I have never been in debt and yet i am constantly refused loan or credit card applications. Why is this so?

It is most likely because you have no credit history for the loan firms to refer to. There is no reason why you shouldn’t ask why you have been declined. It also could be that someone with the same name, or previously from your address is blacklisted. Ask them. It will do no harm.First check your credit reports with the three bureaus: TransUnion, Experian, and Equifax. You can do this for free for each bureau no more than once per year. After that, you have to pay a fee.

Although you may not have any data in the reports, there’s a chance that your service-providers that you pay bills to may have reported your payment record to one or more of the bureau. Furthermore, there may be erroneous data in your credit reports: things such as wrong or misspelled name, wrong address, credit accounts that don’t belong to you, etc.

If upon checking your reports, you find errors, you need to dispute them immediately by following the instructions provided by the bureau for disputes.

If your reports have no errors and show consistent on-time bill payment, there’s no reason you shouldn’t be able to open a credit account. But there’s a further catch.

Without a well-established credit history, lenders may still be leery to extend credit. You will need to work "closer to home."

Go to your local bank and open a savings account for say, $500 to $1000. Then, find out from the bank if you can open a credit card with them. They may have some restrictions such as keeping your savings account balance above a certain minimum for say six months or a year, etc. Ask them.

After you establish a good relationship with your bank, including a solid savings account, there’s no reason they shouldn’t extend credit or a credit account for an amount that DOES NOT EXCEED your savings balance. This is how many are able to establish their first credit record, and therefore open credit with other credit providers.

Be sure to check your credit reports at least once per year for all three credit bureaus, thereafter.

If you’re not in the US, you probably have different credit bureaus, but the same principles apply. Not only is it always difficult to get lenders to trust you initially, we’re also in a tight lending environment with the continuing "credit crunch." Be patient! Lending never goes out of style. Lenders just need to be sure they have a REASONABLE chance of getting their money back, somehow.The sad reason you are not credit worthy is because you have no credit history. Some people get over this by taking out a catalogue like Littlewoods. Once you have been making payments for 6 months you then start to have a credit history. You should also write to Experian and Equifax and ask for your credit report, I believe its still £2 each. If there is nothing there you will have to keep trying. Addresses are not blacklisted only people.

 

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Question on debt I have a debt from a few years ago. It does not show up on my credit report. Will this have?

Debts that have not been acknowledged for 6 years cannot be enforced in the courts. It does not mean they are "written off". The debt still exists but there is nothing that can be done to force you to pay it. A debt is acknowledged by paying an installment, discussing payment terms, negotiating about it etc.

Credit reports show debts that are reported to them. Not all debts will be reported and some may only be reported to one of the credit agencies. The data held in a credit report does not necessarily indicate that a debt is enforceable or not – only a court can decide that.

Credit reports only go back 6 years, but this does not necessarily mean the debt has become unenforceable because you may still have been paying it more recently.Any debt which is over 6 years old from last contact noted on credit report will have disappeared from future credit reports – there are exceptions where debt is tied to property. Debt is statute barred after 6 years meaning it is unenforceable – you can forget about it.

 

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I got into debt, how can i rebuild my credit history?

Sure….the passing of time can heal even the worst credit. After 7 years you get a clean slate….

Get a secured credit card to build a history of timely payments….This will gradually rebuild your credit…it won’t be overnight.I take it you are talking about credit reports in the UK (the US does not use the term ccj.)

The judgment will stay on your history for 6 years from the date of judgment but will show it as being paid. CCJ’s remain on ones credit report for 6 years maximum whether paid or not.

The entry will only be removed if you pay off the debt within one month of your county court judgment being entered on the register.

Hope this helps answer your question.Here are a few ways how you can improve your credit rating.

1)Make Payments on Time ~ If you want to build and maintain your credit rating, pay your bills on time and don’t miss any payments. If you have missed payments in the past, get back on track. Your recent payment history counts more than ancient history.

2)Pay Off Your Debt ~ Don’t transfer it all to a credit card and then transfer it from card to card to card. If you just move around your debt you’re not doing anything to pay it down. And even though all your debt might be on your credit card, your credit is still in danger. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.

3)Establish Credit History ~ Your credit rating is established partially on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills.

4)Don’t Apply for or Take on Too Many Credit Cards ~ Having and using a credit card wisely can be beneficial to your credit rating. However, if you’re constantly applying for new credit cards, it can hurt your rating, especially if you’re getting turned down for them.

 

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Can I please advise Obama how to get America out of that nine-trillion dollar debt?

First, you are an idiot if this "question" is serious.

Secondly – you are MORE inept than Obama and his socialist turds in "handling" the economy – which is on the road to ruin under his administration.

Third – I hope when you get old, someone treats you like you want to treat elders now.LOVE 1 and 2- not sure about 3. But hey we can all benefit from less American interference, they are everywhere, no matter where I go on holiday- there is always some little American brat and their loud family with their huge camera :@- and their ANNOYING accents don’t get me started on those.

Also most of their tv is crap and I am wondering why we seem to have more talent in our small British Island then their fat landscape, they always interfere and the British and American ’special’ relationship has ended as far as I’m concerned when Blair went, thus removing himself from George Bush’s backside.

