Credit Card for 18 year old with no credit

izools

There's a lot of myth around PDLs but some truth to it.

Whilst no one who performs a credit search on the borrower can see the name of the organisation the account is with, they can see the type of account.

Whilst most PDLs appear as "Loan" accounts, some appear as "Salary Advance" accounts; which does cause issues with some underwriters. Not many, however.

guesswho2000

Fruit_and_Nut_Case wrote: »

That's interesting; I didn't know that.

If this is the case, why do people say that taking out a Payday Loan is like a red flag on your report? (If only the loan is seen and not the lender.) Serious question.

Adding to Izools's post, does a PDL not show up as a different type of loan, short term loan or whatnot? This is what would flag to a lender, if so.

I can't comment for sure, as I haven't had a PDL however, what I guarantee, is that lenders will see a (normal) loan and pile of credit cards as "loan, card, card, card, card, etc" but not the lender.

They will see the balance and credit limit, obviously.