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Prepaid credit cards????
bradztheman
Posts: 553 Forumite
in Credit cards
By having a prepaid creditcard and making small purchases on it, am i improving my credit rating?
My rating is currently 864, which is fair, but want to boost it up to excellent so that i get accepted for a loan in a couple of months...
My rating is currently 864, which is fair, but want to boost it up to excellent so that i get accepted for a loan in a couple of months...
0
Comments
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Only if you get the Cashplus Gold Prepaid MasterCard - http://www.credit-card-comparison-online.co.uk/cashplus/ - because it offers a 'Credit Builder' - which effectively loans you 12 monthly maintenance charges that you repay over the course of a year. These payments are then recorded on your credit history.
This is the only Prepaid card that offers this feature. It's also got nothing to do with any purchases you make with the card - it's related only to the monthly fee charged just for holding the card.0 -
oh right, do they check your credit rating in order to be able to get this card? Or can anyone just apply and get accepted?0
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