credit rating advice

mum_2_ellis

I have bad credit - i didnt, but i do now ...

Any who, im trying to improve this and over last 3 months i have taken out a sim only contract with t-mobile (company i had bad dealings with on my behalf a year ago) have opened up a pre paid credit card with a credit builder scheme, 4.95 month - they class it as a loan they have given you. What I wanted to know is how soon is it untill your rating is improved? I applied for credit and was refused from cpl company's about month/2 months ago, im just wondering when it will imrpove and i will be able to gain credit once again. Any advice is greatly appreciated. :rotfl:

CannyJock

Could be 12 months. Could be longer.

Avoid applying for anything else to avoid searches and be sure not to miss any payments.

Further advice on the sub-prime thread might give you some other ideas from others who've been in the same boat.

Jemma-T

I'd dump that £4.95 thing as it's a scam. Unless you have too much money.

Just keep all your other finances up to date, maybe think about a home shopping catalogue and then sit back and wait until someone can trust you again. Apply for a Vanquis or a similar card and see what happens.

mum_2_ellis

im not good enough fr vanquis ha ha ha!!!!!!

well my sim only contract can be bumped to a full contract in april so im going to do that as im not silly with my money anymore, and will make the payments, this should help me shouldnt it?

southernguy_2

Jemma

Why is the Cashplus CreditBuilder a scam?

It does what it says it does and reports back to the CRAs

Jemma-T

southernguy wrote:

Why is the Cashplus CreditBuilder a scam?

Because -quite literally- the only person who builds their cash in the people supplying the card and it preys on people who are struggling, ignorant or daft.

Dabooka

Jemma-T wrote: »

Because -quite literally- the only person who builds their cash in the people supplying the card and it preys on people who are struggling, ignorant or daft.

Interesting. I thought after 12 months it produced a "settled" account with a string of zeros while giving a pre-paid card to use?

Personally I wouldn't bother, but it does appear to do what it says on the tin as they say. Saying it's not value for money I can understand, but calling it a scam seems a bit harsh.

Jemma-T

Dabooka wrote: »

Interesting. I thought after 12 months it produced a "settled" account with a string of zeros while giving a pre-paid card to use?

Personally I wouldn't bother, but it does appear to do what it says on the tin as they say. Saying it's not value for money I can understand, but calling it a scam seems a bit harsh.

The whole credit testing/rating (Experian.& Equifax etc) industry is a scam for the private consumer and any company playing on that is also part of the scam.

Scum of the earth taking advantage of people.