,110
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Re: What have you just bought?
Quote:
Originally Posted by papa smurf
what's wrong with paying in full on the day of purchase, bank interest rates are pants, i like things done and dusted on the day of purchase.
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Nothing but I like to have available credit in case of emergency and in the case of credit cards you need to use them at least occasionally or they will get cancelled. So buying on a card and then paying it off solves that and improves your credit score while it is happening
Bare in mind I am poor with little savings so emergency credit can be a life saver at times
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Today, 17:42
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#7823
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laeva recumbens anguis
Cable Forum Mod
Join Date: Jun 2006
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Re: What have you just bought?
Quote:
Originally Posted by Dingbat
Good tip.
Nationwide tells me mine is 604, which is negatively impacted by having no mortgage, credit card, or unsecured loans in my name. So it seems that the better you manage your finances, the worse your score becomes?
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Just had a look at Experian, and here’s how they break it down…
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Today, 18:47
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#7824
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Dr Pepper Addict
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Re: What have you just bought?
Quote:
Originally Posted by papa smurf
what's wrong with paying in full on the day of purchase
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Your choice, but I'd rather keep the money in my account(s) for much longer.
I get reasonable interest on the bank a/c, but better from the savings.
I can transfer from one to the other (either way) online, within an hour.
(Not instant because they are not the same provider).
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