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Adding insult to injury

Anything that might not belong on the other message boards!
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Patbretagne
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Joined: Mon Apr 04, 2005 6:45 am
Zip Code: 00000
Location: Finistère Bretagne France

Postby Patbretagne » Wed May 17, 2006 2:21 am

This business of credit rating is very strange.
In the UK I have a regular smallish income from my parents house that I inherited, regular as clockwork, always a healthy credit on my current bank account. All is fine as far as I can see, a good credit risk.

A couple of years ago when I decided to buy the Landy to tug tractors around I phoned the bank and asked them for a 6 month overdraft of £4000 (about 6500$) which would be repaid in just over 6 months by the rent coming in plus the balance on the account, there was very little risk to the bank.

However they were only prepared to offer le £1200 overdraft, no reason given, but I now realise that I dont have anything on Hire Purchase, I have no credit cards, I live within my budget and am a good boy, so no overdraft!!
Overspend have a pocketful of credit/debit cards and they will give you the world even if you are a bad risk, but the statisticans say you are good!

That's the world on it's head.

Exxon, there is still polution from that tragedy, how about that they put a bit of that cash back into the country and finally clear up their mess???

I got the finance over here in France I have had a credit card here for 8 months, but the baks seem to rely more on one's possibility to repay than a credit ratiung. So I got the Landy and it was repaid in 6 months from the english account????!!!!

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John *.?-!.* cub owner
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Tractors Owned: 47, 48, 49 cub plus Wagner loader & other attachments. 41 Farmall H.
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Postby John *.?-!.* cub owner » Wed May 17, 2006 8:03 am

Pat, I understand what you are talking about. Seveeral years ago Joann and I moved to West Plains Mo. and wanted to purchase a house there. We had purchased and payed off a couple of vehicles, and a mobile home as well as 2 houses previosu to that. The problem was that in each case the amount we had financed had been pretty samll and the loans had been paid off quickly. The bank said our credit was good, but we had such a small record of long term loans it took a while to get the approval.
If you are not part of the solution,
you are part of the problem!!!

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Lurker Carl
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Postby Lurker Carl » Wed May 17, 2006 9:49 pm

Hey Pat,

You're right, it's a strange business! The credit rating is based on your history of making payments. They predict your future behavior based on your past performance. So if you've never applied for credit, you don't have a history to base your future behavior on.

With that said, banks don't like folks to live within their means. Banks make money when you borrow it, not when you save it. So, if you're living on the edge, banks love you.

Carl
"Chance favors the prepared mind."
- Louis Pasteur

"In character, in manners, in style, in all things, the supreme excellence is simplicity."
- Henry Wadsworth Longfellow

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Patbretagne
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Joined: Mon Apr 04, 2005 6:45 am
Zip Code: 00000
Location: Finistère Bretagne France

Postby Patbretagne » Thu May 18, 2006 5:59 am

Hey Carl, that's a darn good avtar you've got there Cub Pro Eh!
It's true as well :lol: :lol:
Pat

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beaconlight
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Location: NY Staten Island & Franklin

Postby beaconlight » Thu May 18, 2006 6:11 am

These posts about credit remind me of 25 years ago. My son wanted a credit card in Sears to buy some tools. No credit history No card. He also tried Pennys, same result. A few days later an unsolicited card came for william Sorensen from Amaco. That evening I said "Hey Bill your credit card came" He said "not mine" I replied "Got to be I never asked for one" He used it to buy gas, after he laid the money aside. Bill bought all his gas that way for 6 months. He then had the name corrected to Jr. Next he applied to Exon using Amaco as a reference. First thing you know Sears and Pennys werer after him to take out a Card. My son in law has poisened his kids about Cards. I just explained to the one that I think can use (not abuse) a card to get one while she is still in college. She keeps her checkbook with no problems. To build a credit history you must take small steps ahead of time.
When I was 18 and had my fiorst car my Uncle Ken wouldn't let me use his account to get discount on car parts. He said go down and ask for the owner and tell him your name. Any one but Uncle ken and I would have thought you are nuts. I went told the owner my name is Bill Sorensen and I want to open an account. He smiled and said i know your grand father Capt Sorensen. At first I said yes then in the conversation I said you are talking about my Great Grand Father. We don't have that personal contact any longer so credit histories and scores need to be cultivated, just like a crop.

Bill
Bill

"Life's tough.It's even tougher if you're stupid."
- John Wayne

" We hang petty thieves and appoint the great ones to public office."
- Aesop

Jim Becker
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Postby Jim Becker » Thu May 18, 2006 10:14 am

Bill's story reminds me of my own experience along that line. Over 30 years ago, I was in school and wanted to get a Master Card. I applied for one from the same bank that had my checking account. It was rejected. I called whoever the contact was to ask about it. I was told the problem was that I didn't list any other credit on my application. My follow up question was the obvious, how do you ever get credit if you don't have any. The rest of the conversation boiled down to a suggestion that a gas card was easier to get and I should get one of them first and use it to reapply.

A bit later, a gas company (Phillips as I recall) sent me a credit card application. I sent it in and was, of course, rewarded with a Phillips card. As soon as I had the card, I reapplied for the Master Card which was approved. I hadn't even had the gas card long enough to be sent a bill, much less pay it. But I had a reference!

There is something strange about the credit card rep coaching me on how to get through their system. But she did.


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