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SarahBell

Place With Fewest Shops Is Where People Manage Their Money Best

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http://www.bbc.co.uk/news/business-34527524

Ok so I've altered the headline a little.

Amongst its many attractions, Orkney can list fascinating archaeology, spectacular wildlife and lyrical landscapes.
But now the islands have another, rather more unexpected, claim to fame.
The people who live there are the best at managing their money of anyone in Britain.
That is according to new data which shows that the inhabitants of the Orkney Islands have, on average, the highest credit score in the country.
They are savers rather than borrowers.
If they have to ask for money, they are likely to pay it back promptly, and in full.
In second place are the people of the Shetland Islands, a hundred miles further north.

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I thought you needed to be a debtor to get a good credit score. It's ten years since I paid off my mortgage and had any sort of debt, probably makes me a risk in the la la world of Experian.

Edited by crashmonitor

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http://www.bbc.co.uk/news/business-34527524

Ok so I've altered the headline a little.

Amongst its many attractions, Orkney can list fascinating archaeology, spectacular wildlife and lyrical landscapes.

But now the islands have another, rather more unexpected, claim to fame.

The people who live there are the best at managing their money of anyone in Britain.

That is according to new data which shows that the inhabitants of the Orkney Islands have, on average, the highest credit score in the country.

They are savers rather than borrowers.

If they have to ask for money, they are likely to pay it back promptly, and in full.

In second place are the people of the Shetland Islands, a hundred miles further north.

Opting out of consumerism - one of the best decisions of my life thus far. Don't want to spread the message around to far though as I need the rest of world to keep consuming to the max so that I can FIRE quickly.

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I thought you needed to be a debtor to get a good credit score. It's ten years since I paid off my mortgage and had any sort of debt, probably makes me a risk in the la la world of Experian.

You can get a free experian report about yourself to see how they rate you - might be an interesting exercise

Do you not use a credit card (paid in full every statement of course) for the benefits is carries over and above access to credit? I would think that makes sense to do for most people.

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You can get a free experian report about yourself to see how they rate you - might be an interesting exercise

Do you not use a credit card (paid in full every statement of course) for the benefits is carries over and above access to credit? I would think that makes sense to do for most people.

Nope I don't have a credit card, just a debit. No doubt I would have some kind of score based on mobile phone and utility contracts. I don't know how these scores exactly work, but I would imagine the top ratings are reserved for borrowers and not folk with savings.

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I thought you needed to be a debtor to get a good credit score. It's ten years since I paid off my mortgage and had any sort of debt, probably makes me a risk in the la la world of Experian.

My plan is not to ever require my credit score. Tempted to check now though as it might be a good joke. Wonder what the score would be for a dirty renter so no mortgage, no personal loans, no mobile phone contract, no credit card debt, do have a single credit card which is direct debited fully monthly (I do it for the bit of interest and cash back) and £828k of wealth accrued in 8 years?

Edited by wish I could afford one

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IMO it is worth the £4 it costs to check the 2 main agencies every couple of years

You never know what incorrect data they may have associated with your name or address otherwise

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I'm in the same boat. No debts, no credit cards just debit and what's more I live in a small town with limited shops yet I rarely need to go elsewhere for purchases. (I don't use the internet for shopping either). I must be the worst consumerist ever :D

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Opting out of consumerism - one of the best decisions of my life thus far. Don't want to spread the message around to far though as I need the rest of world to keep consuming to the max so that I can FIRE quickly.

Agreed. In terms of consumer goods I buy almost everything second hand and sell it on when I've finished with it. Often I make a profit, or break even on things I've had enjoyment out of.

All the things we had for our children (apart from a few sentimental pieces) have been sold on as they've outgrown them and the money reinvested into things they need now. I doubt we've spent more than a few hundred on new things for 2 children. And that was all for our first child when we weren't really aware of the massive amounts of nearly new sales (every weekend) that happen around us for baby things. I reckon I could fully fit out a house (beds, sofas, tv, table, chairs, crockery, cutlery, white goods) for well under £1000 over a week just via local sales and gumtree.

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Well I've just sent two quid off to Experian for the fun of it, four days I will get the result.

Even cheaper option is to register on Quidco and get cashback for signing up to Experian and Equifax. Cancel over the phone during first month trial and you have earned £10 or so! Yes, they will try to keep your subscription when you call them but it was free so can't complain.

Checked this recently and surprised to find my credit rating is high at both places. Could get a mortgage but I wouldn't because I don't see anything around here (South East) as good value for money.

