CashPlus CreditBuilder – Few questions

Credit_Newbie_2 · 31 August 2009 at 4:47PM

Hi all,

I have just applied for a CashPlus card with CreditBuilder in a bid to improve my credit rating and I had a few questions about the service.

Obviously the service involves paying back a certain amount on a monthly basis, is each of these monthly payments reported on Credit Reports? Or is the service only visible on the credit report after 12 months once it has been fully repaid?

I noticed that that there is an option to pay back the loan early rather than waiting 12 months. If I pay back in full after 6 months will this still be added to my credit report as a fully repaid loan, the same as it would if it was paid off over 12 months?

Will a Direct Debit automatically be setup for my account? I ask as during the application process I provided my bank details for the initial payment of around £15 but there was no mention of a Direct Debit, obviously I want to ensure I don’t miss a single payment and I guess a Direct Debit is the easiest way to do so.

Thanks

tummy6 · 31 August 2009 at 6:33PM

- The reporting started for me 2 month after signing up.
- You need to put the amount on to the card to make payments, there is no DD option.
- Paying the loan early should still result in a paid loan going on to the bureau.

never-in-doubt · 31 August 2009 at 6:39PM

@ Credit Newbie - are you actually in debt/previous to debt? Why are you going for such an awful account that won;t really help you much in the long run and really is a waste of money?

Surely a basic account somewhere would be better, most basic accounts 'allegedly' report the the CRA's now as a full bank account so this would be better than the 'cash-plus-con'...?

tummy6 · 31 August 2009 at 6:53PM

it's improved my score and basic bank account don't create a credit history and anyone that actually understands the CRA knows that. based on your previous postings, go ahead and start your personal attacks....

never-in-doubt · 31 August 2009 at 7:17PM

tummy6 wrote: »

it's improved my score and basic bank account don't create a credit history and anyone that actually understands the CRA knows that. based on your previous postings, go ahead and start your personal attacks....

This type of account does not improve your score. Proven fact. All it does is shows potential lenders that you are up !!!!!! creek without a paddle and you will resort to paying for an account that is a waste of money.

Basic accounts are now starting to report to CRA's - again, a proven fact (link below confirms this for you)......

#33

That link is for a HSBC Basic Account and shows the reporting at Equifax.

Read the thread for proof of other basic accounts that report - http://forums.moneysavingexpert.com/showthread.html?t=1904411

In summary, basic bank accounts that report to the CRA's are much better than the cashbuilder account and will help to improve your credit standing due to the fact it appears as a full bank account and not basic banking.

tummy6 · 31 August 2009 at 7:30PM

basic bank accounts reports as a bank account not a credit account. the account type has no impact to the base credit score for credit products at either Equifax or Exerian. The score card is public info so no industry serect. cashplus is a loan account agreement so it does impact the credit score at both bureaux. you can have you own opinion that is does, but unless you have an AML issue a basic bank account does nothing to as standard credit score.

never-in-doubt · 31 August 2009 at 7:32PM

tummy6 wrote: »

basic bank accounts reports as a bank account not a credit account. the account type has no impact to the base credit score for credit products at either Equifax or Exerian. The score card is public info so no industry serect. cashplus is a loan account agreement so it does impact the credit score at both bureaux. you can have you own opinion that is does, but unless you have an AML issue a basic bank account does nothing to as standard credit score.

LOL, I think you need to learn CRA's - seriously. You're barking up the wrong tree with the wrong person (this person happens to know CRA's and their practices very well)!

Of course bank accounts are classed as credit accounts! OMG - heard it all now :rotfl::rotfl:

I'll leave this now and let others shoot you down because you are talking utter nonsense. Sorry but you really are.

debtdestroyer007 · 31 August 2009 at 7:37PM

i am loving this.....:j

never-in-doubt · 31 August 2009 at 7:38PM

debtdestroyer007 wrote: »

i am loving this.....:j

OI stranger! Did you ever get that Barclays loan and did they reduce the barclaycard limit etc as BM suggested they would...?

Where have you been - cuba already? I go in 4 weeks

tummy6 · 31 August 2009 at 7:40PM

best of luck, but they are not credit account. they are different account types; and I know CRAs and the Rules of Reciprocity which govern them.

debtdestroyer007 · 31 August 2009 at 7:40PM

hello mate

long time....
ya barclays loan going fine mate, barclaycard still havent reduced limit

oh yes... cuba trip cancelled, as i am getting engaged on the 23rd od september.

CashPlus CreditBuilder – Few questions

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