Do all payday loans show on credit file?

Dano1311

MoneySaverLog wrote: »

Two different animals. One charges extortionate rates of interest. The other does not especially if its a 0% apr card or it's paid off in full each month

Yeah i know about the APR rates etc, its been cleared up now, i thought if people was aiming the bad money management at Payday loans as they have spent up before the end of month.

I have work colleagues who use the credit card as a sort of 'payday' loan from middle of month to pay off on pay day, and thought if the credit reference agencies saw payday loans as bad money management, then they may see continued use of credit cards every month as the same.

matttye

Dano1311 wrote: »

Yeah i know about the APR rates etc, its been cleared up now, i thought if people was aiming the bad money management at Payday loans as they have spent up before the end of month.

I have work colleagues who use the credit card as a sort of 'payday' loan from middle of month to pay off on pay day, and thought if the credit reference agencies saw payday loans as bad money management, then they may see continued use of credit cards every month as the same.

People recommend you only use 20-30% of your credit card balance and pay in full every month. If you nearly maxed out the card each month and only made minimum payments it might be frowned upon by some lenders.

stebiz

Much in the same way I think that if you have a Vanquis card or similar, that this flags up that you've had bad debts in the past. So rather than help build up your credit record I personally think with some lenders it actually destroys it.

UsetheFORCE

stebiz wrote: »

Much in the same way I think that if you have a Vanquis card or similar, that this flags up that you've had bad debts in the past. So rather than help build up your credit record I personally think with some lenders it actually destroys it.

As far as I am aware, lenders don't see who your credit card providers are, they might be able to guess if you have low limits but that is all???

stebiz

UsetheFORCE wrote: »

As far as I am aware, lenders don't see who your credit card providers are, they might be able to guess if you have low limits but that is all???

Mmm interesting. As a past mortgage advisor I could see everything and assumed the card companies had the same. Interesting thought and you may well be right.

SnowTiger

stebiz wrote: »

Much in the same way I think that if you have a Vanquis card or similar, that this flags up that you've had bad debts in the past. So rather than help build up your credit record I personally think with some lenders it actually destroys it.

Lenders who search your credit report don't see the names of creditors.

SnowTiger

stebiz wrote: »

Mmm interesting. As a past mortgage advisor I could see everything and assumed the card companies had the same. Interesting thought and you may well be right.

Perhaps, as you were working on behalf of the borrower, you had access to their copy of credit reports.