We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

taking out a small loan

sam222
sam222 Posts: 138 Forumite
Part of the Furniture 10 Posts Combo Breaker
hi there

If my wife take out a small loan (£1000) from pay day loan company and repay it in 4 weeks does it help for her credit rating, is her credit report show this?
Many thanks

Comments

  • Apples2
    Apples2 Posts: 6,442 Forumite
    No, no, no no and err no.

    They don't often get reported until they fall into default.

    Why would it help a credit file if the whole purpose is to help those who are unable to support themselves from one month to the next?

    Why would you want to pay a large chunk of your own money just to improve a credit score? You can do this quite easily without taking on debt.
  • McKneff wrote: »
    Your post has been repored for abuse and offensive language.

    Temper, temper..............

    Did you actually take offence to what he said?

    His post made a valid point and one that needs to be made more often to people that just come her to poke fun and mock people that aren't as aware about finance as them.

    Fair enough, you don't need to use censored swear words, but I find it hard to see how someone would take offense to the post. Wish I could un-report
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    tonkinator wrote: »
    Did you actually take offence to what he said?

    His post made a valid point and one that needs to be made more often to people that just come her to poke fun and mock people that aren't as aware about finance as them.

    Fair enough, you don't need to use censored swear words, but I find it hard to see how someone would take offense to the post. Wish I could un-report

    The poster could have worded his anger better, it was the wording and content of the post. I did take offence at that and the c word, censored or not. We all know what it was. Forum rules are there for a reason.

    Absolutely no need for it.
    Anger gets you nothing but an ulcer.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • DCFC79
    DCFC79 Posts: 40,614 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 21 June 2012 am30 11:55AM
    tonkinator wrote: »
    Did you actually take offence to what he said?

    His post made a valid point and one that needs to be made more often to people that just come her to poke fun and mock people that aren't as aware about finance as them.

    Fair enough, you don't need to use censored swear words, but I find it hard to see how someone would take offense to the post. Wish I could un-report

    No need for ronson to chuck his toys out of the pram is there.

    In fact dealer wins has a point
  • If the best way to get someone to take your point on board is to belittle/mock/partonise, then I'd see the point in the post.

    Unfortunately most people will just ignore anything that they feel is attack on them.

    Posting what could be argeud as valid advice in a post that has a pop at someone will never get taken on board.

    @McKneff - didn't meen to come across quite so shouty, just didn't think it needed reporting, i do take your point abouit the rules being there for a reason though.

    I think we can all agree on one thing though, the OP shouldn't get his wife to take out a pay day to make their credit score better
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Did I miss being called a cu next Tuesday.

    Almost as outrageous as a payday loans APR!!!
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I despair, I really despair.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Pay day loans will destroy your credit rating not improve it.

    That is all I have to say on this thread.
  • tonkinator
    tonkinator Posts: 103 Forumite
    Payday loans that are paid in full after a month will make little difference to your credit score.

    Your credit score though, makes up only a small part of a lender's decision on whether to offer you credit, some of them won't even look at the number.

    How you manage your accounts is more important.

    If you've got 3 credit card accounts on your file, all with high limits and balances of £0 outstanding, and you apply for another credit card, they may view you as unlikely to to make them money and not lend.
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Jesus wept
    "We want the finest wines available to humanity, we want them here, and we want them now!"
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.