Cashplus CreditBuilder, any use?

connormill

Afternoon all,

About 6 weeks ago I signed up for a Cashplus card, as I want to try and limit my spending by only putting on a set amount on the card a month, and just using it for my day to day purchases. I also wanted their Euro card as it charges no fees at all, purchases or ATM.

So, I'm paying the £4.95 a month to them for the use of the card anyway, (I know it's not the cheapest, but I don't mind too much) they then offered me CreditBuilder, apparently they loan you a years worth of the £4.95 subscription and you repay it over the year with no interest. So effectively you don't pay any more than you would normally, so I took it.

My question is: as someone with a limited credit history and (stupidly) quite a few searches in the last year trying to get a cc to build credit (vanquis and cap1 both turned me down, as did my bank) is this going to make any difference to my chances of getting a "real" cc at any point.

I am really wanting to build my credit rating up as I will be looking at a house in about 3-4 years time, and want to do the most i can to maximise my chances of getting a mortgage

ste211270

Hi
I have a Cashplus card myself and think they are very good for building up your credit file also after about 6months you will be able to get a smell loan afford
to you it starts at £50 a loan it called a IAdvance Loan I do be leave this also goes on your credit file very useful the more green boxes you can get on your report can only be a good thing

MorrisonsEmployee

Lots of articles on the Credit Builder on MSE - Here is one thread - https://forums.moneysavingexpert.com/discussion/1844171

A lot of people say they are now useless as companies have wised up to these type of cards and just diregard the information/Green 0s from your credit file that the credit builder would have generated.

Jack1888

I was offered that card. Looks good. If C1 turn me down, I'll look in to that card. Likewise I have limited credit

KingElvis

If you have a very thin file then I would imagine it could do no harm but it's pricey for a few green marks.

Get a sim only mobile or a Vanquis card.

coolesticeking

I've had to go down this route of the CreditBuilder with CashPlus - Yes you are having to pay for this but no more than the the monthly fee of the card in the first place.

Vanquis won't even touch me! - They do decline at times