Tuesday

lolly said:
Or are you like one of my friends at work who is always a perfectionist and always has to get 100% on all of her e-learning and will retake it multiple times to make sure she gets it. Whereas the first thing I do is see I only need 70% or whatever to pass and work out how many questions I'm allowed to get wrong?

I'm a firm believer that GOOD ENOUGH is GOOD ENOUGH
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I actually just answered this, but also, I’d never go that fucking far :D
 
Am I naive in thinking that just paying off your mortgage every month is good enough alone to maintain a perfect credit score, then?
 
lolly said:
Am I naive in thinking that just paying off your mortgage every month is good enough alone to maintain a perfect credit score, then?
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Yeah, that’ll make a good one, but definitely not perfect. No idea what changed to make mine suddenly 100% about a year ago.
 
lolly said:
Am I naive in thinking that just paying off your mortgage every month is good enough alone to maintain a perfect credit score, then?
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My understanding from watching Martin Lewis and after wondering if I fancy him or not is that it needs to be in the absolute shitter to have a negative impact on your life.
 
I use my credit card for everything and then pay it off completely once a week or so. Why not get the POINTS
 
Charge cards also have points and come with no interest worries. But as mentioned if you’re good at paying it off straight away there’s no issue.
 
I've just written a new topic about right wing rubbish being posted on Moopy, but haven't posted it. I really think it's worth discussing in a civil manner but I know it's going to be super inflammatory, because a) it's me b) the people who post right wing trash.

Urgh.
 
I’ve not seen any right wing stuff on moopy?

If it’s right wing opinions but not inflammatory I think it should be allowed to be posted. If it’s just trolling for the sake of it then I can understand that being monitored.
 
Are charge cards the same as debit cards or something else?
 
Charge cards you spend credit but you have to pay back each month or get a penalty. Like Amex.
 
funky said:
Charge cards you spend credit but you have to pay back each month or get a penalty. Like Amex.
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So that's essentially what a credit card is then, isn't it? You pay a penalty in the form of interest if you don't pay it off.
 
lolly said:
So that's essentially what a credit card is then, isn't it? You pay a penalty in the form of interest if you don't pay it off.
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No - you pay a fee. There is no interest on charge cards, it doesn’t exist. You can use £10 or £10,000 on it and it doesn’t make a difference. The fee is always the same.

On a credit card, you pay interest based on how much you owe. The more you spend the more they take off you. AND if you’re late on payments, you get charged a fee on TOP.

As mentioned there is little difference between them if your credit card has 0% interest (usually limited periods) and you’re paying everything back monthly. But then you’re treating it like a charge card, not the other way around.
 
I always thought AMEX just was a different provider like Visa or Mastercard credit and worked in exactly the same way.
 
No you can't accrue debt on Amex. But one downside is that not everywhere in Europe accepts it, because they charge vendors a small fee per transaction. That's how they make their money as opposed to credit cards that take from the consumer via debt interest
 
The points / airmile schemes on Amex are much better than credit cards too - more akin to premium banking or business banking.
 
How do you mean, you can't accrue debt? Does it just block you if you don't pay in full?
 
Sorry by accrue I mean you can’t accrue more. Yes if you don’t pay back in full by the next month you get charged a fee (nominal, about a tenner, nothing to do with your balance) which they normally waive anyway, and I think (I guess, I don’t know the exact timeline) after a couple months they block the card until you’re back at zero.

Credit cards want you to keep spending so just request a minimum repayment - the more debt you accrue the more interest you pay.
 
Your 'credit score' is useless. Whoever your bank is, they don't know your credit score, nor do they care. They'll run their own credit search and, in over 99% of cases, let the automated systems make the decision. Experian can give you 999 and the bank can still tell you to fuck off with impunity.
 
Yeah I dont really understand why people get so obese about credit scores. Mines been stupidly good and I’ve had periods in my life where I havent been able to pay my mortgage. Its all a game.
 
funky said:
Credit cards want you to keep spending so just request a minimum repayment - the more debt you accrue the more interest you pay.
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And they certainly were (unsure if still are) absolutely irresponsible in terms of increasing the limit when you approached it - blatantly hoping you think 'fuck it, I WILL go on that £2k holiday' when they bumped it up again, even though you are only paying the minimum or little more each month.

