Is it worth trying Credit Builder Cards

nervousmother

the card itself used to cost £10 i think its now £4.95, also depends on how you will use it, if you use it alot you can pay £4.95 per month, or pay about £1.5 for each transaction.. it also has a cashback facility check the site out. www.cashplus.co.uk

Waspeze

I got a vanquis credit card a month or two after discharge low limit (250) and stupidly high interest rate but I just use it for little bits each month and as long as it's paid off then no charge and no interest and I get a little tick each month

Woudn't want any more credit at the moment but felt having this might help a little bit in the long run.

jamesdrew

Sounds like you are being very sensible, a credit to you. Other people should take a leaf out of your book. Well done . . .

Three_Clicks

Waspeze wrote: »

I got a vanquis credit card a month or two after discharge low limit (250) and stupidly high interest rate but I just use it for little bits each month and as long as it's paid off then no charge and no interest and I get a little tick each month

QUOTE]

I called them the other day before filling in the online app'.

Good job I did as they told me they WILL give us a card but NOT untill we are DC... :T

nervousmother

hey wasp! hows things going? seems to have been a while since i saw you on here.....

Waspeze

nervousmother wrote: »

hey wasp! hows things going? seems to have been a while since i saw you on here.....

Hi ya NM

All good here thanks! I'm still on here most days (lurking) but don't post as a bit out of touch with SoA's etc so leave it to those more in the know!

Hope all's well?


With regards to credit cards after discharge, personally I don't see a problem getting one assuming i've learn't from my mistakes... i still wouldn't trust myself with anything more than a low limit card and have no intention of getting anything else until such time as i'm in a position to get a mortgage assuming that time comes.

nervousmother

Nice to know wasp :-)
nice your still buzzing around, yup all is well with me first year in a long time i am looking forward to christmas (with the help of a water rebate lol)

Believe it or not, I have never had a credit card in my life! never had need for one i guess always only spent money if it was in my bank already. I know what I am like, I know if i got a vanquis card I would be fine but i still have no need for one re-building credit other ways and of course i already have two mortgages so wont be in great need for credit in the future. (but already getting those ticks just incase)
I think the Vanquis cards can be a good idea for rebuilding credit, but only if the person thinks long and hard first, as to if they are strong enough not to get into trouble again, we know what the interest rates are with those things my worry would be some family has emergency and ends up buying a washing machine or similar then unable to pay off that amount the end of the month... takes ages to pay off paying 100% more than the origional price.. its easy to do.

Waspeze

nervousmother wrote: »

I think the Vanquis cards can be a good idea for rebuilding credit, but only if the person thinks long and hard first, as to if they are strong enough not to get into trouble again, we know what the interest rates are with those things my worry would be some family has emergency and ends up buying a washing machine or similar then unable to pay off that amount the end of the month... takes ages to pay off paying 100% more than the origional price.. its easy to do.

Totally agree!
IMO it should only be used for small purchases month, not for anything major.. for those things other avenues should be explored (freecycle etc) as, like you say, if you start having to pay interest on outstanding balances the overall cost becomes huge!

mrsmoneyworries

Waspeze wrote: »

I got a vanquis credit card a month or two after discharge low limit (250) and stupidly high interest rate but I just use it for little bits each month and as long as it's paid off then no charge and no interest and I get a little tick each month

Woudn't want any more credit at the moment but felt having this might help a little bit in the long run.

Hi Waspeze and thanks for your input also - Did they not have a problem with you only just being discharged then.

I would never want a large credit limit ever again - however just getting those ticks means alot to me

Waspeze

mrsmoneyworries wrote: »

Hi Waspeze and thanks for your input also - Did they not have a problem with you only just being discharged then.

I would never want a large credit limit ever again - however just getting those ticks means alot to me

No problems with recent discharge.

Just applied online, got a phonecall a day or so later where they went through a few more details and they approved it there and then!

Have had it about 6 months now and so far so good