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Having a payday loan will screw your credit rating


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Yesterday had an appointment with the personal banker with Barclays. They basically gave me a new bank account number etc to upgrade the account. Seems my credit rating now allows me extra banking goodies etc.

 

Talking to the chap and asked him what has a detrimental impact on your credit rating. He said the bank will allow two, he has known even three monthly missed payments a year with any of your credit account repayments.

 

What will kill your credit standing will be any payday loans on your credit file. The bank will not even consider you for anything for 12 months.

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Thread moved to the appropriate forum.

 

Regards

 

Andy

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CAG has been saying this for ages - you only have to look at some of the stikkies !

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Right so yes, as you may well know, we have been saying for a long time it would screw it.

Did you know that even applying for a mortgage, they will potentially decline you just for having used a PDL firm?? Even if you paid them back on time??!?!?!?!?!

Experian made a mention of this in their Q&A sessions.

 

Dont get me wrong, they dont screw it completely unless you default. But if you are looking at a high long term loan etc, Mortgage what have you, it may get declined anyway...

 

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Receptaculum Ignis

 

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Irrespective...should you really be considering a Mortgage if you have to use PDLs ? :???:

We could do with some help from you.

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