Since 2008, obtaining credit of all types has been getting harder and harder. Where once people with good credit ratings could walk away with a loan from high street lenders without much trouble at all, even seemingly creditworthy applicants are finding things more difficult. What about those with less than perfect credit ratings?
If you have a bad credit rating and want a credit card, you face a tougher task than those with pristine financial histories. Your bank will probably not offer you one of their standard range of cards, and of course you can forget all about applying for one of the ones featured in the ‘best buy’ comparison tables.
So should you simply give up on getting hold of plastic? Not at all! Depending on exactly how poor your credit rating is, you have a couple of options.
If you’ve been searching online for a loan recently, you’ve probably come across sites which offer ‘guaranteed approval’ for a loan, but first you’ll need to pay a ‘release fee’ or ‘admin fee’ to them before they’ll give you the details.
Identity Fraud (or Identity Theft) is the fastest growing kind of fraud in the UK. It happens when someone gets hold of your personal details and uses them to obtain goods or services by pretending to be you.
Often, your details are used to obtain credit or other finance services, and this credit will most likely not be repaid. It can take months before you find out what’s happening, by which time untold damage may have been caused to your credit rating.
Update: As of 31st October 2004, the mortgage industry is directly regulated by the Financial Services Authority and the Mortgage Code has ceased to apply
The Mortgage Code is a set of standards and minimum levels of service that most mortgage lenders and brokers agree to provide. But what does that mean for you?
Why comparing annuities can give you more money in retirement
Eight out of ten people don’t shop around for the best deal on their pension when they retire, yet everyone in this position is entitled to do so by exercising their open market option.
Although legislation introduced in 2003 obliges UK Insurers and Employer Pension Schemes to tell prospective retirees about this option, there is little evidence yet that many people are taking up their open market option.
Travel can be an expensive business, and it might seem like paying for insurance is an extra cost that you can afford not to pay. This is true, but if something goes wrong with your travel arrangements, or you suffer misfortune while away, the costs can be high indeed. Travel insurance can go a long way to lowering these costs, and the amount you have to pay for decent cover can be very reasonable.
Whenever you apply for credit, it’s almost certain that some form of credit check will be made before you’re approved. This usually involves consulting your credit file or credit record. But what exactly is this file?
Flexible and offset mortgages are a relative newcomer to the UK mortgage marketplace, but have proved to be very popular.
It is estimated that around 20% of borrowers now have some element of flexibility in their mortgage deal, from simple overpayment options to a full current account set up.
Back in 1966, when the first credit card was launched in the UK, choosing a credit card was a very simple affair – you took what you could get.
The range of cards available slowly grew over the following years, until an explosion of card launches over the last decade resulted in credit cards being available in a bewildering variety of styles and brands, each with different benefits and drawbacks.
In this article, we hope to give some advice to help you choose the right card for you.