- Personal Finance»
- Managing Credit Cards & Payment Options
Is there such a thing?
Free credit? if only. The idea that somebody will give us something for free, without charge, is something that I wish would happen but in reality it rarely does. But we can have free credit with some things in life. What made me think of this free credit that may be available on some things was when I was visiting the library. I get my books on free credit, although I have lost one or two over the years so they have ended up costing me money but they were given to me with free credit. As long as they were returned on time and in the same condition.
The Most Widely used Source of Free Credit
Friends and Family
One of the best sources of free credit has to be family and friends. How many times have you borrowed something of a mate with the promise of paying them back at a later date. Its rare they ask for a return or profit on what they are giving you. You usually only pay back what you borrow. We are constantly borrowing when we are younger from our parents, well I know I did. It would be very tight parents that insisted that they made a charge on what they lent their son or daughter.
Lets have a look at some other sources of free credit
I suppose the availability of free overdrafts (if you can get one that is) can be classed as giving us free credit, they allow us an agreed amount of money to be borrowed after we reach the point of having $0.00 but it usually involves a cost in the long run.If you can get an overdraft without paying anything you are either very close to your bank manager or there has been a mistake by the clerk, but i have been given a free overdraft in the past. Many years ago i must add. The banks are not my favorite subject at the moment as I was overdrawn by a small amount recently and I ended up paying 5 times more that i was overdrawn. Ridiculous but true. So i guess this overdraft came with no "free credit"
Cars and trucks
There are a lot of free credit deals around with cars and trucks at the moment. I have seen a few deals where you don't pay a dime for the first year and then 0% interest over a fixed period of time. Its like the vehicle company are giving you a free interest free loan. Its a great way to buy a new car as you end up paying no more over the fixed term than you would do if you paid upfront for the motor. This really is free credit if you can get a 0% deal.
These are some of the most widely available free credit deals available that i know of. The best deal I have seen was one where you bought the sofa and after a fixed 10 year period they gave you you're money back. I guess they were assuming nobody would save their proof of purchase receipt. Many people did and true to their work they did pay out. Whether or not this worked out as a good deal I don't know but it certainly gave them headline news at the time and later, 10 years in fact, when a surprising amount of people came forward and showed how well you can look after something when it really matters.
Credit report agencies
Having a free credit report seems to be one of the most widely publicised "free credit" advertisements around at the moment. I would always advise being aware of your credit score but do they really come for free. Often you can have a 30 day free trial of a credit report, but once you've seen your credit report why would you pay for it if it was given to you for free. So the term free credit report usually involves either giving them your credit card details first in the hope that you don't cancel within the "free" 30 day period or an email address, which means that you go on a mailing list that gets sold on to everybody selling everything from stocks and shares to "how to become a millionaire in 3 easy steps" This is not always the case though to be fair. There are good reputable credit firms that do offer free credit reports. If you do accept a free credit report always check whats in it for the company supplying the free report and always try to have a 3 credit score report to check all available information held on you..