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8 minutes ago, ckn said:

On the credit record thing, that came from an article I read a while ago, can’t find it now though. This is what Experian have to say on the subject

"Usually, your score won’t be damaged by a payday loan, as long as you repay it in full and on time. There may be exceptions though: if a particular company sees payday loans negatively (e.g. because they believe payday loan customers are less reliable borrowers), then having one in your credit history could count against you."

I work for a credit risk company making scorecards. Beyond significant stuff (defaults, CCJs) nobody is bothered about what happened more than 1 - 2 years ago because the further in the past data is, the less predictive it is of future risk. This is particularly true for low-value, short-term lending. 

Edited by Saint 1
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33 minutes ago, Saint 1 said:

"Usually, your score won’t be damaged by a payday loan, as long as you repay it in full and on time. There may be exceptions though: if a particular company sees payday loans negatively (e.g. because they believe payday loan customers are less reliable borrowers), then having one in your credit history could count against you."

I work for a credit risk company making scorecards. Beyond significant stuff (defaults, CCJs) nobody is bothered about what happened more than 1 - 2 years ago because the further in the past data is, the less predictive it is of future risk. This is particularly true for low-value, short-term lending. 

And I’m an amateur know nothing so happy to be shown as wrong 😛 

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