Can Prepaid Credit Cards improve your Credit Rating?

Markyboy19

Hi,

I am currently trying to rebuild my credit rating so that I can apply for a mortgage with my girlfriend in 18 months time. Experian gave my creit score of 659 so i tried to apply for the capaital one card that billed itself as the "credit builder" I was promptly refused this and of course this has knocked my credit rating back down. Can prepaid credit cards help improve my credit rating?

I have a default on my account which is settled and RBS added a late payment to my current account as I was paying them back on the terms they had set up but they did not allow for the interest they were applying each month so when my monthly payments in month 2 were not enough to cover what I was supposed to pay so they said I broke the agreement even though they set it up! anyway the account is now settled but it the the only adverse marke on my account in the last 18 months and I am on the electoral role at my flat.

I was told that if I write to my ex creditors and ask them if they can possibly remove the marks on account early and I forward these to experian and equifax it will also improve my score. Does anyone know how likely creditors will be to do this? they are Egg and RBS (if that makes a difference)

Any help is much appreciated.

sutton111

Markyboy19 wrote: »

Hi,

I am currently trying to rebuild my credit rating so that I can apply for a mortgage with my girlfriend in 18 months time. Experian gave my creit score of 659 so i tried to apply for the capaital one card that billed itself as the "credit builder" I was promptly refused this and of course this has knocked my credit rating back down. Can prepaid credit cards help improve my credit rating?

I have a default on my account which is settled and RBS added a late payment to my current account as I was paying them back on the terms they had set up but they did not allow for the interest they were applying each month so when my monthly payments in month 2 were not enough to cover what I was supposed to pay so they said I broke the agreement even though they set it up! anyway the account is now settled but it the the only adverse marke on my account in the last 18 months and I am on the electoral role at my flat.

I was told that if I write to my ex creditors and ask them if they can possibly remove the marks on account early and I forward these to experian and equifax it will also improve my score. Does anyone know how likely creditors will be to do this? they are Egg and RBS (if that makes a difference)

Any help is much appreciated.

There is one which will improve your credit score, it's a creditbuilder run by Cashplus. They issue you with a loan of £59.40, which you pay back over a 12 month period, which will be £4.95 per month. See below for more information

http://www.mycreditbuilder.co.uk/default.aspx

Markyboy19

Thanks Sutton, this is exactly the kind of thing I was looking for.

Much Appreciated.

No1

My experience with Cashplus.......

Almost universally rejected as an invalid card number, really not worth the hassle.

They are difficult (at best) to contact via a premium rate number during office hours only, no email, and a PO Box postal address (don't waste the money on a stamp)

I am surprised that this outfit are actually recommended by this site.

This is only my experience, I may be an unlucky bod, but I doubt it.

richessex

On the flip side

i have only just signed up for cashplus and creditbuilder

had to phone them with a query got straight through to a very helpful chap

If the OP is just interested in rebuilding his credit history, he could do as i and others have, just load on £60 let them take their £4.95 each month and look forward to 12 green dots on your credit file this time next year