Wonga to build up credit rating?

Emmzi

PDL = warning sign to mainstream lenders.

all of yur questions have been answered on this board time and time again. There is a search function. Upper right.

DCFC79

Whats with this urgency/fascination about your credit rating, just keep your bank account in the black and keep paying the monthly payments on a phone contract. Are you still on probation in your job?

StrangelyBrown

Fiddlestick wrote: »

It's marked on your credit file with some of the lenders.

This thread suggests otherwise - can anyone provide a definitive answer (with a source)?

TrueUnitedFan

Apples2 wrote: »

It isn't that nobody has answered your actual question, it has been answered already, it is the fact that you haven't had the answer you WANT

It won't help you and it is a stupid thing to do.
Ignore me as well if you like, keep asking until someone tells you it is a great idea

I've taken what you said on board. :mad:

malcolmffc wrote: »

You already have a sub-prime credit card to build your credit rating - that's all you need.

Do you even have an income? If not, why are you applying for credit?

Of course i have an income.

DCFC79 wrote: »

Whats with this urgency/fascination about your credit rating, just keep your bank account in the black and keep paying the monthly payments on a phone contract. Are you still on probation in your job?

The reason why i want to build up my credit rating is because i want the finer things in life, like anyone else! :rotfl: Also, i would like to get on the property ladder in 2 - 3 years time, have a nice car ect.

To get all of this, requires an outstanding credit rating.

Thankfully, i'm no longer on probation, i've got the job full time.

I will do, i've got the phone contract, as well as vanquis so i'm going to make sure everything is in good order, as well as make sure I never miss a payment, ect.

I also believe this what someone else said also in another thread.

They can't see who you have accounts with as it comes under the data protection act so all they see is credit card currant account

cif85

OP - I have had a PDL from Wonga in the past. It shows up on your credit file as something along the lines of "Advance against pay" (or something very similar.) You're right, it doesn't give you data on who lent you the money, but it will be clear that it is a PDL. Anyone who searches your credit file will see this. It will be there for six years for all to see.

If you want a mortgage, they will got through your file with a finetooth comb and question you as to why you had to take out a PDL.

Just don't do it. Listen to ths advice you've been given - stick with the credit card, pay it off in full every month, keep your bank account in the black, pay your phone contract on time - then you will be seen as creditworthy. You will not have an "outstanding credit file" with a PDL sitting on it.

DCFC79

Go with wonga if you want but dont come back moaning if it hasnt gone to plan.

TrueUnitedFan

cif85 wrote: »

OP - I have had a PDL from Wonga in the past. It shows up on your credit file as something along the lines of "Advance against pay" (or something very similar.) You're right, it doesn't give you data on who lent you the money, but it will be clear that it is a PDL. Anyone who searches your credit file will see this. It will be there for six years for all to see.

If you want a mortgage, they will got through your file with a finetooth comb and question you as to why you had to take out a PDL.

Just don't do it. Listen to ths advice you've been given - stick with the credit card, pay it off in full every month, keep your bank account in the black, pay your phone contract on time - then you will be seen as creditworthy. You will not have an "outstanding credit file" with a PDL sitting on it.

Thanks for this, i won't bother with it. You've made me realised sense!

cif85

TrueUnitedFan wrote: »

Thanks for this, i won't bother with it. You've made me realised sense!

No problem

Johnmcl7

TrueUnitedFan wrote: »

The reason why i want to build up my credit rating is because i want the finer things in life, like anyone else! :rotfl: Also, i would like to get on the property ladder in 2 - 3 years time, have a nice car ect.

To get all of this, requires an outstanding credit rating.

.

Aside from the house it doesn't, in fact it costs you money to do it that way. If you save up money you can buy a car and the 'finer' things and the bank pays you interested. If you take out loans to pay for the items instead you pay the interest.

tell_it_how_it_is

Do the traditional thing and save for now, and only start thinking about taking credit as and when the need arises.

Use your teenage years for enjoying yourself, not getting hung up on boring issues like this.