I am considering to get afterpay, but I do not know if there will be any credit check made on my name.
If there are credit checks made on my name, will that impact me in the future. E.g. if I want to take out a loan/mortgage?
Are all of the Buy now pay later the same?
No credit check made with afterpay.
Shows on a credit check though
Showed on my Equifax report just the other day. Had signed up to Zip and used it once for a promo (paid straight away). Still mentioned it on there
https://www.equifax.com.au/personal/buy-now-pay-later-bnpl-5…
It is important to note that BNPL services may leave an “enquiry” on a consumer’s credit file, similar to other forms of credit. Therefore, missing a repayment on a BNPL service could have similar negative impacts to your credit score the way a missed loan or credit card payment would.
Though articles like this from the US site seem to reflect that if you're good with paying it back that it could positively affect your credit rating…
Does it show your 'credit limit' on there?
Sorry haven't looked at my own after taking up a LAttitude deal months ago.
Only have one CC and yes it shows the max limit
Zip makes a credit enquiry when you sign up and when you fail to make repayments. Afterpay doesn't do an enquiry when you sign up, but do reserve the right to check your credit (within its T&Cs).
can confirm they do a credit check and it would appear on your credit report.
You have such little understanding of a 'credit score'. It basically means nothing here in Australia.
Credit checks are not a bad thing.
Australia credit score actually get used by creditors like banks and credit card provider to quickly see how credit worthy you are
a low score can lead to rejection if the provider don't want to take on a riskier end, it doesn't mean you can't get credit
It just doesn't look good when you applied for credit and they will press you for a lot more information.
It not as big an impact as in America where your FICO score determines your access to credit and how much cheaper credit you get
compared to someone who has a much lower score
after pay didn't do a credit check on mine
Which website did you get your credit report? Do they get it from Equifax?
There are three credit reporting agencies if you are not aware - Equifax, Experian and Illonis.
credit simple so i think illonis
Can confirm Afterpay did NOT do a credit check nor does it appear as enquiry in my Equifax (GetCreditScore).
Correct as at today.
PS: That's the reason why I went with Afterpay specifically because for this reason. I think CCR is a piece of &&&t.
credit file check is really a quick way for banks to see your pattern of how much credit you applied in the last two years
and whether you are a risky borrower but having any form of credit or debt will affect your borrowing power even if it is not credit check
No credit check made with afterpay.
It may influence your future borrowing capacity if your bank statements are full of afterpay payments though.