Al ears
Well-known member
I went to the bank today they said my digital signature is the one on my debit card Why did they not tell me that in the first place . It appears ( as i thought) Barclays has an arrangement with them through Barclays loan company
richwhite08
Well-known member
Did you sign that with pen or did they send you a card with your signature already applied to it? If the former, it’s not a digital signature. If the latter, I’ve never heard of this being done.
Gray
Well-known member
no i do not have a current passport nor has my wife she never been abroad and the last time i went was 11 years ago and no intention of going again ever.. People with a credit card are often cannot live by normal? means ie they have to have one. and then get into debt , because of it. My neighbour next door had a £9000 debt and drives a 2010 Mercedes she had 3 years or so . Yet they rather give credit to her than me . And she does not own a house and pays rent Now the Government is calling time on these people ,such as her , but it hits me why??? By the way we my wife and i not had a holiday anywhere not even a weekend since 2005 ( main reason we always have had cats and do not trust anyone to look after them) Not the ,money . . So just have to wait for my 10% pay rise OAP . I wonder if my other pensions will be going up the same amount? Civil service and RBS ??
richwhite08
Well-known member
That's entirely down to the person. My credit cards give me a combined limit somewhere around £30,000-£40,000. My current balance is £1,600 after going audio equipment shopping on the weekend. This is convenient for me, gives me protections, earns me points, but more importantly for my credit score this is an awesome debt ratio - it proves to lenders that I'm sensible and safe with money, because I'm borrowing a small fraction of what I'm able to spend. If I'd spent £25,000 of that, my score would be much lower and I'd be seen as a riskier bet.
Bottom line is credit cards are useful tools. When they're first issued they usually have very low borrowing limits, precisely to stop people getting into huge debt. I think mine started at £400. You can also request a lower limit or refuse an increase. For young people trying to establish a credit score, the best thing they can do is get a credit card with a low limit and just put things they're already buying on it - like their petrol, or groceries.
Owning a house is largely irrelevant - if she's paying rent on time and not missing payments, no defaulted loans etc, she's proving herself as a low risk borrower. And in fact, owning a house can push people into debt because of the expenses of maintenance - if her boiler explodes, she calls her landlord for repairs. If she owned the house, she'd have to find the necessary money to replace it.
With all due respect, you seem to be looking at this very personally. Banks and lenders have to take broad-brush views on how they categorise risk - they can't verify that you've not taken a holiday because of your cats. Simply put, they'll look at a person's income, expenses, and history of making timely payments. Now, the level of income can also be irrelevant - if you earn £500,000 a year and have expenses of £600,000 a year with multiple missed payments on your credit card, you're probably getting denied.
But, of course, the lower the income the harder the persuasion. With little to no paper evidence of your ability to repay a finance agreement, I'm struggling to understand why you feel so attacked by it. At the end of the day, lenders are a business. It's exactly why payday loans and first credit cards have much higher interest rates - the risk of those borrowers defaulting is much higher, so the lenders apply higher interest to try and earn money even if the borrower defaults. Sure, it's somewhat counterintuitive to charge more money of the people least able to pay it, but that's the reason. So if a bank thinks you won't or can't repay, they'll be more likely to say no.
Gray
Well-known member
I've never checked my credit score, but would imagine it's as low as the figure goes.
I do know that I have multiple offers to apply for credit cards from different banks.
Pretty sure they say 'no checks necessary' which is a bit of a surprise.
Indeed, I applied for and got an Amazon credit card.
The point is, I've never had any form of credit before...and I have zero income -and I'm pretty sure I told them that.
I haven't used the credit card - but I can see why people do (if they always pay off in full).
Why have I got a c/c? Amazon gave £20 off my headphone amp for applying...and it was easy enough to apply, I thought, why not?
Not sure I'm the sort of customer they would have preferred.
(Actually, I am sure I'm the sort of customer nobody wants 😆).
Friesiansam
Well-known member
I have not had a credit card for at least 15 years, I have not had a loan for around as long and, my finances have been chaotic in the past, due in part to my mental health problems. But for a long time now, all my bills are paid on time and I am never overdrawn. With Experian, my credit score is 984 out of 999...
Just think it is unfair then again nothing i can do about it is there? Maybe i will have the last laugh in the end as i am not one of those with a very worrying bill on there credit card and then they could be out of work tomorrow ( something that cannot happen to me as have a fixed income every month (irrelevant section deleted). To things that "might" happen in the future , So do you really have to have that £2000 loan for that "whatever " . Think APR is around 33% now on credit cards. But the best thing i have ever done was to get rid of that heavy chain over my neck "the Car"
Last edited by a moderator:
richwhite08
Well-known member
Having a credit card is not a sentence to being in debt.
They are a tool. Used correctly, they give peace of mind and a healthy credit score. Used incorrectly, they'll put you into horrendous debt.
A lawnmower used correctly can contribute to having a nice lawn. Used incorrectly it can cut your fingers off.
Last edited by a moderator:
GSV Ethics Gradient
Moderator
The COVID comments were irrelevant, as were those aimed at China. You've been asked before, so please stop.
bigboss
Moderator
I have on direct debit for full payment of my credit card bills every month. I have a few cards and have never paid a penny in interest in my 21 years of owning them. Most of my transactions / payments are by credit card as it gives me additional security. For example, we had booked a holiday with my brother-in-law's family to go to Tenerife in November 2017. Just few days before our trip, Monarch airlines went into administration. I had paid for 4 tickets via credit card and got all my money back instantly. My brother-in-law however had booked 5 tickets via debit card and lost all the money.
nopiano
Well-known member
A perfect example of how to use cards well. Exactly my experience too.
quite happy myself as i get free Internet on my plasma tv ( non internet tv) have also netflixso happy with them . and quite cheap
Similar threads
Facebook
Twitter
Instagram