Cash plus credit builder while on DMP?

mummytofour

Hi I am on a DMP with the CCCS and have been for the last three years. I have had a cash plus account with not problems for the last three yrs too. I really want to start sorting my credit out asap ( I know it will take yrs). Anyway I am not sure where I stand about taking out the cash builder with cash plus, does anybody have an comments if this is a good or bad thing?

Thank you :beer:

Tixy

Hi

How long is your DMP predicted to last?
If its still a number of years then its probably too soon to start thinking about rebuilding your rating.

A credit builder card might be a good idea when you are coming to the end of your DMP or 12months or so before you defaults drop off. So that once your defaults have gone you at least have something on file, which should then help you move up to a subprime credit card (although not until your DMP is finished of course).

mummytofour

Thank you. I still have many years to go... But I will be starting work at the end of August after a few years not working, so may be paying more towards my DMP. Also I am considering options in relation to moving at some point. I just really wanted to know if I went with the credit builder if it would reflect badly as from my understanding it would show up as a loan and that might go against my cccs agreement.