chem1st Posted May 18, 2012 Share Posted May 18, 2012 This has given rise to an estimated 7 million "credit virgins" who have never taken out any form of credit, and makes it more difficult for them to secure loans, mortgages and credit cards in the future, even if they are able to afford them. http://www.guardian.co.uk/money/2012/may/18/credit-virgins-struggle-build-borrowing-history?newsfeed=true What a strange article. So called 'credit virgins' are supposed to be at a disadvantage says credit report service. Presumably they believe debt is a good thing? If you ask me, the people in debt are at a disadvantage. People should avoid debt like the plague, else the fruits of their labour be consumed by usury. Link to comment Share on other sites More sharing options...
andyofborg Posted May 18, 2012 Share Posted May 18, 2012 http://www.guardian.co.uk/money/2012/may/18/credit-virgins-struggle-build-borrowing-history?newsfeed=true What a strange article. So called 'credit virgins' are supposed to be at a disadvantage says credit report service. Presumably they believe debt is a good thing? If you ask me, the people in debt are at a disadvantage. People should avoid debt like the plague, else the fruits of their labour be consumed by usury. without debt i wouldn't have been able to buy my home as long as you can afford to service your loans then debt isn't a problem. like many things, debt is a good servant but a poor master Link to comment Share on other sites More sharing options...
mc55 Posted May 18, 2012 Share Posted May 18, 2012 I don't have a credit card, or any debt fortunately, but when trying to get a mortgage was advised to open a credit card so that I showed on the system. Supposedly if you don't have any debt it is not possible to determine whether you are a credit risk. Bonkers (but I did it). Link to comment Share on other sites More sharing options...
medusa Posted May 18, 2012 Share Posted May 18, 2012 This is not new though, is it? The same situation applied before I bought my house 20 years ago and when I was considering buying a house in a few months the biggest bit of advice from my bank manager was to take out a personal credit card, pay for all of my normal expenditure on it and then pay it off in full for several months in order to show that I could run a credit account, and to take out overdrafts on both of my accounts and move my money around so that I was shown to be paying off my overdraft repeatedly too. Link to comment Share on other sites More sharing options...
Jim Graham Posted May 18, 2012 Share Posted May 18, 2012 I will be paying my mortgage off in a couple of weeks after struggling for more than 30 years to get there. Now I am told that I if I pay it off I won't have a credit history so won't be able to get finance in the future if I need it. Link to comment Share on other sites More sharing options...
andyofborg Posted May 18, 2012 Share Posted May 18, 2012 I will be paying my mortgage off in a couple of weeks after struggling for more than 30 years to get there. Now I am told that I if I pay it off I won't have a credit history so won't be able to get finance in the future if I need it. pay my mortgage off instead who told you you wouldn't have a credit history? Link to comment Share on other sites More sharing options...
davyboy Posted May 18, 2012 Share Posted May 18, 2012 This is even worse and true. Lady's husband has just died and she wants to open a bank/BS account in her name. 3 items of proof of identity required because of the money laundering regs. She hasn't a utility bill, all bills were in her husbands name. She has never driven, therefore no licence. No passport ....never holidayed abroad. All savings accounts in her husbands name. No State pension..............too young. Never had a credit card. What can she do? Link to comment Share on other sites More sharing options...
buck Posted May 18, 2012 Share Posted May 18, 2012 I will be paying my mortgage off in a couple of weeks after struggling for more than 30 years to get there. Now I am told that I if I pay it off I won't have a credit history so won't be able to get finance in the future if I need it. This must be the best reason of all to have an excellent credit history. I can't talk for the UK, but I know it could for me, because I did it too. When I arrived in Montreal in 1968 from the UK, one of the first things I wanted was a TV, so I figured all I had to do was to find the eqivalent to Curry's, sign the hire purchase agreement and walk home with it. Did I ever learn a lesson about North American credit. I was told it would be delivered in a couple of days, so when a week went by without any sign of it, I asked where it was. I was then told that I had no credit history, and it would depend on whether I paid my rent or my phone bill for the month. I told them truthfully that I now worked for RCA and would buy one from the plant on my first weeks wage. My 12 inch black and white Hitachi arrived within an hour and I didn't have to buy an RCA set, which pleased me because they were garbage. A year later I was able to buy a house. Link to comment Share on other sites More sharing options...
Leah-Lacie Posted May 18, 2012 Share Posted May 18, 2012 I once got refused a mobile phone contract, and was advised by the bloke in the Orange shop to apply for a capital one credit card, and use it for 3 months for small purchases, then try again, as I had no credit history for them to check. I obviously am a little wiser than Mr Orange shop staff man, and got a SIM only contract online instead (no phone, no checks), and paid that for 3 months before ringing them and asking to upgrade to a contract with a phone Link to comment Share on other sites More sharing options...
jane2008 Posted May 18, 2012 Share Posted May 18, 2012 This is even worse and true. Lady's husband has just died and she wants to open a bank/BS account in her name. 3 items of proof of identity required because of the money laundering regs. She hasn't a utility bill, all bills were in her husbands name. She has never driven, therefore no licence. No passport ....never holidayed abroad. All savings accounts in her husbands name. No State pension..............too young. Never had a credit card. What can she do? I'd like to know the answers to this. Not strictly true to my circumstances, hubby still alive, thank God and not all bills in his name, but I still wouldn't have 3 proofs of identity. Link to comment Share on other sites More sharing options...
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