Response to How long does a repossession hurt your credit

What hurts your credit score is dealt with in an american site - see http://creditscoring.com/pages/timeline.htm Its huge and has loads of advice such as dont have too many or too few credit cards, do't make too many requests for credit and pay on time. There is also some evidece to suggest that many now believe that the whole credit scoring industry is simply a scam by the banks and building societies to set up a system where a spurious score is a pretext for what is known as 'variable pricing based on credit score' in other words if you can get people to belive that their debt is based on some mythical score you willl get them all obsessed with that whilst the real objective of setting up a system of charging different amounts for what is a basic loan can be set in concrete with no objection. There is no real reason why many people are refused credit/debt because you are as likely to be refused for the loan if you have neverhad any debts as you are if you have had lots. In fact the banks hate people who have no debts because they can't make anything out of them. Also they know if they refuse these people they are likely to react by handing over all their details to a bank to prove their bona fides something which they would never have done if the bank had refused them. The bank get what they really want from these people lots of juicy personal financial details which they can sell as lists to companies. Take my advice if you have no debts dont give all your private details to the banks just because they say no to the one time you apply for a credit card. Its just a ruse to get what they really want. They are never going to get money from debt that you will never run up. But they sure will from the info they sell.

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