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Wonder what the score would be for a dirty renter so no mortgage, no personal loans, no mobile phone contract, no credit card debt, do have a single credit card which is direct debited fully monthly

I'm in exactly the same position and was told when opening a bank account a few years back that I had a "perfect" credit score. The chap seemed a bit bemused, like he'd never seen one of those before.

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Unless I am mistaken - you can get a basic credit score from both for nothing. It's well hidden on their website though.

Think it's some legal requirement - well it was a few years ago.

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Unless I am mistaken - you can get a basic credit score from both for nothing. It's well hidden on their website though.

Think it's some legal requirement - well it was a few years ago.

Think that is correct, if all else fails though you can create an account with Noddle for free & check your rating via them - less of a hassle than other methods for my money.

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Agreed. In terms of consumer goods I buy almost everything second hand and sell it on when I've finished with it. Often I make a profit, or break even on things I've had enjoyment out of.

All the things we had for our children (apart from a few sentimental pieces) have been sold on as they've outgrown them and the money reinvested into things they need now. I doubt we've spent more than a few hundred on new things for 2 children. And that was all for our first child when we weren't really aware of the massive amounts of nearly new sales (every weekend) that happen around us for baby things. I reckon I could fully fit out a house (beds, sofas, tv, table, chairs, crockery, cutlery, white goods) for well under £1000 over a week just via local sales and gumtree.

Daughter and son in law recently got a fantastic sofa - very comfortable, nice looking and long enough to stretch out on - for £55 from their local hospice charity shop. And this was in expensive Oxford.

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Daughter and son in law recently got a fantastic sofa - very comfortable, nice looking and long enough to stretch out on - for £55 from their local hospice charity shop. And this was in expensive Oxford.

I'm typing, lording it up on my £5,000 (rrp) designer leather sofa. Bought for £50 from Ebay. I turned up at a large house, where they couldn't wait to offload it as it was in the way in one of their downstairs rooms. I echo that opting out of consumerism is the best thing I've ever done too. When I do have to buy something, I'm buying high end stuff at a fraction of the price. I'm always minesweeping my possessions and anything that I don't need gets sold (that includes the car next year - thank you to the poster who's name escapes me that told me to cycle to work, best thing I've ever done for so many reasons). All you have to do is distinguish between "wants" and "needs", shop 2nd hand, and that's the difference between retiring early or working for the man.

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Well I've just sent two quid off to Experian for the fun of it, four days I will get the result.

Pay as you go.......the fewer the direct debits the better, unless it saves you money such as energy bills and credit card pay in full every month.

There should be an austerity lesson at school....how to spend less to get more and avoid consumerist spending to impress people who do not impress you. ;)

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Pay as you go.......the fewer the direct debits the better, unless it saves you money such as energy bills and credit card pay in full every month.

There should be an austerity lesson at school....how to spend less to get more and avoid consumerist spending to impress people who do not impress you. ;)

Well the Experian report was a bit of a disappointment really. The two quid confirmed that the details they have are correct, but with no debt and nothing exciting ever happening like court judgements it is a bit of a blank. Just shows I have a mobile contract and a bank account that always stays in credit. Very boring, don't even get anything as exciting as a score for your two quid.

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Well the Experian report was a bit of a disappointment really. The two quid confirmed that the details they have are correct, but with no debt and nothing exciting ever happening like court judgements it is a bit of a blank. Just shows I have a mobile contract and a bank account that always stays in credit. Very boring, don't even get anything as exciting as a score for your two quid.

Not very HPC but I actually recommend paying a one off £20 to checkmyfile get your full report pulled from each agency, all beautifully presented with scores etc. I do this every couple of years for myself and my wife when I am coming up for remortgage. This has highlighted some small glitches that required cleaning up. Interestingly the last two times I have done this it also highlighted my wife had been running up (modest) debts that I wasn't aware of. Stern conversations were had I tell thee. Edited by GARCH

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A lot of online sales to the Highlands and Islands.

Probably more to do with keeping up with the Joneses culture than the absence of shops.

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That is according to new data which shows that the inhabitants of the Orkney Islands have, on average, the highest credit score in the country.

They are savers rather than borrowers.

This is a bit of a misconception, to get a good credit score you have to borrow. They're not good at managing money, they're good at managing credit.

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I thought you needed to be a debtor to get a good credit score. It's ten years since I paid off my mortgage and had any sort of debt, probably makes me a risk in the la la world of Experian.

They count every conceivable type of debt - credit card debt even if paid off in full every month, money owed on a phone bill until paid, utility bills, council tax etc - so, assuming you're not living in ditch somewhere and paying in cash only, you likely have a good credit rating.

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