Discoveries

Ho, hum, it's dangerous to have a whole day with nothing to do but read money forums.

Discovery #1: that credit rating numerical scores are made-up space language and created by the credit reference firms to sell you products to "improve your score" but are never actually seen by lenders.

Discovery #2: non-matching addresses on my file might become a pain in the arse. I corrected two accounts today which had my previous address on them, compared with new accounts showing my current one. I am REALLY wishing I kept my previous address for everything and just redirected my mail. Changing your address sucks for your credit file, you look like a flight risk.

Discovery #3: my length of time in this job (or lack thereof) is going to hinder my mortgage chances for much longer than expected. Poop.

Discovery #4: that there is no point paying out the car loan asap in terms of my credit file and/or rating. It won't affect my loan chances or amount.

Discovery #5: Lenders still hate me. Despite being told I had a 90% chance of success to refinance that loan for interest savings, I was knocked back. So I tried my own bank (TSB). 29% interest. No thanks.

My assessment on MoneySavingExpert's Credit Club indicates great debt ratio and great credit utilisation, but my disposable income is way down. This is because they assess an average person's spending habits in an attempt to mimic the way lenders make assumptions (never mind that I live very cheaply). There's no way to prove that you're frugal, lenders still go for the average. Ho hum.

Anyway, also on this site I came across money transfer credit cards. #6: that there are products out there allowing balance transfers into a savings account. Well by now I wasn't in a great mood so who cares if I apply for something else and get another hard search on my credit file? Boom. Tesco approved my shiny new credit card and it has two years of 0% interest on a money transfer for a £37 fee. As soon as it arrives I'm paying out the car loan with cash. I have no "need" to pay it out early except that I know it'll save me £900 in interest, so...

PS. Amex raised my credit limit again. I now have access to almost ten grand of credit (I'm using almost zero). Go figure.