Cashplus????

M_Ryan

Hi guys, some of you may have seen my other post about starting again with absolutely no credit.

I have been looking at the "Cashplus" pre-paid card. Not because I particularly need a card but because they have told me that they are willing to loan me the fees and I pay them back, hence building some credit in my file.

Is this true? Has anyone actually used them and do they report to the CRA???

Thank you in advance

Matt

cifpower

http://forums.moneysavingexpert.com/showthread.html?t=832297

Have a read through this thread

M_Ryan

Thank you cif

I did see the thread you posted I just wondered if anyone had actually tried it and if it actually does as it says on the tin?

Also, does it report monthly or at the end of the loan?

Thank you again

Matt

M_Ryan

Ok, have read quite a few good reviews and have ordered a card, they need me to upgrade the account when I get it, which seems easy enough!

Just one question, when I apply for the credit builder option, it seems like that don't report to the CRA's until the £59.40 is fully paid off! What would happen if I paid the £4.95 for 2/3 months and then paid the balance off in full?

Would they still send a positive report to the CRA???

Thanks


Matt

file_wizzard

M_Ryan wrote: »

Ok, have read quite a few good reviews and have ordered a card, they need me to upgrade the account when I get it, which seems easy enough!

Just one question, when I apply for the credit builder option, it seems like that don't report to the CRA's until the £59.40 is fully paid off! What would happen if I paid the £4.95 for 2/3 months and then paid the balance off in full?

Would they still send a positive report to the CRA???

Thanks


Matt

Prematurely paying off the “debit” balance would defeat the object of the product, the fee is paid back over a 12 month period to demonstrate a clear 12 month “History trail” with the CRA’s (i.e it looks like you are consistently repaying a credit account) This is how other creditors evaluate credit worthiness, and how it may assist in future applications for credit.

M_Ryan

Thank you for your advice F_W! Much appreciated!

Anyone actually used one of these cards??

Matt

gmbunn

Hi,

I've got one and have been making payments for 7 months now. You can see in the small print that they begin reporting after 3 months of payments, so I've ordered my credit reports to check it out. I received Equifax today and it doesnt show at all, so I'm now hoping that my Experian credit file will show it up!

Gary

M_Ryan

Thank you Gary!

Ooooh that's not good news! Let me know about the experian please?

Thanks

Matt

Sammy_Girl

Hi Matt,

If you're trying to build up credit, have you tried a couple of catalogue accounts? I have both Next and Littlewoods and they both report to Equifax and Experian. If you can show good account management with these it'll help you build up your credit.

gmbunn

Hi folks,

Eventually got my Experian credit report also, unfortunately no sign of anything from Cashplus. I've wrote to them highlighting their terms and asking them to update my credit file as they said they would. Im only hoping now that they DO use experian or Equifax and not Call Credit. Not that theres anything wrong with call credit, but they're just nowhere near as widely used as Experian or Equifax. If this is the case i'll be cancelling my card as it wont be worth the £4.95 per month!

I'll keep this thread updated

Gary