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  • FIRST POST
    • Jen468
    • By Jen468 25th Jul 17, 3:35 PM
    • 1Posts
    • 0Thanks
    Jen468
    Will a provident loan affect getting a credit union loan?
    • #1
    • 25th Jul 17, 3:35 PM
    Will a provident loan affect getting a credit union loan? 25th Jul 17 at 3:35 PM
    Hi, just wanted to know if having a provident loan that has been paid off for a while now will affect my ability to get a credit union loan? Thanks
Page 1
    • zx81
    • By zx81 25th Jul 17, 3:40 PM
    • 14,394 Posts
    • 15,186 Thanks
    zx81
    • #2
    • 25th Jul 17, 3:40 PM
    • #2
    • 25th Jul 17, 3:40 PM
    Lenders will review your history and take their own view.

    Recent loans may concern them, or it may not.
    • tuesdayweld
    • By tuesdayweld 11th Aug 17, 5:32 PM
    • 23 Posts
    • 5 Thanks
    tuesdayweld
    • #3
    • 11th Aug 17, 5:32 PM
    sagacious suspence!
    • #3
    • 11th Aug 17, 5:32 PM
    I have had a provident loan a few times in the past and now repaying my current one a month early. I was quite astonished however that one loan I took out with them (before current one), got an immediate negative credit score despite also paying that back early too .


    I emailed them about the negative credit score they placed on my credit file and advised them to please remove it, especially as no reason for it and they gave me a nice rebate of interest on that loan. No explanation for the bad credit score yet not checked it since I reported it.


    Not at all trying to concern you, yet would first see what Provident score is on your credit file before applying for a different loan with other creditors. Something else I recently discovered: Searching for loans online with ANY lenders does impact credit ratings (whether or not you are successful) does feature on your (in-depth credit file) and remains there until you ask for it to be removed by those lenders!.
    • Tarambor
    • By Tarambor 11th Aug 17, 6:02 PM
    • 1,755 Posts
    • 1,202 Thanks
    Tarambor
    • #4
    • 11th Aug 17, 6:02 PM
    • #4
    • 11th Aug 17, 6:02 PM
    I have had a provident loan a few times in the past and now repaying my current one a month early. I was quite astonished however that one loan I took out with them (before current one), got an immediate negative credit score despite also paying that back early too .
    Originally posted by tuesdayweld
    If by negative score you mean your score went down, Provident have no control over that. The reason it went down is that you went with a sub-prime lender. Provident, Shopacheck are regarded in the same way that Payday loans are and it massively harms your credit history to have any of those appear on it regardless of the fact you paid in full and never missed any payments.
    • venison
    • By venison 11th Aug 17, 10:51 PM
    • 1,358 Posts
    • 1,447 Thanks
    venison
    • #5
    • 11th Aug 17, 10:51 PM
    • #5
    • 11th Aug 17, 10:51 PM
    Remember your credit score means nothing to lenders they never see it, its meaningless.
    How many times does this have to be said on here ???
    I am now a Board Guide on the Credit card board and the Loan board and Benefits board (But give me time to learn the ropes thanks).
    • Richey_
    • By Richey_ 12th Aug 17, 6:22 AM
    • 288 Posts
    • 325 Thanks
    Richey_
    • #6
    • 12th Aug 17, 6:22 AM
    • #6
    • 12th Aug 17, 6:22 AM
    I have had a provident loan a few times in the past and now repaying my current one a month early. I was quite astonished however that one loan I took out with them (before current one), got an immediate negative credit score despite also paying that back early too .


    I emailed them about the negative credit score they placed on my credit file and advised them to please remove it, especially as no reason for it and they gave me a nice rebate of interest on that loan. No explanation for the bad credit score yet not checked it since I reported it.


    Not at all trying to concern you, yet would first see what Provident score is on your credit file before applying for a different loan with other creditors. Something else I recently discovered: Searching for loans online with ANY lenders does impact credit ratings (whether or not you are successful) does feature on your (in-depth credit file) and remains there until you ask for it to be removed by those lenders!.
    Originally posted by tuesdayweld
    So many inaccuracies

    Your "score" is s made up marketing gimmick which provident have no way of manipulating. They gave you the rebate as you as a regular customer and they want to keep you happy by making you think you are in the right, they are great and you will remain loyal to them. You could have complained about the colour ink they use in correspondence and you would have received the same outcome.

    The reason why your made your made up number that's a marketing gimmick, you can also,call your score dropped significantly when you took out a provident loan is they are essentially a pay day loan, a sign of desperation to other lenders because nobody else will lend to you. Advice - stop with these kind of loans, let time heal your credit history and then if absolutely necessary then use a mainstream lender who will charge as low as 3 % Apr not the average 535.3% Apr provident charge.

    Only hard search loan searches show on your credit report searches to other lenders, if you do a soft search through say MSE then although you can see it, nobody else can.

    Any hard searches remain viewable for 12 months from the search, not until you ask them to remove.

    FInally make sure you are not paying to see your credit reports, Experian charge £14.99 to daily access the made up number. All three credit agencies full history can be accessed for free...

    Last edited by Richey_; 12-08-2017 at 6:25 AM.
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