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Credit Cards

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  • 30-05-2014 2:35pm
    #1
    Media999
    Registered Users Posts: 1,695 ✭✭✭


    Is it better to have a credit card that's always paid off or none at all? Is it like the states where people keep a backup card just to improve their credit score?

    Have none at the moment and have good savings and work but just wondering what's Ireland like with this compared to the states?


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Media999 wrote: »
    Is it better to have a credit card that's always paid off or none at all? Is it like the states where people keep a backup card just to improve their credit score?

    Have none at the moment and have good savings and work but just wondering what's Ireland like with this compared to the states?

    Completely different systems. Simply having a card does pretty much nothing here.


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    #3
    Media999
    Registered Users Posts: 1,695 ✭✭✭Media999


    So its makes no difference to your credit history if you can manage a CC but if you cant it does?

    Thats a better way to do it alright. Its just not that way in the States so i was wondering if here is the same.

    So we dont have a credit score as such we just have a history of loans etc.. Correct?


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    #4
    wonski
    Registered Users Posts: 13,685 ✭✭✭✭wonski


    Media999 wrote: »
    So its makes no difference to your credit history if you can manage a CC but if you cant it does?

    Thats a better way to do it alright. Its just not that way in the States so i was wondering if here is the same.

    So we dont have a credit score as such we just have a history of loans etc.. Correct?

    There is a credit scoring system, but they are more interested in your circumstances (salary / outgoings etc) than the credit history (unless you have missed payments in the past).

    I know few couples who had no credit history at all and have been approved for a mortgage / car loan without any hassle from the bank.
    No need to build a history like in the UK or the States.

    The only disadvantage of the system we have here is that there is more manual processing involved in application, and more paperwork to be provided. The online applications in UK were very handy - you could have a card in your hands without leaveing a house. They didn't even need my signature. Over here it is all manual.


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