Wonga.com - Improve credit score?

Hequn · 23 Apr 2011 at 17:55

I was wondering if sites like wonga.com can help improve credit score or do you need to have a loan for much longer to it to positively affect it?

Azza · 23 Apr 2011 at 17:56

Why do you need to improve your credit score?

Hequn · 23 Apr 2011 at 18:00

Azza said:
Why do you need to improve your credit score?

I fail to see what's wrong with the question

Ciba · 23 Apr 2011 at 18:05

With 4214% APR I'd think there are a lot of better ways of improving your credit score.

Hequn · 23 Apr 2011 at 18:13

Ciba said:
With 4214% APR I'd think there are a lot of better ways of improving your credit score.

There's a key thing there, ANNUAL. Can people responding actually stick to what's being asked please? I'm not asking for opinions, I'm asking simply, will using a company like that, repaying a loan in for example, 5 days, improve your credit score at all?

UFX · 23 Apr 2011 at 18:22

If they do credit checks & record entries on your file I dont see why it wont.

But I'd imagine it wont look to good having loads of entries every 5 days from Wonga.com

Have you thought about trying for a catalogue or similar?

Building your credit file up can take years, And any bad entries can take 6 years to drop off.

Ricochet J · 23 Apr 2011 at 18:22

As a general rule, if you borrow money, and pay it at an agreed time, then yes it will improve your credit score.

stoke1863 · 23 Apr 2011 at 18:22

i would say a better idea it to get a credit card and repay everything in full at end of the month.

If your credit rating is soo bad you can get a good card it doesnt matter as long as you pay in full before APR kicks in.

Hequn · 23 Apr 2011 at 18:29

Cheers guys

Vonhelmet · 23 Apr 2011 at 18:42

I think even going to the website will get you blacklisted by Visa.

[TW]Fox · 23 Apr 2011 at 18:43

It will only improve your credit 'score' if they submit data to the credit reference agencies.

Do they?

Marky · 23 Apr 2011 at 18:44

vonhelmet said:
I think even going to the website will get you blacklisted by Visa.

Haha

I don't like sites like Wonga.com... They prey on the desperate

Hequn · 23 Apr 2011 at 18:46

[TW]Fox;18970776 said:
It will only improve your credit 'score' if they submit data to the credit reference agencies.

Do they?

Just done a bit of research and it appears they do

meghatronic · 23 Apr 2011 at 19:07

Ciba said:
With 4214% APR I'd think there are a lot of better ways of improving your credit score.

People that react like this need shooting, or educating. Whatever is easier.

gambitt · 23 Apr 2011 at 19:16

I didn't bother with credit cards for many years but it seems that this is just as bad as having a bad credit history. I got refused an overdraft with a bank I had been with for 6 years :rolleyes:

. A quick visit to the moneysavingexpert forums and I found out that Capital One will give you a card with a few hundred pound limit but 34% APR - this doesn't matter since we're talking such small amounts. I used this for about a year and then got offered more credit. Now I'm all sorted.

I would say this is the best way to repair your credit file. Oh and if you have a contract phone, pay by direct debit.

Vonhelmet · 23 Apr 2011 at 19:26

meghatronic said:
People that react like this need shooting, or educating. Whatever is easier.

People that need to take out short term loans with that sort of APR need shooting, or educating. Whatever is easier.

meghatronic · 23 Apr 2011 at 19:34

vonhelmet said:
People that need to take out short term loans with that sort of APR need shooting, or educating. Whatever is easier.

ANNUAL
So, small loan, "short term" as you said.... How cruel of them:

weringo · 23 Apr 2011 at 19:45

Paying over 8% on a week long loan is still insane, you can get credit cards with lower annual rates than that

Phreaky · 23 Apr 2011 at 20:17

Vanquis/Capital One cards for a year will give you a better credit rating than a silly APR payday loans company, I would imagine.

Hequn · 23 Apr 2011 at 20:23

Many of you are making too many assumptions into my situation. I'm very much aware of these credit cards.