View Full Version : Best Bank?
isi3000
6th Jan 2008, 18:16
Is there another bank other than HSBC that is good for loans? I just want to know the options...
juststartin
7th Jan 2008, 22:56
depends how much you are lookin for, what security you have and more importantly what you credit history is like.
Banks tightening up nowadays - everything is more difficult.
MidgetBoy
8th Jan 2008, 00:15
Is having no credit history good or bad?
3Greens
8th Jan 2008, 08:22
Bad usually. i.e. they have no information on you so they assume the worse. Having said that though it's better than having a history of defaulted loans etc...
I used to go out with a girl who worked in credit assesement...if you want to improve your history take out a small loan and repay it a few weeks later in full. Best ensure there are no early repayment charges first though.
juststartin
8th Jan 2008, 15:53
yes it is bad. havin no credit means its probably just as hard obtaining credit as it is for someone who has a bad credit record.
As said above, to improve one record it might be worth gettin a credit card - spendin a couple of quid on it, then clear the balance - again ensuring you wont be penilised.
Obviously paying it straight away means no interest.
Nichibei Aviation
8th Jan 2008, 17:25
A bank doesn't only look at how well you paid your previous loans back.
It looks at the length of the terms as well, as that is directly proportional to its profitability.
A good customer for a bank is a customer that takes a long loan and pays it on time, everytime.
Try to look at foreign banks with offices in your country.
You may get a better deal.
ReallyAnnoyed
8th Jan 2008, 20:43
Banks operate differently in different countries, though. The majority of visitors here seem to stem from the UK, so the advice on banks should probably be taken mainly by UK based guys. In my EU country it will make absolutely no sense to make an overdraft on a creditcard and pay it back to establish a "credit history". Here it makes a much greater impact to actually talk to the bank guy who is not just a suit buried in a set of rules. However, bankers are cautious people here as well. Good luck :)
I was in the same boat with no credit history so couldnt get a loan. I got a credit card with the bank im with on one of those 9 month no interest deals. In the 9 months bought everything on it and just paid it right of again, with no charge. A few months later they contacted me and offered me the loan.