thinking of selling the type s.

Post by **Donald** » Thu May 21, 2015 8:52 pm

And by cycle I mean move it between several of your own accounts, cash only. e.g. withdraw cash from your CC, pay it into your current account, then the same in reverse.

Post by **Donald** » Thu May 21, 2015 8:53 pm

a bank isnt a hungry hippo why would that make a difference other than to make it look like he has a higher wage than he does?

That's the difference he wants to make, no?

mercutio · Post by **mercutio** » Thu May 21, 2015 8:56 pm

Donald wrote:And by cycle I mean move it between several of your own accounts, cash only. e.g. withdraw cash from your CC, pay it into your current account, then the same in reverse.

isnt there a legal term for that

mercutio · Post by **mercutio** » Thu May 21, 2015 8:57 pm

Donald wrote:
a bank isnt a hungry hippo why would that make a difference other than to make it look like he has a higher wage than he does?
That's the difference he wants to make, no?

nope he wants to improve his credit file not make it look like he is earning more than he is

Post by **Donald** » Thu May 21, 2015 9:02 pm

I don't think so. If you start it with withdrawing from a credit card it's all fully traceable and the bank can't prove jobby nor dictate what you do with your money.

All I'll say is I've done exactly what I've written in this thread, under advice from a well fed, well dressed person behind a big desk in a high street bank... they seemed to be doing alright and here I am, a student that's not had a steady job in years, yet I could get a mortgage tomorrow if I wanted.

mercutio · Post by **mercutio** » Thu May 21, 2015 9:04 pm

high finance eh

Turbomick1985 · Post by **Turbomick1985** » Thu May 21, 2015 9:12 pm

You could swap the type s for a cash and a Lude, then you would still be in the game

Post by **lewd lude lover** » Thu May 21, 2015 9:18 pm

Donald has it. Its calld account cascade.

Easy route to cracking credit rating:

open as many accounts as you have bills.

put all your wages into the first and pay the smallest bill. Mobile maybe..

Then cascade all the rest of your wages into the next account and pay the next smallest bill. Electricity maybe.

Carry on down the chain till you get to your biggest and final bill. Mortgage/Rent or something.

after all that you have had a thousand pounds move through 5 6 or 7 accounts each month. Thats what they like to see. cash, moving... As much as credit is for people without cash available the credit providers like to see people are cash flush before they give it. A true catch 22.

Anyway. cascade banking is not yet illegal and still a good way to have a massive movement of fluid capital 'seem' to move about the place. Better than selling off your pride and joy on a Q-whim....

@turbomick... ya'll aint driven a type s then... you know that saying ... once you had black?....

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Thu May 21, 2015 9:26 pm

Donald is right tbf, one lump sum into the bank doesn't sort things (in fact big lump sums attract attention from the pigs for potential money laundering) it's regular high turnover through it that helps - that's what they like to see. However I think Sam said the lump sum is to clear down the credit card.

Shiny · Post by **Shiny** » Thu May 21, 2015 9:44 pm

Regular payments and no missed direct debits is the best thing for your credit rating.

If your history is pretty good as far as no missed payments is concerned, if you have £2.5k to clear on a card, then put it on 0% finance (which will cost you about £50) and set up a monthly direct debit to clear it before the interest free period. Cancel Sky movies, Sky sports etc, cook at home and stop the takeaways/eating out and see where else you can save.

Lenders pretty much want to see that you have move savings than debts and a good history of paying on time. A ccj from vodaphone over a £15 unpaid bill will drokk things up.

The amount you can borrow is based on the deposit you have and how much you earn. You need to be able to prove you can pay the loan back, that's where good credit rating come in.