I can't believe I was allowed to accrue the level of debt I did on them in my late 20s/early 30s, relative to what I earned. Yes, the responsibility for it lies squarely with me and I was hardly hoodwinked into it (well apart from arguably the PPI), but equally it was irresponsible lending by any measure.

But to them, I was pretty much the perfect customer.
 
big ron said:
Yeah I dont really understand why people get so obese about credit scores. Mines been stupidly good and I’ve had periods in my life where I havent been able to pay my mortgage. Its all a game.
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See above. It depends what you need it for…

But what you’re talking about is different. Credit scores don’t MEAN anything about how much you can deal with something in real life at all. But they DO affect the “computer says…” angle of it all.
 
lolly said:
And they certainly were (unsure if still are) absolutely irresponsible in terms of increasing the limit when you approached it - blatantly hoping you think 'fuck it, I WILL go on that £2k holiday' when they bumped it up again, even though you are only paying the minimum or little more each month.

I can't believe I was allowed to accrue the level of debt I did on them in my late 20s/early 30s, relative to what I earned. Yes, the responsibility for it lies squarely with me and I was hardly hoodwinked into it (well apart from arguably the PPI), but equally it was irresponsible lending by any measure.

But to them, I was pretty much the perfect customer.
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Oh I was the same in my 20s. Which is why I preach about their evil now :D I needed it when I moved to London but with some better advice I would have been better increasing my loans with my bank to cover me during the poor years rather than creating debt with what are essentially lenders and taking longer to pay it off because of the interest that accrued.

I think they've changed the rules a bit since, because they're used to be so many out there and they all had cool names and cool looking cards and they'd hook you in with 0% interest for the first few months and then before you know it you're paying 35% on a five grand debt :evil: But I would say to people never ever have a credit card if you can help not having one, or if you know full well you're able to pay back every month without any interest (in which case, again, I'd say a charge card is better)
 
big ron said:
I have shit loads of credit card debt and I dont care 🤷‍♀️
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This is the answer I was hoping for from someone. Now I can guilt free book another holiday :D

Also, I don't understand why having a credit card makes your credit score look good, but I'm going with it. If Mandy and I want to move soon, we have got to keep our score high because as business owners, we need all the help we can get to get a mortgage.
 
Rachey said:
Also, I don't understand why having a credit card makes your credit score look good
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One of the things it is measuring is that you'll make the bank money. Borrowing money and paying it back with interest is good for them, and is better evidence than not having a credit card at all.
 
ZenGiraffe said:
One of the things it is measuring is that you'll make the bank money. Borrowing money and paying it back with interest is good for them, and is better evidence than not having a credit card at all.
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Oh interesting!! Ok, well I always pay my credit card back, usually more than the minimum. I think I deserve another holiday now.
 
Kate said:
THIS! Oh Rachey not credit card DEBT! If you need to borrow money there are FAR better ways!
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I don't "need" to, it's just useful to have it there. I'm not destitute, I just want to book another holiday and don't quite have enough in my savings 👀
 
It's a (very) small thing, but haven't they increased the minimum payment limit considerably now so effectively you have to pay something back in real terms and not just tread water? And I believe they are obliged to be very explicit now around how long it will take you to repay depending on how much you choose to pay each month.
 
However I of course love my Amex (that I obviously pay in full by direct debit) because it gets me Avios and companion vouchers :disco:
 
My minimum payment is £25 a month. But I nearly always pay off £100+. Usually it's down to about £250 on the card at most. Although it's at £500 at the moment.
 
You do realise that “£7 interest a month isn’t that much” becomes a LOT more when you have a £3000 holiday on a card, right?
 
Sheena said:
You do realise that “£7 interest a month isn’t that much” becomes a LOT more when you have a £3000 holiday on a card, right?
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Yes I am aware. But I'd get it paid off pretty quickly I reckon.
 
Rachey said:
This is the answer I was hoping for from someone. Now I can guilt free book another holiday :D

Also, I don't understand why having a credit card makes your credit score look good, but I'm going with it. If Mandy and I want to move soon, we have got to keep our score high because as business owners, we need all the help we can get to get a mortgage.
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I also forgot to add that I am a terrible person to take financial advice from.
 
Kate said:
Paying it IN FULL EVERY MONTH is the only acceptable option!!
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I mean yes but I did put my boiler on a 0% - five grand was a lot in one go, I paid about two grand at the time, put the rest on a 0% to pay off during the lifetime of the offer. That's what a credit card is for, I think.
 
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