Paid weekly in cash, affect credit rating?

Dearbecks_2

Hello

I have just been offered a new job, which pays weekly by cash. In my current job I'm paid monthly via BACS. Does the fact that my employer is not paying directly into my current account have any bearing on my credit report/rating? Thanks.

andyfromotley

not really CRA don't know how much you earn.

There is some reporting on bank account balances but i don't know the ins and outs of this so i can't comment. But no, your pay and method won't impact your Credit report.

The_Boss

The account balance is updated each round (assuming the account is reported on the credit file) but the lenders cannot see how much has been paid in or taken out as such, just the difference at the time of each update.

It's the tax man that may be more interested in the new payment method than the CRAs

stclair

It might just hinder your ability to get lending from your current bank.

GingerBob_3

I think only negative balances are shown on current account data. CRAs also harbour current account turnover data, but it's unclear whether or not weekly payments would show up as such in this data. It's also unclear who gets to see this data (you don't get to see it yourself, unless you file a Subject Access Request), but it probably gets accessed by a range of organisations if you apply for credit.

happy_bunny_2

I can see it affecting your current bank, as if you asked for a loan, they would likely like to see your salary being paid in.

20aday

happy_bunny wrote: »

I can see it affecting your current bank, as if you asked for a loan, they would likely like to see your salary being paid in.

Would this lead to being quoted higher rates on loan repayments in terms of APR out of interest?

I only ask as I am paid weekly in cash and manually pay this in myself at Lloyds.

Thanks.

happy_bunny_2

20aday wrote: »

Would this lead to being quoted higher rates on loan repayments in terms of APR out of interest?

I only ask as I am paid weekly in cash and manually pay this in myself at Lloyds.

Thanks.

Maybe.

Although, if it's always paid in, may be better.

May need to produce wage slips also if not paid into account.

clueless1807

GingerBob wrote: »

I think only negative balances are shown on current account data. CRAs also harbour current account turnover data, but it's unclear whether or not weekly payments would show up as such in this data. It's also unclear who gets to see this data (you don't get to see it yourself, unless you file a Subject Access Request), but it probably gets accessed by a range of organisations if you apply for credit.

My overdraft shows as a balance on my credit report but not as negative and just says satisfactory

nicholaswitchell

Whoever invented the overdraft should be shot.

20aday

happy_bunny wrote: »

Maybe.

Although, if it's always paid in, may be better.

May need to produce wage slips also if not paid into account.

Well when I took out my existing loan with NatWest in 2012 I had to provide wage slips back then.

This was the case when I tried to get a loan from Zopa last October, too.