Company offering to rebuild credit history - there a catch?

northantsandy

Okay not the complete history, but My Cash Plus (http://www.mycashplus.co.uk )
are offering a way of adding positive news to your credit file by "loaning" the costs of their cash card (£59.50-ish) interest free over a year in order to say you've had a loan and paid it back on time and in full - http://www.mycreditbuilder.co.uk/ .

Now I have a cash card and to be honest, for £4.95 a month it's a great facility to have cos I pay my dosh onto it and use it like a Mastercard when cash isn't an option.

I am very interested in doing the My Credit Builder, but the words "Benevolent" and "Bank" rarely go together...

It could be a marketing ploy to drum up business, but is it too good to be true? They appear to have some good testimonials....

philnicandamy

to be honest if you've a poor credit history it'll make very little difference..it will show as a loan & regular payments will be reported to all credit agencies

been discussed a fair bit here

http://forums.moneysavingexpert.com/showthread.html?t=832297&highlight=cashplus+credit+builder

and here

http://forums.moneysavingexpert.com/showthread.html?t=870955&highlight=cashplus+credit+builder

northantsandy

Doh! Dupe thread...sorry everyone!

peachyprice

As Phil says, it's not going to make very much difference to your already shot credit file.

I thinks TBH it aimed more at people who have absolutely no credit history to build up some background, rather than to repair an existing shot to pieces history.

But if you're already using the card and not applying for it purely on the grounds that it will help your credit file you have nothing to lose by giving it a go.

northantsandy

I have had a contract mobile from free for a while now and they renewed it in May.....so that will be on there?

philnicandamy

Yep a contract mobile will show on your credit file as a regular payment

northantsandy

Excellent lol

A contract mobile bill along with the physcial Cashplus card may get my cash account upgraded at the bank!

philnicandamy

depends on how bad your credit files are....remember most things are credit checked thses days along with certain bank accounts....a mobile contract and the cashuilder card may not be enough for a bank account upgrade if your credit files are shot to pieces...with the way things are financial wise at the moment you need a squeeky clean credit history to be considered for anything!