Middleclass Money Management 101

[wub]

Made this into a new thread for financial discussion shizzle.

[Jap Trungle]

[Johnlenham]

Hahahaha

[murky21]

im sure its a joke but is good money management middle class?!

[Forum]

Pedro seems to hat everything middle class

[Johnlenham]

Relevant:

[Forum]

I havn't checked my bank balance for about 6 months now, for all I know someone's emptied it out

[wub]

I havn't checked my bank balance for about 6 months now, for all I know someone's emptied it out

How do you go without checking your account for 6months? Like not even an on-screen balance and/or receipt slip?

[garethom]

Shows how much money there is for high class male escorts.

[Forum]

I used to have a quick check through my statements every month but I don't even open them any more.

Now I've thought of it I will check it later

Shows how much money there is for high class male escorts.

I'll be working brum soon if you're interested

[wub]

I used to have a quick check through my statements every month but I don't even open them any more.

Now I've thought of it I will check it later

What about your monthly statement though...do you just instantly shred it/delete the email?

[garethom]

Shows how much money there is for high class male escorts.

I'll be working brum soon if you're interested

Yeah, go on then mate, why not? Mates rates?

[magma]

Overdrafts are much better than credit cards

not true doe.

I use my credit card with a direct debit, never paid any fees.

If you're organised then this is definitely the better way to do it - I do all my purchasing on CC and pay the balance back at the end of the month as I'm trying to get my credit rating up, but I'd say if it's for the odd emergency/heavy month it's better to have an overdraft set up than a CC in your wallet... the balance is just so much harder to forget about. My CC balance had a nasty habit of slowly, but steadily creeping upwards when I was in the midst of belt-tightening. It's so easy to say "I'll have a sensible month next month and pay for it then..."

[wub]

Does credit score go away/deplete over time if you're not using the CC on the regular then? I maxed mine out at ~£5k a few years ago, proper got myself in a pickle. All paid off eventually, now only use it for holiday stuff (flights/hotels/hire cars etc). Credit score was/is pretty good, but if (for example) I don't use it again until next summer does that mean my credit score will go down in the meantime?

[murky21]

think that'd be fine, as long as you are borrowing money each year and succesfully paying it back, you are demonstrating responsibility with credit to keep a good score

[magma]

Does credit score go away/deplete over time if you're not using the CC on the regular then? I maxed mine out at ~£5k a few years ago, proper got myself in a pickle. All paid off eventually, now only use it for holiday stuff (flights/hotels/hire cars etc). Credit score was/is pretty good, but if (for example) I don't use it again until next summer does that mean my credit score will go down in the meantime?

I'm not entirely sure tbh - I know if you've never had credit, then it's worth getting a CC and paying off some small balances every now and again, but if you've got a credit history and you're just not using credit, you might not be affecting it too much, but I think it probably is causing it to creep downwards.

One shocking example I saw recently was a guy I work(ed) with... the company I work for requires contractors to pass credit checking so when we all transferred from our company that went bust onto private contracts we all had to go through it; this guy has zero debt having paid his mortgage off around 10 years ago and not borrowing a penny since... and he failed the credit check, most likely to being 'off the grid' and was marched offsite immediately. Mental.

Creditors are CUNTS.

[Johnlenham]

That sounds nuts.^
Thinking about it i should probably get my gf to get one then to build up her rating.
I think mine is fairly solid as Ive never had debts, had a mobile phone contract since I was legally able to, credit card since I was able to and have never had a repayment problem. Bank seems pretty happy for me to have up to 7K between an agreed overdraft and CC limit.

[magma]

That sounds nuts.^
Thinking about it i should probably get my gf to get one then to build up her rating.
I think mine is fairly solid as Ive never had debts, had a mobile phone contract since I was legally able to, credit card since I was able to and have never had a repayment problem. Bank seems pretty happy for me to have up to 7K between an agreed overdraft and CC limit.

Sounds like you're pretty fine tbh... might as well just get the lady bumped up a bit; never know, you might want something in both of your names in the future!

[garethom]

Yep, only reason I got a credit card was to get "on the grid". Apparently not good enough to spend within my means, never miss a standing order or payment in my life, I need to spend the banks P and pay it back when they want me to.

Got a five grand limit on the CC and they keep trying to get me to have a ridiculous overdraft too. FUCK OFF.

[magma]

Yep, only reason I got a credit card was to get "on the grid". Apparently not good enough to spend within my means, never miss a standing order or payment in my life, I need to spend the banks P and pay it back when they want me to.

Got a five grand limit on the CC and they keep trying to get me to have a ridiculous overdraft too. FUCK OFF.

I turned down a big credit increase on my CC recently... now I can't work out whether they'll see that as a good thing or a bad thing.