I dont mean to hate of course I’m sure they aren’t all like that- and don’t think any of them should kill each other :/First of all,most of the military will be turned over to the United Nations in a few years as directed by an executive order.
So who will protect us from the United Nations?

It will be hard to keep people from going where they want to go for vacations unless you implement a nation wide travel ban.

If you give all the seniors guns and drugs,how do you know we wouldn’t take you out first?

Besides,Obama doesn’t listen to people with ideas that don’t agree with his.How about we take 100,000 troops out of Europe and then it will have to build up its own armies for protection. ( Which will take a lot of money) Then as we are, as you put it spending dollars in the USA and you need our aid we could ignore you. That should save us some money. I also think we should stay home our country is large and has a lot of interesting places to visit we don’t need to travel to Europe.

 

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Friend has racked up large debt gambling on a credit card, he said its not enforcable in uk, is that true?

If it is a Credit card that has been issued in the UK, then your friend is wrong and the credit card company will expect payment and if necessary use the legal avenues open to them for recovery. Not sure what position is if your friend has moved to UK from abroad with a foreign credit card.

Either way, if he has spent the money, why wouldn’t he pay it back? Is that not called stealing?Gambling on a credit card is illegal in the UK. Gambling on a debit card is legal. Bookmakers taking bets are not allowed to accept credit cards, because it means you are borrowing, but they can accept debit cards.

Debts incurred are always enforceable, he borrowed the money after all. He is getting something else mixed up – in contract law in English law, matters concerning gambling are something the law does not get involved with, and courts won’t entertain matters relating to bets. So if a betting shop won’t pay out, don’t threaten legal action, because a court won’t entertain it. A wager is binding "in honour only" (so a betting shop only has to pay for the sake of defending its good name, and not because it is legally compelled to.) Betting disputes in England are normally settled therefore by an independent arbiter, such as the Sporting Life or the Racing Post.

 

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Whats the best way to get out of debt?

Thats quite a bit english too erm try some consolodation companies although they sometimes work out worse than you expect although saying that as you are off work due to ill health they MAY but only may be able to write some off etc. dunno just give a few companies a shout.

 

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The Credit Crunch….something needs to change anyone?

In a world where 1% of the population owns 40% of the planets wealth. In a world where 34.000 children die every single day from poverty and preventable diseases, and, where 50% of the world’s population lives on less than 2 dollars a day… One thing is clear. Something is very wrong. And, whether we are aware of it or not, the lifeblood of all of our established institutions, and thus society itself, is money.
Therefore, understanding this institution of monetary policy is critical to understanding why our lives are the way they are. Unfortunately, economics is often viewed with confusion and boredom. Endless streams of financial jargon, coupled with intimidating mathematics, quickly deters people from attempts at understanding it. However, the fact is: The complexity associated with the financial system is a mere mask. Designed to conceal one of the most socially paralyzing structures, humanity has ever endured.

At the end of the day who are you really working for? The Banks! Money is created in a bank, and it invariably ends up in a bank. They are the true masters, along with the corporations and governments they support.
Physical slavery requires people to be housed and fed. Economic slavery requires people to feed an house themselves. It is one of the most ingenious scams for social manipulations ever created, and at it’s core it is an invisible war against the population. Debt is the weapon use to conquer and enslave societies, and interest is it’s prime ammunition.
And as the majority walks around oblivious to this reality the banks in collusion with governments and corporations continue to perfect and expand their tactics of economic warfare, spawning new bases such as the World Bank and International Monetary Fund. While also inventing a new type of soldier, the birth of the economic hit man.

There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.Something needs to change, but not what you want.

Gov’t needs to get out of the money biz…and just abolut every other biz. The things its supposed to do like secure our borders, have smart trade agreements & keep imports from killing us…they havent done. Illegals flood our country, other nations eat our manufacturing lunch & poison products continue to pour in. C only knows how to buy votes & payoff cronies.Make them take LESS of our money, use it on things they’re SUPPOSED to do, & let US take care of our money.

 

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Which country is least affected by credit crunch?

 

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Are there any UK companies that can help me get out of debt?

Hey try the debtfreecentre I was in a similar position to yourself a while back and they were extremely helpful in guiding me into a better financial position.

It will do you no harm to get in touch with them if you are in as bad a position as I was, just fill in the form on their website and someone will get in contact with you. Also they will send you some useful info via email of the options you can take.

I put a link to their site inquiry page below. Good luck hopefully you can get back on trackDo Not pay anyone for debt advice!! Also borrowing money isn’t the way out of debt.

Speak to either the Consumer Credit Counseling service (CCCS) or Payplan. both are registered Charities and won’t charge for their services. They will definitely be able to help you

 

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How to attain a student loan? Is it possible when in debt?

Students and parents who must deal with the high cost of a college education have available to them a wide range of student loans. This article offers details on three general types of student loans. Unlike other student loans, application for a specific Stafford Loan should be preceded by the filing of a Free Application for Federal Student Aid (FAFSA). The FAFSA application should be made in the name of the aspiring student.

http://www.worldbestloans.com/student-loans.htm

Like some other student loans, application for the Signature Loan permits the use of a co-signer. In fact, there is a real advantage to applying for a Signature Loan with a co-signer.

 

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