- April 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Understanding the Impact of BNPL Enquiries on Credit Files
My question is, to use my circumstances as an example for dates purposes: if someone is seeking a home loan at the end of 2026/start of 2027, and can prove they have paid and closed any BNPL accounts and haven’t sought any further since early 2023, is any lender really going to care that enquiries are still are notionally on their credit file/s? Or are stuck waiting until they clear off entirely in 2028, 5 years after enquiry?
Like many, I was a bit stupid when I was in my 20s – had pretty bad credit, poor spending practices, and non-existent savings. This culminated in accessing – and attempting to access – BNPL services. To be clear, not saying accessing these services is stupid or makes someone stupid – but I was on a healthy income and there was nothing I was purchasing on BNPL that I couldn’t have just saved and waited for.
I’m now in the very early stages of saving for a home deposit, and as a result repairing my credit file. I closed my BNPL products about a year ago, and am very close to having paid off all of my consumer debt. I reckon I’ll be able to put together a health 30% deposit by the end of 2026, and by that point the worst items on my credit file (defaults) will have dropped off.
I do however have enquiries on my credit file for BNPL and payday loan services from early 2023, which if I’m not mistaken will remain on my credit file until early 2028. I haven’t looked at them with a fine tooth comb, and to be frank a few of the providers I don’t recall, but some are certainly legitimate.
I know a lender is going to frown upon excessive appetite or access of BNPL services.
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****** just grabbed a
Get a copy of your Equifax credit report and come back to us.
Have dozens of home loan clients with BNPL on their credit file
Doubt you’ll have any issues, as missed payments disappear after two years
We didn’t have a problem. Had 2 BNPL accounts active, 1 credit card, 1 car loan.
I’d make sure you don’t have any open BNPL loans open though as banks consider them for your borrowing capacity. Even if you haven’t used them and have 0 purchases on them.
When I went for my loan I closed all BNPL accounts.
I work for a bank
Literally no impact in your case, if it were open and frequently used on your statements then it could impact your servicing.