Is it worth trying Credit Builder Cards

mrsmoneyworries

Waspeze wrote: »

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

I may give this a try, thanks very much for your help

magicgirl

I got a card off mycashplus. They offer a credit builder option that I requested (must be requested even if you are already paying monthly) I then got a mobile phone on contract one year after discharge. Had to pay £250 deposit but it was worth it because six months later, they have repaid my deposit which in effect means my bill is paid for next ten months or so.

I have recently got a credit card off capital one but I didn’t keep applying for credit and won’t apply again until my phone is due for renewal because I would like to change provider if poss.

Just manage your house bills etc as best you can. I have hit a blip right now due to changing my hours at work and I think that may set me back but I don’t need to apply for any credit and as of next month, I will be back on track. Shame I got this bump but at the same time as my wages went down, my OH had been out of work for three weeks so it was a bit of a bad one. However, while I am late with a few payments, its not as bad as it could have been because I now overpay all my bills where possible specifically for times like these. I want to be straight by new year again and by that time, all my bills will be paid until march. It will help me recoup for all those inflated bills I expect to receive in April!

Good luck and congrats on the discharge. Phil was right about the time thing. Its the biggest friend you have at the mo.. use it!

mrsmoneyworries

Once again, I really appreciste all your help and advice and after thinking (non stop) about it, worked out the pro's and con's I applied for a Vanquis Card, which has been approved.

I just need to decide which monthly expense I am going to put on it and then pay it straight off in full - Im presuming I can do it via internet banking ??

Many thanks again

The new and improved mrsmoneyworries

Three_Clicks

We intend to use our one for fuel.

You can pay via DD ~~~ That way you can be sure to get the "Green Tick"...

mrsmoneyworries

I am only planning on spending the very minimum on it and repaying in full - doesn't matter how little as long as i get green ticks :beer:

I have set up the dd with them, but will they only take the minimum, and will i then have to clear the balance another way ?

skylight

When you set up the DD, they should have asked if you wanted to pay the minimum or full amount. You will get a letter and on the first statement it will tell you, but in the meantime call them back if you cannot wait that long to check!. Free on 0800 781 6314 (from BT landline)

You can also pay extra via internet banking if you wanted to; so if you spent £100 on the 1st and that appeared on your statement which was produced on the 2nd but you also spent £50 on the 3rd, then that £50 will not be taken in payment until the next statement date. You can pay that £50 online before the next statement date. All account details for online/telephone banking are in the booklet you get with the card.

mrsmoneyworries

Thats a great help, Skylight, thank you :beer:.

I will have a good read through ALL the info once it comes through - I am going to be checking and double checking all agreements from now on