Credit BUILDER CARDS?

spongebobfancypants

Hi,

I am looking into getting one of those credit builder cards that are advertised

Does anyone have any experience with these cards and is it worth paying the £14.95 admin fee and £5 per month?????

I dont have great credit and am trying to build it up. I am doing all the normal things such as paying bills on time etc but feel I want to do more to speed up the process.

any thoughts please!

:beer:

Tixy

Have you tried to get a subprime 'normal' credit card?
If you can get one these are better than the prepaid credit cards - because they needn't cost anything (you need to make sure you pay in full each month) and because they start reporting to your credit report straight away.

Prepaid credit cards don't report for 12months so are a slower process and cost more.

thewad

Mastercard cashplus.
£4.95 Registration fee then 2 options.
£4.95 per month and all transactions free or
£0.99 per transaction
Free to deposit at P.O. or bank

AmitSharma

Tixy wrote: »

Have you tried to get a subprime 'normal' credit card?
If you can get one these are better than the prepaid credit cards - because they needn't cost anything (you need to make sure you pay in full each month) and because they start reporting to your credit report straight away.

Prepaid credit cards don't report for 12months so are a slower process and cost more.

Agreed and there seems to be little or no proof that it has actually worked for anyone. I for one have not come across any review which say that their credit history improved specifically because of good behaviour with a prepaid card.