PDL's and credit files

phoebesmum2105

Hi, can I just add, they do get put on Experian from Wonga, I know, lucky for me I managed to pay mine as well, so they do show up.

simon2010

No I am not looking at taking out any credit at all, I am looking to improve my credit rating and was wondering if the previous PDL's had helped screw it up, hence Q's.

Apart from a barclays loan (back in 2010) all of my payments are completely up to date.

malkyh

Well I don't think they ruin your credit, they could look good only in the way that it shows you paid on time. However, a lot of companies, even though you didn't default, will look on it as a desperate attempt to obtain quick cash, and that your finances must be poor hence needing the payday loan in the first place.

chanz4

I had for cashback, PDUK, Payday express, and another one cant think of the name. The PDUK shows on the file as a payday cash advance, can honestly say it has not effected me in anyway. I have RBS platinum 16.9 after it, tesco cant remember apr, halifax one.

DCFC79

Well think about it logically, if a lender eg lets say natwest sees x amount of loans from PDL companies it looks like you cant manage your money, living beyond your means etc. Depends on the lender though.

Experian_company_representative

There's recent Q&A on this on our website here. Hope this helps.

James Jones

KingElvis

They stand out like a spare pr1ck at a wedding and are about as popular with prime lenders as a turd in a jacuzzi.....

And lets be honest here, if you're having to resort to these things you're hovering on the edge of a financial abyss anyway so the credit score markdown is entirely accurate? Nobody takes these things for fun or for their good rates and outstanding customer service.

Hope that helps.

Elvis

jon_boy75

If it's a settled PDL and you have otherwise good credit, you should get through automated credit checks.

However, and here's the clincher, if you ever get referred to an underwriter and they see PDLs, they may have some internal policy about PDLs. This is purely my opinion, but 1 PDL is better than 2, which is better than 3, and so on.

If there are loads in your recent history, there's no way it will look good.

The key is to not use them again, get your credit in top shape so that you pass the automated checks.

For the purpose of a mortgage, that will always be considered by an underwriter, who won't look favourably on PDLs.

jon_boy75

I should add, that some lenders may start to check for PDLs as part of their automated scoring when assessing you for credit. So the loop will probabaly be closed soon