pre-pay cash builder plus

lee20010

I was wondering if anyone knew when the repayments on the Pre pay mastercard cash builder plus appear on your credit file.

KingElvis

It does if you take the so called "credit builder" option although there's some debate as to if it actually improves anything.

Some people have said it's almost as bad as having payday loans on your credit record.

edinburgher

I used to have the Credit Builder option on my Cashplus card, from memory they started reporting successful payments after 3 months and reported the payments monthly from this point.

It does if you take the so called "credit builder" option although there's some debate as to if it actually improves anything.

Some people have said it's almost as bad as having payday loans on your credit record.

Sorry, but I can't agree.

I used the facility for 2 years and for people who can't get access to mainstream credit, it definitely helps. Firstly, it's highly unlikely that anyone applies for a prepaid credit card if they can get a 'normal' credit card. So if you've got poor credit history (or no credit history), there are very few options for you.

You get the use of a credit card and as there's a monthly fee (quite common with prepaid cards), you may as well get something for it beyond being able to carry out transactions online etc.

Credit Builder allows you access to a Credit Agreement for a small amount and gives you the chance to prove that you can stick to the terms of a contract. I can't see why that can be a negative thing for your credit history?

Granted, you're not going to jump from using Credit Builder to getting a £500k mortgage a few weeks later, but building credit history is an ongoing process that takes years.

I now have a mobile phone contract with one of the pickier providers, 'normal' credit cards (not sub prime) and no problems with credit checks for work/rentals etc.

It's certainly not solely as a result of using Credit Builder, but it didn't hurt

KingElvis

^^ I did say it was under debate, anything positive is better than nowt I guess.

Top people on this forum are working on this issue, and when I say top people, I mean TOP people.


(kidding)

edinburgher

Is that an Indiana Jones misquote?

KingElvis

edinburgher wrote: »

Is that an Indiana Jones misquote?

That is the film I was thinking about :rotfl:

I can imagine a crate of dodgy cashplus cards being wheeled away into the depths of a warehouse now, forever to be sealed. (99p per transaction !!!!!!!)