Hi all so my sister signed up to laybuy and she's called me in a state of panic as the app has a message stating awaiting credit check results. She is worried as she never actually applied for a credit facility and she was under the impression its the same as klarna etc and she just signed up to check what's available. I asked her if she got a warning that she will have a credit check but she said, all she did was just to sign up to the service via the app. Have looked online but cannot find any information with regards to the kind of credit check they do if its a soft or hard search. She didn't actually buy anything, which seems odd that they would then do a credit check!
Laybuy buy now pay later hard search?
- Thread starter tsobo
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How does Laybuy work?
5 Nov 2020 — Laybuy performs a credit check to obtain a credit score on all new users upon registration. Once your credit score has been confirmed and"
Nearly the first Google result for me....
How does Laybuy work?
5 Nov 2020 — Laybuy performs a credit check to obtain a credit score on all new users upon registration. Once your credit score has been confirmed and"
Nearly the first Google result for me....
Many thanks. My understanding is there are 2 types of credit checks, a hard and soft search. I'm trying to find out which one they actually do as the soft has less impact, in comparison to a hard search.
Does Buy Now Pay Later (BNPL) affect your credit score? | Ocean Finance
Most Buy Now Pay Later companies report payment information to credit reference agencies. This means using BNPL schemes such as Klarna will affect your credit score.
www.oceanfinance.co.uk
Sounds like they do a hard check when an account is opened.
Soldato
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I can't imagine a simple credit search will be any massive issue...?
Yes that link is most helpful and indeed it appears they do. She's convinced she just thought she was signing up for a browse. Good thing she is just 18, so hopefully this will teach her to read anything and use Google, before she sings up to anything!Does Buy Now Pay Later (BNPL) affect your credit score? | Ocean Finance
Most Buy Now Pay Later companies report payment information to credit reference agencies. This means using BNPL schemes such as Klarna will affect your credit score.
Sounds like they do a hard check when an account is opened.
Yes a simple one is fine, but a hard search isn't particularly great ws yes they're going to be applying for a mortgage! It will be the only hard search on her file though so should be OK. But what a waste as she didn't actually buy anything!
More info. Apparently the hubby has been using laybuy for years, and he is the one who told her about it. But for him as he's used it for a while, he didn't need a credit check, so assume because she has only just signed up, that's why she's had the search. All the same, teaches them both to read and research .
Caporegime
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She's married at 18?
Thread is confusing
Thread is confusing
don't think a hard search is even that bad - it's only if you apply for credit that a lender would even take notice? but...
having said that looks like applying to Laybuy is same as applying for a credit card - even if you don't buy anything you've still been given credit to use so would affect credit utilization etc
having said that looks like applying to Laybuy is same as applying for a credit card - even if you don't buy anything you've still been given credit to use so would affect credit utilization etc
If your credit score is so dodgy one search and a bit of extra unused credit has a significant detrimental impact then I’m sure you have much bigger problems to worry about. Worst case scenario she might loose a few points temporarily. Mine has never moved following a credit card application (I probably take out a new one every year for some offer or other) it didn’t even blip when we took out two large mortgages on the same day!
I think the OP ballsed up and made up an imaginary sister so we don't all laugh at him for being a thicko.
I'd tell her to avoid using these loan type services. They usually give the vibe of someone who might be struggling with money, or is typically bad with credit. A mortgage lender may well see these as additional risks - especially if they're upping the checks in the current crisis.
If she has never had a hard search before I will assume shes never had credit before. Ergo her credit record is poor anyway.
Soldato
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Must be weird having a Sister that's the same age your Son.
Soldato
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Disappointing thread.
Misread title as "ladyboy"
Misread title as "ladyboy"
Soldato
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