Wonga to build up credit rating?

skintdad

you can afford it but you dont need it is what people are trying to tell you. you want the payday loan to help build your credit score. your score will be fine with what you have already.

keeping to the agreements by eating £1 meals for a month is fine. try 5 years of it, and not having money for socialising etc. its a boring and quite depressing existence (its 5 out of the 10 years because my wonderful parents realised how unhappy i was and got a loan for me to consolidate)

CHR15

TrueUnitedFan wrote: »

If credit was stupid, then companies wouldn't be offering credit. Credit wouldn't even exists for starters. .

I really think you are beyond all help. Only by reflection, will you understand how daft you are being.

Credit exists for one reason, and one reason alone. It is VERY profitable for those who provide it.
They make massive profits from people who want the finer things in life, without the ability to save for them first.

Imagine how great life would be if you could walk up to Mr X, give him £20 and he gives you £25 back. It would be brilliant.

You are Mr X.

How long can you keep doing it before you completely run out of money?

trickycomper

Wonga short term loans shows up negatively. Check your credit score on CreditExpert, you will see negative points, one of these will be short term loans

tell_it_how_it_is

TrueUnitedFan wrote: »

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.

Not two-faced, just trying to help, but you're seemingly too blind to see it. Why cost yourself money when you don't have to?!

Bar my house and my first car, I've never paid for anything on credit. Nothing big or clever about that, but I feel happier knowing that while I was saving for the other stuff, I was accruing interest, and not paying someone else lots of additional money just for the privilege of having it that little bit sooner.

TakingControl

TrueUnitedFan wrote: »

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.

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.

I am sure many of us a tad older once thought exactly the same, I certainly did and I have 1 more year left to clean up my mess before I can start living again.

It starts with sure I can pay, then comes a unexpected bill and one uses the credit card to pay for this. Or that holiday with all the friends which is cheap and yep on the card as after all, that's what its for right, the good old flexible friend.

I wish I would have gotten to the state of 'save and buy' many years ago, I would now be far better off, in fact nearly £800 a month better off.

If you keep telling yourself the above, I garantuee you in a few years time you will be struggling and certainly not looking at a mortgage as after all, any debts will be offset against the amount you can borrow.

anon_ymous

TrueUnitedFan wrote: »

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

Are you trolling? First you say that you've seen sense and then say the following:

TrueUnitedFan wrote: »

I'm sorry to say, but most of you are just two faced and far to critical.

Two faced? No
Far too critical? Probably. I'd rather be critical about something than get in to debt

TrueUnitedFan wrote: »

What credit i take out i know i can afford.

Then use a normal credit card, like a debit card, like I do. Pay it off in full at the end of the month,build your credit rating up and you've got a good score. Easy

TrueUnitedFan wrote: »

I am quite sick of people saying, ''why don't you save up, instead of getting what you want on credit''

Sorry to point out the obvious but these forums are called the money SAVING expert. It will save you much more money by saving up to buy something, instead of paying for everything on credit and then of all things, using a PDL.

TrueUnitedFan wrote: »

If credit was stupid, then companies wouldn't be offering credit. Credit wouldn't even exists for starters.

Credit isn't stupid, but it's designed to get as much money from people as possible. Even reward credit cards incentive people to buy items with it so that they get in to debt and owe lots more to the to the lender. Let's put it this way, if it wasn't for the fact that I'll need good credit to get a mortgage or to get a cashback/rewards credit card, I wouldn't have one. Even, with regards to the mortgage, it would be nice to pay up front

TrueUnitedFan wrote: »

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.

If you can afford the repayments, but can't afford the item in itself is bad money management. If you can afford the item outright, then it'd cost less to buy it rather than having it on finance/credit

TrueUnitedFan wrote: »

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.

Im being pedantic here, but I can imagine if you lived your life as if the next day is your last, you'd spend it on family/friends and not on material things. I mean why buy a brand new TV if you know for certain you're going to die tomorrow?

TrueUnitedFan wrote: »

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.

Then DON'T use a PDL!

TrueUnitedFan wrote: »

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.

I'm assuming that you're earning at least the minimum wage and are working full time, but correct me if I'm wrong, and as you're young you probably won't have a partner or kids, but again correct me if I'm wrong

After tax and NI, you should have £8,965.84 for the year/£747.15 for the month/£172.42 for the week

That is enough to live off. OK, so may be you can't afford an Audi or a top range BMW or a Mercedes etc... but it really is enough to live off.

I live on loans/bursaries from student finance and the uni which gives me an "income" of 7.7K/year, which currently gives me around £140/week after rent has been taken.

Next year, Ill have slightly less due to my rent's contract being longer

I'm no where near my overdraft, and it's still set at zero. I have a credit card, but it acts like a debit card. I really don't see why you need a PDL unless you can't manage your money.

I know others who get the exact same amount as me, and have blown everything, and one person who is already in their overdraft (bearing in mind that we got "paid" on 09/01/12)

It's also not too hard to make meals under £1 as well, or at least £2. The company isn't "kind enough" to give you a credit card. If they think that you are not a risk to their profits and will make them quite a bit of money, they'll accept you

DCFC79

The OP is one of a kind and provides enjoyment.

Emmzi

TrueUnitedFan wrote: »

If credit was stupid, then companies wouldn't be offering credit. Credit wouldn't even exists for starters.

Like tobacco?

buttscratcher

A couple of months back, James O Brien discussed pdl's on LBC when the eye watering aprs had made the headlines. Most of the radio phone in was taken up by callers echoing the majority view on these forums- ie stay clear of the pdl debt spiral/how awful/loans sharks etc etc.

Then a lady called in who supposedly was in a household where they had a 90k plus income. She had been listening and felt that she had not been represented fairly. Her argument was that although she lived well and her family could afford holidays and had cash tied up in various forms, she found pdls to be useful on the odd occasion where her expenses didn't meet ends.

She liked the idea of being able to borrow a couple of hundred for a few days and pay a tenner for the service. In her view it was a better deal than exposing herself to having a credit card where she admitted she couldn't trust that she wouldn't end up with a huge balance.

Now I would argue you could rack up a debt just as easily with various pdls as you could a credit card balance but maybe there is a market for the middle class pdl fan?! Lets not forget the news stories about the up-market pawn shops that took ferraris and rolex watches in from very high earners who were also in need of some short term cash! :eek:

http://news.sky.com/home/world-news/article/16152037

in the uk: http://blogs.wsj.com/wealth/2012/01/04/pawnbrokers-to-the-rich-boom-in-britain/

Poosmate

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.

lol you know he'll be back with some other financial dilemma within a couple of weeks whether he follows advice on here or does his own thing anyway!