prepaid credit cards and credit builders

ccqueen

Hi Hoping someone can give me some advice on here. I have posted on the credit card page too but hope adding here too will get me some advice.

I have a really bad credit rating at the moment with defaults and a ccj.

I want to start making inroads to improving it so have got the cashplus card and have had it since last august.

I just wonder if i got some others i know they will cost me £70 each over a year but will having 2 or 3 on my credit file make anymore difference than having just the one?

property.advert

I thought Cashplus is £4.95 a month or just under £60 a year. Their no usage fee annual fee is £29.95 making the extra cost about £30 a year.

ccqueen

Yes it is £4.95 a month I have had it since last august.

My question is whether it is worth getting another like sky blue credit builder card? Would having 2 improve my credit faster?

smokin

Ive currently got the cashplus card and it seems to be improving my credit rating, also got the freedom card which suppose to do the same thing, but they say that they dont update your credit rating until after the 12 months so will have to wait and see if this also helps.

ccqueen

Thanks for your reply.

I like the cashplus one as it actually shows on my credit report and looks good against the bad stuff. I am going to try and clear my defaults and concentrate on my ccj then maybe will get another one.

smokin

I dont know if clearing your defaults actually helps, I paid mine off and it now shows as satisfied, but whenever someone does a credit check on you it is still showing the default paid or not ! I dont think you can really improve your rating till after the 6 years when its removed.

My plan is to keep these cards going then hopefully when the default is completely removed I should be in good standing. We'll c.

bottleofred

Hi,

Clearing your defaults will help, particularly after around 4 years. They do stay on your credit file for a total of 6 years, but normally lenders will consider you after 4 years.

smokin

smokin wrote: »

I dont know if clearing your defaults actually helps, I paid mine off and it now shows as satisfied, but whenever someone does a credit check on you it is still showing the default paid or not ! I dont think you can really improve your rating till after the 6 years when its removed.

My plan is to keep these cards going then hopefully when the default is completely removed I should be in good standing. We'll c.

Unfortunately it still has not been updated with the freedom card, and its been over a year now, When I phoned them up they didnt really have a clue when this happens and fobbed me off, They said they would find out and let me know but never received a call back. Id stay away from this one and stick to Cashplus