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interestrateripoff

Is there really easy credit, only for those without savings?

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I've just tried getting another credit card, mainly for the direct debit element to cover the conditions on a current account.  So ultimately it would just be for a small spend and cleared each month from the account.  However I can't get another card despite having savings in the bank which would easily cover max spending for several months!  It appears that I'm a credit risk despite never having missed a payment, no mortgage and having savings which could cover max credit card spending for months it appears that I'm too much of a risk! 

If only I was a banker then I'd get free money thrown at me without a problem.

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Not a problem for me several credit cards (some applied for post Christmas) and current accounts with overdrafts. I use them for their free perks and cash back. No mortgage yet and only a small amount of student loan outstanding. Seems credit is pretty easy still.

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1 hour ago, interestrateripoff said:

I've just tried getting another credit card, mainly for the direct debit element to cover the conditions on a current account.  So ultimately it would just be for a small spend and cleared each month from the account.  However I can't get another card despite having savings in the bank which would easily cover max spending for several months!  It appears that I'm a credit risk despite never having missed a payment, no mortgage and having savings which could cover max credit card spending for months it appears that I'm too much of a risk! 

If only I was a banker then I'd get free money thrown at me without a problem.

Which current account, out of interest.

Seems to me like your viewing credit scoring in the wrong way. You're not a risk because you can't pay the credit card back - the opposite is true. The bank is very unlikely to get any money out of you because you have so many funds to hand and are prudent. Similarly, I got turned down for a Santander 123 Credit Card, despite having £20k in a 123 account at the time.

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Credit is easy to get, but its the type of credit that you're applying for which determines how much risk/profit they will make out of you.

A 50%odd APR, low limit card, you can most likely get with even bankruptcies on your credit file. An Amex Platinum charge card and you will need a much higher credit score.

To increase your acceptance, close down any dormant cards/accounts you have on your file. Make sure all bills/direct debits are paid without any reminders, and use any credit card for everyday spending and make sure you clear it every month.

Look at your credit score and report on Noddle (completely free) to get an idea. Credit crards are not a bad thing if used properly.

My credit card spend provides airmiles/points for all our flights/hotels that we use or can get cash back if you prefer.

My only one bug bear is with Lloyds as they refused me a student account 20 years ago. I cannot get a credit card with them ever since despite being having a top credit score.

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1 hour ago, rantnrave said:

Which current account, out of interest.

Seems to me like your viewing credit scoring in the wrong way. You're not a risk because you can't pay the credit card back - the opposite is true. The bank is very unlikely to get any money out of you because you have so many funds to hand and are prudent. Similarly, I got turned down for a Santander 123 Credit Card, despite having £20k in a 123 account at the time.

Dead right. Pay it off every month, never run up any interest, use the freebies - you cost them money, not vice versa. So not wanted...

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1 hour ago, rantnrave said:

Which current account, out of interest.

Seems to me like your viewing credit scoring in the wrong way. You're not a risk because you can't pay the credit card back - the opposite is true. The bank is very unlikely to get any money out of you because you have so many funds to hand and are prudent. Similarly, I got turned down for a Santander 123 Credit Card, despite having £20k in a 123 account at the time.

Llodys. The banks are busy taking our tax payer money. Its only right the prudent sjim them back a little in return.

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2 hours ago, rantnrave said:

Which current account, out of interest.

Seems to me like your viewing credit scoring in the wrong way. You're not a risk because you can't pay the credit card back - the opposite is true. The bank is very unlikely to get any money out of you because you have so many funds to hand and are prudent. Similarly, I got turned down for a Santander 123 Credit Card, despite having £20k in a 123 account at the time.

This they are not going to make any money out of you ,you will just cost them money 

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