Lending Stream - Report to CRAs

Transformers

Sorry - but you are completely misguided.

Do you really feel that taking out payday loans will improve your credit file? As a recent bankrupt? You're clutching at straws.

As to why they wrote of the 55p - the loan's not cost effective to administer - simple as that.

[Deleted User]

Well I guess we will have to see in the months ahead

I'd like to know why you feel it's "completely misguided". It's no different to getting the DDC (mentioned by MSE but with caution as nobody knows for sure - given that credit scoring is secret). If they mention that (Costing just under £59 a year) or Cash Plus (£65) then this is equally worth a mention if the full term is seen out - people will clearly need to leave more than pence on the loan though to ensure it's not closed down early though.

Credit file clean up and re-building are key with any bad credit, especially the likes of bankruptcy. In my case it will make small difference, but for others the difference could be more worthwhile and will cost significantly less than those two.

The loan amount provided is higher than DDC and was fully satisfied. IF this DDC is a positive, then I can not see how LS won't be either.

Ultimately it will be up to a card lender like Capital One to assess and decide, but Noddle are handing out their 'scores' for free. They need to be taken with a bucket load of salt, but I'd wager that they'll view a settled account as a good thing.

The older the bad information gets, and the more recent good information, the better.

As for cost effective - that's a good point and reason, but also if all customers who are with them improve their credit records and get mainstream lending in future, they lose the chance of repeat business. Why make it easy for the customer? Harsh but true.