Why is it that when I was not in debt, the banks were not keen to lend me money or give me a credit card and now that I owe all over the place, I am always being offered credit cards and loans?
2006-08-31 20:52:24 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
you now have a track record ...........
it is ironic ............
cheers !
2006-08-31 20:54:23 · answer #1 · answered by BIGG AL 6 · 1⤊ 0⤋
The thing to remember about all bank and money lenders.
1) they want to know you can pay it back (thats where your credit rating come in)
2) if you pass the above they will lend more and more. This is not the fact that you are a valued customer but that you are a fat cash cow for them.
So if your getting lots of offers for loans its cause they think they can make lots of cash out of you.
2006-09-01 04:09:11 · answer #2 · answered by Mark E 2 · 1⤊ 0⤋
You need an established credit history to qualify for any loans or credit cards. Now that you are in debt, you have a credit history, and more companies feel comfortable loaning you money (esp. if you have been making your monthly payments on time).
2006-09-01 03:54:45 · answer #3 · answered by rita_alabama 6 · 0⤊ 0⤋
Good question.
Now that I'm paying out so much money on loans, everyone wants a peice of the pie, so to speak.
Apparently there is no limit to the payments I can make (or at least they think I think I can make)
2006-09-01 03:56:31 · answer #4 · answered by d h 3 · 0⤊ 0⤋
As said, your track record is good, however did you know that each time you apply for credit/loans overdrafts and you are declined this effects your credit rating.....
2006-09-01 04:00:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have a track record of honouring your debts and so they expect that your judgement will be good when it comes to the ability of paying off new debt.
2006-09-01 03:55:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It must be the fact that they can see that you are keeping up with your payments - you now have a track record that they are happy with.
2006-09-01 09:28:40 · answer #7 · answered by scallywag 4 · 0⤊ 0⤋
They are a bunch of Shylocks
2006-09-01 06:54:30 · answer #8 · answered by pixie 3 · 0⤊ 0⤋