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Mark S

Wonga

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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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“Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the earth all one's lifetime" - Mark Twain

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