Hi
My Credit Score has gone down by 11 points this month.
Apparently that is because I have paid off a loan and zero outstanding on my Credit Cards.
How stupid is that?
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I agree it makes no sense whatsoever, Swimmy…but the way society is these days, you have more respect, the more debt you take on. Raising your credit score means having active debt…its nuts! I had two dormant accounts which suddenly became active (not by me, I hasten to add) and my credit score went up by 7 points, even though I don’t use the accounts. Just the fact they were deemed active. So stupid.
Credit Scores mean shite, after furlough and Seiss, half the population is in arrears.
Its a growth industry.
What’s Seiss?
Self Employment Income Support Scheme.
I don’t know what my credit score is and it doesn’t matter because I won’t be borrowing anything from anyone .
Nor me…
I do use my credit card but always pay it off in full every month and have done for decades.
Have no idea what my credit rating is, never asked. As a matter of interest is there a benefit to knowing?
Same here…no idea what mine is. I remember once years ago being refused a store credit card I was only getting it because it gave me 20% off my purchases on everything I bought in the store that day …the reason was given for the refusal was I didn’t have a credit history…bang out of order I thought!
Hi
The system is designed to get us into debt, which I think is just wrong.
Yes, I use my Credit Cards, they offer protection online.
I pay them off every month, so do not pay any interest.
Yes they make sense for protection…I do have one now Swimmy but no idea what my credit rating is.
If you ever find that there’s been a data breach for a company/website on which some of your details have been registered, it’s important to register with a company which can show your credit rating. Check the rating every day or so for a month - Equifax is free for one month - if the rating changes, you’ll know that someone has applied for a loan in your name, probably using the information stolen from the breached database.
Yes, that is a known but what is the advantage of knowing your credit rating?
I checked our credit ratings soon after moving into this bungalow. Both of us had almost the highest rating possible, prolly because we always pay off our credit cards in full every month and we have no outstanding loans of any description.
Yes - I’m the same. It’s knowing your credit rating so IF you get a notification that your details may have been taken from a website which has suffered a data breach, you can check your credit rating again which will reassure you if there’s no change and alert you if there has been a change. 
I don’t - and won’t - own a credit card, just a debit card which I use to draw cash for shopping or to buy things on line.
A credit card on which the balance is paid off each month doesn’t affect a credit rating and using a credit card provides extra protection against fraud.
I am a dinosaur - I still prefer cash!:-D:-D
Tabs, we are both dinosaurs then. Pleased to meet you.
I only use a debit card or cash too.
Never used a credit card in my life.
Same here! Years ago I used a Store card to get some big things for the house and paid it off, but my gosh the interest rates on that were extortionate! Never used it again, bloomin’ loan sharks it seemed like! :shock: