omg!! how long does it take?

purplerose

A default will remain on your account for 6 years regardless if the account was settled or not. If you defaulted in December 2007 it will be December 2013 before this clears from your credit file. This default is the most likely the reason why you cannot get the overdraft.

When I defaulted I was able to get catalogue accounts and a mobile phone but no credit card, loan or overdraft facility was available to me unless I wanted to go with a company with horrific interest rates. I would advise against using money with high interest attached as they are not worth it.

Browntoa

fozmcfc wrote: »

Taking out a loan with Wonga, could well have been a mistake. Someone posted on the loans or credit card section of the forums the other day that their bank refused them credit and highlighted the Wonga loan.

Payday loans are generally taken by those who are struggling for money. Anyone managing their money, would have a buffer for emergencies and wouldn't require a payday loan.

I agree , appears if they see Wonga on your credit report then they assume the worse and think you are struggling financially

Enfieldian

Browntoa wrote: »

I agree , appears if they see Wonga on your credit report then they assume the worse and think you are struggling financially

Interesting variance in alleged Bank responses on this...

Some say "We can't discuss it due to Data Protection blah blah" others appear to say "You can't have a loan or overdraft from us because you got a PayDay loan from Wonga"

Which is it?

Browntoa

not sure , only going from what other posters have said

fozmcfc

Defaults should have less of an impact the older they get, particularly settled ones.

Best place to build up credit trust, is sub prime credit cards, such as Vanquis, Aqua, Capital One, Barclarycard Initial.

Also catalogues accounts.

Of course there are 3 credit reporting agencies (Equifax, Experian and Call Credit), possibly the default is only registered on one and therefore some companies may not search that particular credit reporting agency.

Some companies won't touch people with defaults settled or not, others maybe less lenient.

In all cases of course sometime people just won't meet a companies criteria at all. I don't seem to match any of the companies which Santander's now owns for instances. I have only ever been refused credit twice in 20 years and both times it has been by companies now run by Santander.

patman99

Banks hate Wonga and they hate Zopa (better than Wonga by a country mile) as they usually (or in the case of Zopa, always) provide loans at rates the main Lenders would not want you to know about.

Lokolo

Chie wrote: »

This is more of a long-term thing...

Overdrafts aren't a longterm borrowing option, they are a short term.

They also could be basing the overdraft on an internal rating, which can be made up of how much money is going through your account each month, how much you spend on card compared to getting cash out of the wall etc.etc.

dmg24

Chie wrote: »

It would take too long to save up the £200.


I have a buffer in the form of shares in two companies that I could sell at any time - if I really, really had to - but would obviously prefer not to as the shares pay a dividend and are going to increase in value over the coming months and years. See what I mean, you can't generalise, because everyone's circumstances are different, yet they do. They just take one look at your 'poor' rating which relates to something that happened once three years ago and say no!!

Stuff them.

Will they? Please let us know which company offers a guaranteed increased in share value!

gordikin

Using Wonga and thinking your credit score is ....what?

missile

You cannot clear your credit card balance and attempting to borrow more money.

I do not understand your logic. Why are you holding shares? Dividends are not guaranteed. There is no guarantee that share values will increase.