Wonga.com - Improve credit score?

Wonga aren't regulated by the FSA*, I'd be wary of them for that reason alone. The APR of their loans is an irrelevance.


*or PRA and FCA as of Monday, it would appear.
 
Wonga is an awful company. Look at what the workers get up to when talking to you.....

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Credit ratings vary from company to company, and having pay day loans on your credit history hurts your rating, regardless of paying it back on time or not.

True story, I was taught this by one of the gurus over on moneysavingexperts

haha, didnt see the date....BUT REGARDLESS... Be aware! lol
 
Do you think that a reputable lender who offers a decent rate would be more likely to consider you if they see you need to use these short term loans.

The answer s no.
 
ince said:
Do you think that a reputable lender who offers a decent rate would be more likely to consider you if they see you need to use these short term loans.

The answer s no.
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Exactly this, me and my GF were almost denied our mortgage application because she had used wonga.com on one occasion almost a year before hand (much to my disapproval).

Even though both of our scores were excellent wonga just shows up as a massive warning sign on your credit history as it clearly shows that you lack money management skills.

Fortunately for me it was a nice wake up call for my other half who is now excellent at saving and making the most of her money after she almost cost us getting the house we wanted.
 
If improving credit score is the only motivation then personally I wouldn't bother as you still have to foot the bill and the more money you've paid out in interest, the more you'll need to borrow in future.
 
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