Pre-Paid Card builder.

555

Right guys i have a very poor 517 credit rating because of previous bankruptcy.

basically there a few cards one of them being this one:

mycashplus


i understand it's basically a loan which you pay off monthly then at the end of the 12 month period it gets added + to your report.

now my question is what if i was to have several of these credit builder cards?

yes i know they would cost a small fortune a month, but it's a price i am willing to pay to improve my score.

so what do you think about this idea?

could i say have 5 of these cards, thats about £25 a month, but at the end of the year i would have 5 -12 months of green lines!?

thanks

[Deleted User]

No.

Well, you could theoretically have loads of Cashplus cards, but other lenders will only look at them all as one credit line with the company.

For example, if you had 5 cards, and they got paid off every month, you'd see this on your file:

000000000000
000000000000
000000000000
000000000000
000000000000

which other lenders would interpret as

000000000000

after it's all been mixed down - exactly the same as getting 000000000000 from only having one card.

To illustrate this, if you weren't so careful, and ended up with this:

000100000000
000000000100
000000000000
000001000000
000000000000

even though 2 of the cards were green-lights all the way, it'd get mashed down into:

000101000100.

Not so good.

stephane_2

a cashplus card is not a loan, it is simply a card which you top up with your own money and spend as you wish (as long as you keep the top up), it might be good for some people who may only have a solo/electron card as they can spend to any store who accept mastercard, but unfortunately it will not help you improve your credit score

iwanttoberich

stephane wrote: »

a cashplus card is not a loan, it is simply a card which you top up with your own money and spend as you wish (as long as you keep the top up), it might be good for some people who may only have a solo/electron card as they can spend to any store who accept mastercard, but unfortunately it will not help you improve your credit score

The credit builder is a £60 loan. The monthly fee of £4.95 goes towards paying it off over 12 months. I have just completed my year, and they've sent a letter congratulating me etc. They report it to the credit ref agency, and thus helps to build your rating.

[Deleted User]

stephane wrote: »

a cashplus card is not a loan

The Cashplus Creditbuilder one is. The loan is used to pay off the £4.95/mth fee.
See http://www.mycreditbuilder.co.uk/faq.aspx

PNPSUKNET

I tried to term it early and pay the loan off, it took them 2 months of complaining. Get a jdwilliams account they dont seem to check credit files and it reports to most of them

seeya23

555 wrote: »

Right guys i have a very poor 517 credit rating because of previous bankruptcy. my rateing is lower than your

try one these

auqa card http://www.aquacard.co.uk/
Capital One http://www.capitalone.co.uk/creditcards/cards.jsf
Vanquis Visa http://www.vanquis.co.uk/home/home.aspx

555

yeah thanks guys.

i have been accepted for a vanquis card-which i am going to yous just for petral and pay in full each month.

i am also getting a cash plus credit builder card.just the one!

i have also written to all my old lenders because they have all the dates wrong on the credit record!

one last question what about another credit builder card?

there are loads on the market which you need to pay by direct debit.

but do they also report to the reference agencies?

ive found this one

sterlingcard

kilasuit

its run by the same company as the cash builder plus card.

555

ok thanks guys.

any other cards which improve your credit rating?

i have a vanquis and a cardplus.

cheers

never-in-doubt

How have you got a vanquis and cashplus within a day?

Doesn't sound right to me - both these are notoriously slow and why would ANYONE pay for that cashplus thing? I am sorry but I doubt your sincerity and certainly doubt your Vanquis application.

Vanquis only (trust me on this) ever issue immediate acceptance to people that would be fine to get a mainstream card, if you have a default or whatever from last year then it is very very very unlikely they've accepted you instantly, its just not how they work - for clarity one of my best mates is a manager of processing for them (Vanquis).....

However, would love to point out to you that this cashplus thing is a waste of space, taking into account by this time next year we'll more than likely have no facility in the UK to accept maestro anymore - anyway, each to their own....

Speak to any underwriter and they will tell you the cashplus data is always disregarded when making credit decisions because a £60 loan does not constitute handling your finances and they have all gotten wise to the little trick! Its true, its a cheat way to repair your credit and the lenders have sussed this and now totally disregard it - i'll try and dig up the BBC article on this.