Click here to close now.

Welcome!

News Feed Item

Parents Prevent Children from Developing Credit Histories: Asda Money Offers Quick Tips for Boosting Your Credit Record

A growing number of parents who are helping their children financially are preventing them from developing their own credit reports, Asda Money reveals.

LEEDS, UNITED KINGDOM -- (Marketwire) -- 11/17/12 -- Grown up children in need of a bit of money often turn to the bank of mum and dad for support, however, this could put them at a disadvantage in the long term as they fail to build up viable credit histories.

The list of financial responsibilities that parents take on for their children has continued to grow as the economy worsens. A number of individuals in their 20s and 30s are allowing their parents to pay for their phone bills, loans and credit cards: in some cases even mortgages are in the parent's name(i).

New research from Noddle (a credit report organisation)(ii) found that there are an estimated 7 million credit virgins who have never taken on any form of credit. This could make it difficult for them to apply for loans, mortgages and credit cards in the future.

A survey found that 40% of Brits in their 20s had no credit record, 18% of those in their 30s and a fifth (22%) of adults in their 40s also don't have credit records.

Two thirds of parents (63%) give their adult children financial support: handing over an average of GBP 3,632 in the last 12 months. A further one in 10 say they make monthly payments totalling GBP 240 to cover everyday living costs for their grown up children.

Credit companies often rely on credit reports to identify how risky or reliable a potential customer could be. Credit records are often looked at when someone is applying for a large financial product such as credit card, personal loan or mortgage.

Without any record at all in place, it can be difficult for lenders to paint a picture of the customer's financial habits.

Asda Money offers these three top tips on how to boost your credit record:

1. Register on the Electoral Roll. Lenders use this to see you are who you say you are and as a precaution against fraud.

2. Pay your bills on time - this will show that you are able to commit to a financial product and are credit worthy.

3. Build a credit history: no history of borrowing leaves lenders with no idea how you manage your repayments. Cashback credit cards could be a good place to start.

Notes to editors

(i)As reported in http://www.guardian.co.uk/money/2012/may/18/credit-virgins-struggle-build-borrowing-history?newsfeed=true

(ii)Research from Noddle https://www.noddle.co.uk

About Asda Money Credit Card


--  1% cashback on Asda shopping 
--  1% cashback at Asda filling stations 
--  0.5% cashback on all other spend using this card 
--  0% balance transfers for 12 months(i) 

Representative example:


Standard Purchases: 14.9% p.a. variable.                                    
Representative APR: 14.9% variable.                                         
Total amount of credit: GBP 1200.                                           
This is for illustrative purposes only and actual total amount of credit may
differ.                                                                     

(i)Balance Transfer Terms and Conditions: Balance Transfer fee of 2.9% (minimum fee GBP 3 per transaction) will be charged in respect of each Balance Transfer. Subject to account status. Account Terms and Conditions apply. You can Balance Transfer up to 80% of the available credit limit within the first 90 days of account opening. Balance Transfers from existing storecard accounts and loans issued by Creation Financial Services Ltd or Creation Consumer Finance Ltd and credit card accounts issued by Sygma Bank UK are not permitted. Minimum value for Balance Transfer is GBP 50. At the end of the promotional period you will be charged the Standard Rates of Interest in accordance to your Account.

Asda Money is a trading name of Asda Stores Limited. Asda Stores Limited uses a selection of companies to provide its products and services. Please refer to www.ASDA.com/money for details of our product partners and the relevant terms and conditions for each of our products and services.

Subject to status. Applicants must be aged 18 or over and UK resident (including Isle of Man and Channel Islands). The Asda Money Credit Card is issued by Sygma Bank UK, a Creation Group company, Chadwick House, Blenheim Court, Solihull B91 2AA.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
"The idea of polyglot persistence is you have to apply the right database for the job - you always have to have many different databases in play. We offer that whole system as a service," explained Raj Singh, Developer Advocate for IBM Cloud Data Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In his session at 16th Cloud Expo, Simone Brunozzi, VP and Chief Technologist of Cloud Services at VMware, reviewed the changes that the cloud computing industry has gone through over the last five years and shared insights into what the next five will bring. He also chronicled the challenges enterprise companies are facing as they move to the public cloud. He delved into the "Hybrid Cloud" space and explained why every CIO should consider ‘hybrid cloud' as part of their future strategy to achie...
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desk...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ ...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...