Wonga to build up credit rating?

KingElvis

Marked on your credit report as Payday Advance...ie, you can't make your pay stretch the whole month and are poor at budgeting.

If you saw that on someone trying to borrow your money what would you think? go figure.

alox123

Payday loans do not show up on Equifax. Not sure about the others. Although Wonga advertise their loans as helping build credit rating, it doesn't. Lenders, especially banks are wary of you.

gjs6385

I think it's safe to say OP has got the advice he wanted and has taken it on board.

malkyh

gazsharpe101 wrote: »

I think it's safe to say OP has got the advice he wanted and has taken it on board.

Next thread 'help, missed a payment on my Wonga loan'

anon_ymous

Johnmcl7 wrote: »

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.

Exactly. I really don't see the need for a loan except for a house or to set up a business

Bravehearted_2

TrueUnitedFan wrote: »

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

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.

I'm just going to say it.

You're a dumbass if you think the answer to the finer things in life is a credit.

Guess what, some of the poor chaps on the DFW/Bankruptcy board also thought the same. And obviously, most of them also had "outstanding credit rating" otherwise they wouldn't have been accepted for all that credit that they're now struggling to repay. But, boy did they enjoy those finer things.

Credit rating is useless if you don't live within your means.

DCFC79

I dont want to sound mean but if the OP wants to do it his way then let him do it that way and we may see him come back with problems with missed payments.

Johnmcl7

DCFC79 wrote: »

I dont want to sound mean but if the OP wants to do it his way then let him do it that way and we may see him come back with problems with missed payments.

Sadly based on the poster's previous posts I think you're probably right, I just find it genuinely worrying that someone would have the perception that they can only afford better items through using credit which not only costs more money but has many potential pitfalls which could end up with the exact opposite of enjoying the finer things in life.

John

skintdad

trueunitedfan - i managed to get myself in a lot of trouble with credit cards/loans/car finance which i started to get when 18 and as soon as i was working. i didnt really need them and wasted most of the money. i always thought my credit history was bad because halifax wouldnt give me a switch card so I applied for every offer that came through the post. at 21 yrs old i ended up with 4 credit cards, 1 loan (which i paid off with another and took more money) and a brand new car on hp. at the time my salary was £10k pa. i owed more than 1 years gross salary and was overcommitted. I eventually managed to pay it all off 10 years later! my CCJ drops off my file in september. I am now 33 and live in a rented house with my girlfriend and son. we can't get married until we can afford to and buying a house is the priority. we will need a £25k deposit. 20% of the £125k price for a nice first time buyer property where i live. roll back to 2001 when i thought i needed a brand new car and another couple of cards. that house would have cost me around £30k and the 5% deposit required would have been £1500. if i had saved 10% of my income every month from when i was working full time I would have had enough to pay the deposit and survey and legal fees when I was 21 and if i stayed in that house (not upgraded) i would probably owe around £15k on a house worth £125k paying about £200pm mortgage instead of the £600pm rent I now pay to my landlord.

sorry for the long post but this is the reality of wanting the finer things in life. good things come to those who wait. your credit score will be strong with just 1 credit card, 1 bank acc and 1 phone contract so long as they are paid on time every month. and try to save 5-10% of your income each month if you cant do that then you are wasting money on stuff you dont need. if i had been given this advice at 18 im not sure id have listened but if i had my username on this forum would be completely different

TrueUnitedFan

I'm sorry to say, but most of you are just two faced and far to critical. What credit i take out i know i can afford. I am quite sick of people saying, ''why don't you save up, instead of getting what you want on credit''

If credit was stupid, then companies wouldn't be offering credit. Credit wouldn't even exists for starters. As i said, anything i take out, i will be able to afford the repayments, and so what if credit means you might have to pay interest on things you take out. Life is a funny thing, no one knows if they will be alive the next day, people should live their lives as if the next day would be their last.

I know for a FACT. I won't miss any payments. My first credit direct debit bill came out yesterday and i know the there won't be any issue's regarding missed payments/not being able to afford to repay what i take out.

Even if i have to eat £1.00 meals for a whole month because i need to pay my bills , ect i will do it. If a company is kind enough to give me credit than i would make sure i fulfill my promise by keeping to the agreement and by paying them back.