Credit builder credit cards

Melysac

Hi.
I have debt of about £8k and paying it off monthly to the 4 companies i owe the money too.
I looked to getting a credit builder card for me to get petrol on and help to bring my terrible credit rating back up. I read these are to help people with bad credit get your score up, upon the search results for the 'right card for you' i was told they were unable to find a card suitable for me. my credit file is poor or 'too risky'... i thought these cards are for the people like me. I dont want the money, i simply want to use the card as a way to increase my credit score. i would use it for £20 and pay it off right away.


Is there any help???


thank you in advance.

[Deleted User]

credit reports arent the be all and end all,have you applied for a credit repair cc?if not then do so see if you get accepted

CLAPTON

Melysac wrote: »

Hi.
I have debt of about £8k and paying it off monthly to the 4 companies i owe the money too.
I looked to getting a credit builder card for me to get petrol on and help to bring my terrible credit rating back up. I read these are to help people with bad credit get your score up, upon the search results for the 'right card for you' i was told they were unable to find a card suitable for me. my credit file is poor or 'too risky'... i thought these cards are for the people like me. I dont want the money, i simply want to use the card as a way to increase my credit score. i would use it for £20 and pay it off right away.


Is there any help???


thank you in advance.

when you say you have 8K of debts that you are paying off monthly; do you mean you are paying acording to the original agreement or have you renegotiated the deals and making reduced payments?

masterlumps

i tink you are looking in the wrong place, what you need is a prepay card which you load with credit BEFORE buying the £20 of petrol. you subscribe to the credit building option where you pay them a fiveror something a month and it gets reported on your file as a loan

izools

Melysac wrote: »

Hi.
I have debt of about £8k and paying it off monthly to the 4 companies i owe the money too.
I looked to getting a credit builder card for me to get petrol on and help to bring my terrible credit rating back up. I read these are to help people with bad credit get your score up, upon the search results for the 'right card for you' i was told they were unable to find a card suitable for me. my credit file is poor or 'too risky'... i thought these cards are for the people like me. I dont want the money, i simply want to use the card as a way to increase my credit score. i would use it for £20 and pay it off right away.


Is there any help???


thank you in advance.

It seems likely that taking out even more credit, i.e. a sub prime credit card, will only make your score worse.

It will be a new account (showing instability) and more available credit (lowering affordability).

Your best way to repair your credit standing is to not apply for anything credit scored, pay off your current debts as per the original terms of their agreements on time, every time, and just maintain the status quo demonstrating stability and responsibility.

rizel23

i have just applied for a creit builder card from capital one as had excellent credit but then got 3 defualts and seems have been accpeted, only going to use for shopping and instantly repay, is this a bad idea then?

PNPSUKNET

rizel23 wrote: »

i have just applied for a creit builder card from capital one as had excellent credit but then got 3 defualts and seems have been accpeted, only going to use for shopping and instantly repay, is this a bad idea then?

they are quite flexi

chrisvaldez

I too have a credit score that got rinsed through university and have applied (and been accepted for) the Capital One credit builder card. Previously I have been floating from month to month paying off bills on payday and taking a few hits in the form of charges from my bank....this will be paid off every month and will, as well as helping me avoid bank charges, slowly repair my rating. Not bad so long as it's used sensibly!