Credit rating query re credit/store cards

Probably positively, as it shows you are able to pay loans off on time. It will depend on the particular lender though.

There is no such thing as a rating. Data about how you deal with credit is collected and when you apply for credit a company might look at your file. They will use their own criteria to "score" you and decide if you are worth the risk. Generally having lots of credit and paying it off on time looks good but there might be a point when a company will not lend if they consider you have too much credit.

"Zoe Brown" wrote

Really?

"Zoe Brown" wrote

Isn't that a "rating"??

yes, there is no one rating that exists...

"Zoe Brown" wrote

I don't agree.

"Zoe Brown" wrote

Of course, because there are *many*. But you said before "there is no such thing...", which I contend is *false*.

I said "there is no such thing as A credit rating". I then went on to summarise how the scoring system works...

"Zoe Brown" wrote

But there *is* such a thing as "a credit rating". Bank1 will assess "a credit rating" if you apply there, Bank2 will assess (possibly a different) "credit rating" if you apply there etc etc.

"Zoe Brown" wrote

Exactly. You started off by saying that there wasn't such a thing as a credit rating, then you went on to describe one. How silly!

A - as in singluar !!

A isn't singular, it's generic. That includes both singular and plural. So although you might think it's singular, it's actually hyper-plural.

You might have gotten away with it had you emphasised it to start with. But you haven't, so you've now painted yoruself into a corner.

Jesus Christ !!! Someone asks for advice and I try to explain. More than you and Tom tried to do. I only joined this NG last week and now it is time to say goodbye. What is the point, I obviosuly don't have time to write a formal essay for each answer and if you guys are just here to nit pick then fine.

Bye.

"Zoe Brown" wrote

Would you also say "there is no such thing as a car"? [Just because there is more than one type of car...]

Would you say that posting cr*p like this helps the OP ?

"Zoe Brown" wrote

Not necessarily, but we can hope that it might help *you* - so that you don't make mistakes when you reply next time!

Except I posted some information that might actually have helped, you however did not. Further more you were unable to understand what I had written. you are an idiot !!

"Zoe Brown" wrote

"Zoe Brown" wrote

Well, I did point out an issue which may have confused the OP from your reply. Surely that could have been useful?

"Zoe Brown" wrote

Actually, I understood very well what you "actually" wrote, and also what you *tried* to write - but which, unfortunately, you hadn't written properly. I therefore pointed out where your reply could confuse the OP.

"Zoe Brown" wrote

Your basis is...?

I worked as a programmer for a bank and got to see their credit scoring process for someone applying for one of their credit cards. Their scoring doesn't mind if you have 2 or 3 credit cards - in fact it means other instituitions trust you. However, like you say, too many and it gets suspicious as to why you'd want another credit card and your rating takes a big (possibly unrecoverable) hit. Different institutions may vary what is an acceptable number of live accounts.

Based on what I saw, I wrote a program that will give you some idea of what you're asking. Here's a free way of getting some idea of what your credit rating would be and how to improve it. It uses the same style of scoring process as the banks but becuase you are answering the questions (not equifax) there's no charge. It'll also work out you estimated credit limit.

Direct download :

All I ask is that if you do decide to get another credit card, please check out the one I have advertised :)

Thanks, Michael