past PDLs on credit report

chanz4

Im going to disagree, I had a pdl for the cashback from payday uk via quidco. I have had zero issues obtaining good rate loan and credit cards.

I think the companys are looking at those that reguarly use them.

Brains64

chanz4 wrote: »

Im going to disagree, I had a pdl for the cashback from payday uk via quidco. I have had zero issues obtaining good rate loan and credit cards.

I think the companys are looking at those that reguarly use them.

Yes, you're quite right and the OP said this anyway, they were asking 'say you have had quite a few in the past but not had one for 2-3 years' etc, I doubt if your bank or any other company will make a fuss over one payday loan you took out recently or even less years ago, that would be pedantic to a point of the ridiculous.

Archer0710 wrote: »

Sorry to take this off topic a bit but just to clarify...

Is there a time limit for this or are banks saying that's it full stop?

For example if a person takes a PDL loan today then they are disqualified for a mortgage in say 5 yrs whatever circumstances they are in then?
If so that's one hell of a kick in the teeth.

It would indeed be one hell of a kick in the teeth, it would also be unreasonable and unrealistic in this economic climate for banks to be looking for someone who wants a loan yet expect that same someone to have this perfect credit history so I think that despite what they say they will have to compromise sooner or later, say, allow one or up to two PDL's on a credit report so long as they have been repaid that would be much more down to earth, not allowing any is pie in the sky.

DevCoder

Why would a bank lower its private client lending criteria which has a higher risk when they wont lower their interbank criteria which has a far lower risk?

The latter needs to happen first for the lending freeze to start to thaw, then the former might start to happen.

DevCoder

Archer0710 wrote: »

Sorry to take this off topic a bit but just to clarify...

Is there a time limit for this or are banks saying that's it full stop?

For example if a person takes a PDL loan today then they are disqualified for a mortgage in say 5 yrs whatever circumstances they are in then?
If so that's one hell of a kick in the teeth.

No there isn't a time limit, there is no universal fixed lending criteria scoring when PDL's are on your report. Other factors (quite a few) are also taken into account.