Does a prepay credit card count?

vangirl_2

Hi, If you have a prepay credit card, such as the paypal one, can you say yes to the question do you have any credit cards when applying for credit. I have been rejected for a loan, my credit is very good so i can only assume that current situation and the fact that I have no credit elswhere is the problem so i thought getting a prepay card might help. Thanks

benf90

Do you have any credit history?

The reason I ask is you say your 'credit is very good' but then go on to say you have no credit elsewhere.

Having no credit history can be just as detrimental as having a bad credit history.

In general prepay credit cards don't report any data to credit reference agencies. There is one exception though which is the Cashplus card, but this costs £4.95 per month. Details here:

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

Before reading that I'd recommend reading the guide on here about credit scoring:

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

If you have had credit in the past, such as an overdraft, loan, credit card etc etc then it may be some other reason as to why you were declined a loan.

You can always appeal against the decision though. This usually has to be done by post and involves them taking a more in depth look at your finances, they may request copies of your current account statements for example. Just ask the company how to appeal and they'll give you all the relevant details.

stumble

check out mastercard.com goto prepay card, .they have a choice of about 24.cashplus prepay gold mastercard can(apparently) be used to have debt to earn credit???could be worth a look