Wonga, Peachy, Sunny - Credit Rating query

creditcardnewbie

Hi Guys,

Apologies if this has been posted before but I could not find anything on it when searching.

I have been using Wonga, Peachy and Sunny loans recently - over a period of the last six months. It was a time of desperation for me and I felt I had no alternative at the time. However, my credit rating seems to have taken an awful hit for using them - despite paying them all off early.

I am now in a situation where I thankfully no longer require these types of loans and will be doing my utmost never to be in a situation where I will require them again. My question is this though: How long do you think it might take for my credit rating to recover from using these loans? I have never missed a payment in my life on anything and will continue to keep it this way.

Many thanks in advance for any thoughts you have,

creditcardnewbie :beer:

DCFC79

Who knows but your credit rating eg the number doesn't exist, lenders don't even see it but what they do see is whats on your file, if they see pay day lenders they might think you cant budget.

Who knows how long it will take to recover, Id say more than a year.

If you were wanting a mortgage at some point you might be better off putting it on hold.

TadleyBaggie

6 years before they drop off.

andyfromotley

I have read a number of times on here that most lenders will auto decline with PDL's in the last three years. The odd one or two mention companies that only do so for a year. I guess getting a straight answer to this will be impossible but i hope that give you some idea of the timescales that i have READ about.

creditcardnewbie

andyfromotley wrote: »

I have read a number of times on here that most lenders will auto decline with PDL's in the last three years. The odd one or two mention companies that only do so for a year. I guess getting a straight answer to this will be impossible but i hope that give you some idea of the timescales that i have READ about.

Thank you Andy. I appreciate your feedback.

You are right - there will be no clear cut answer to this. But, your reply is what I was looking for. I did see on one website that a loan company asked on their application form how long ago PDL's were used and it was up to a maximum of 12 months.

That is very interesting that some companies auto decline up to 3 years. I will probably be looking at getting a mortgage in 3 years time so could be good timing (hopefully).

Many thanks again,

creditcardnewbie :beer:

creditcardnewbie

DCFC79 wrote: »

Who knows but your credit rating eg the number doesn't exist, lenders don't even see it but what they do see is whats on your file, if they see pay day lenders they might think you cant budget.

Who knows how long it will take to recover, Id say more than a year.

If you were wanting a mortgage at some point you might be better off putting it on hold.

Thank you DCFC for your reply.

I will be holding off for a while now. I will be looking to apply for a mortgage in 3 years or so.

Hopefully I will be in a better position then.

Thanks again,

creditcardnewbie :beer:

[Deleted User]

Call me blonde but are 2 of the lenders deemed specifically 'payday' lenders?! I'm also of olden days with the PDL's except wonga who once declined me back then!) though not hit with same stick so I think after couple of years it eases

Anyway Nationwide are apparently most approachable at the mo if you can raise more then the 10% deposit and everything else PERFECT, not sure if I believe the claptrap or what to make of it now but interesting what you say, I've often wondered what to make of it when there has been one lender put that I had taken the 'fullest' time to repay when I wouldn't have but then another time gets 'unclassified' on the report so it seems to have evened out at the mo whilst appreciate that could change, I never know where I am !! somewhere something does not stack up so nothing guaranteed I've yet to find someone with the b*lls to declare that all the bad things long term are due to this type of lending now so I'm really unsure, more then I ever was, actually :cool:

enfield_freddy

TadleyBaggie wrote: »

6 years before they drop off.

umm , that is a default , the OP paid on time and has no outstanding credit or connections with them now

TadleyBaggie

enfield_freddy wrote: »

umm , that is a default , the OP paid on time and has no outstanding credit or connections with them now

No, they will stay on his record for 6 years after they were settled. The 6 year limit is for everything, good or bad.

enfield_freddy

ok , weird , I had credit on 2 insurance policies (car and a bike) last year , paid up in full , don't use them this year ,


they do not show on any of the 3 sites.


as they were paid in full

TadleyBaggie

On my report I see a satisfied loan from 2010. Strangely I also see my old mortgage that was paid off in 2008. Never seen any insurance entries though even though in the past I have paid monthly. Searches however do drop off sooner than 6 years.