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[ronnyd]

Keep seeing loads of adverts for these on the T/V. What the hell are they all about and what good do they do? Asked my kids (they are all in their 50s) and they weren,t really sure. Can any of you world wise buggers on here enlighten me. 

[STEMO]

Keep seeing loads of adverts for these on the T/V. What the hell are they all about and what good do they do? Asked my kids (they are all in their 50s) and they weren,t really sure. Can any of you world wise buggers on here enlighten me. 

I'll try to keep it simple:
Credit reference agencies hold all of your financial information. When you apply for a product, (mortgage, loan, credit card, etc) the lender accesses the information in your credit files to see if you are creditworthy, amongst other things.
To monetise this information, credit reference agencies have start inventing magical numbers. The higher your 'score' the better your chances. In fact, they'll even suggest which credit cards you might be eligible for....and take a backhander if you're application is successful.
Lenders cannot see this magic number, only you can. In other words, it has no bearing on any lenders decision. They are a con.

Hope that was short enough.

[ronnyd]

Thanks for that STEMO. As i haven,t applied for anything like that for donkeys years, does that mean i.m a bad credit risk? Not that i give a shit. 

[STEMO]

Thanks for that STEMO. As i haven,t applied for anything like that for donkeys years, does that mean i.m a bad credit risk? Not that i give a shit. 

Your age would disqualify you for most products now, Ron. But I wouldn't lose any sleep.
If you want to see your magical number, sign up to Credit karma or Clearscore or the like.

[ronnyd]

Thanks for that STEMO. As i haven,t applied for anything like that for donkeys years, does that mean i.m a bad credit risk? Not that i give a shit. 

Your age would disqualify you for most products now, Ron. But I wouldn't lose any sleep.
If you want to see your magical number, sign up to Credit karma or Clearscore or the like.

Last sentence applies. 

[Doctor Gollum]

You need a credit score in order to borrow money. You need to borrow money (and repay it) to maintain your credit score.

With no borrowing or credit agreements including energy supplies/mobile phones/car insurance installments then you will potentially have a zero score or an indeterminate one.

Basically if you don't intend to borrow, then you don't need one.

[ronnyd]

Got DDs for VED and Gas/Leccy. Does that count?

[STEMO]

You need a credit score in order to borrow money. You need to borrow money (and repay it) to maintain your credit score.

With no borrowing or credit agreements including energy supplies/mobile phones/car insurance installments then you will potentially have a zero score or an indeterminate one.

Basically if you don't intend to borrow, then you don't need one.

A credit score is a made up number that only you see. It's your credit history that lenders look at.

[Doctor Gollum]

Got DDs for VED and Gas/Leccy. Does that count?

You'll need to read the small print to confirm. 

[Field Marshal Dr. Opti]

With the exception of my mortgage(s) I have nothing on credit.

No idea what my credit score is.

Car dealers always trying to tempt me with PCP.

[ronnyd]

I keep getting emails from Barclays offering me loans.

[STEMO]

I keep getting emails from Barclays offering me loans.

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000. 

[dave the builder]

I keep getting emails from Barclays offering me loans.

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000. 

tell her to go for it   

[STEMO]

I keep getting emails from Barclays offering me loans.

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000. 

tell her to go for it   

Then we'd get on to the credit check bit, and computer would say no. 

[Sir Tigger KC]

I keep getting emails from Barclays offering me loans.

So does my mum. She's 90 next month and lives on her pension. They said she could borrow up to £50,000. 

tell her to go for it   

Then we'd get on to the credit check bit, and computer would say no. 

Why's that Uncle STEMO? 

Has your Mum got a load of CCJ's?