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Long term value of vanquis c/c and cashplus loan for ex bankrupts?
marc3
Posts: 316 Forumite
I have both a vanquis credit card and a pre-paid card with cardplus-where i have also taken up their 'loan' option.
In both instances-essentially to establish and re-build my credit rating post bankruptcy 4 years ago (discharged 3 years ago )
The marketing spiel is it will help you re-build your credit rating.
I have thus taken up the option.
Upon reflection though-i wonder whether in fact they will do more harm than good to my credit rating.?
As a subprime card-if you were considering giving me credit say in a couple of years (when my previous credit card defaults are removed (six years out of BR ) and you see a subprime card on there-would you not simply go-aha-i see this person has a subprime card-why-?
Ok -his credit file is clean-but why does he use a subprime card-looks risky-we'll refuse him.
so in fact-does it do more harm than good.
similarly -i have a pre-paid card with cashplus-and have taken up their 'loan account' option.
Again-whilst my record will show-i have made the payemts all ok-again-does it in reality not flag up -why have i got a loan from cashplus in the first place-and in all honesty-as the 'loan ' is simply about £60 with a monthly payment of £4.95-its hardly going to excite anyone-and the fact that it is there in the first instance ; maybe just brings attention to the fact that despite a clean credit file (as it will be in 6 years) why have i 'got into bed' with cashplus,so again-does this in reality do more harm than good ?
thoughts/real life experience anyone ?
In both instances-essentially to establish and re-build my credit rating post bankruptcy 4 years ago (discharged 3 years ago )
The marketing spiel is it will help you re-build your credit rating.
I have thus taken up the option.
Upon reflection though-i wonder whether in fact they will do more harm than good to my credit rating.?
As a subprime card-if you were considering giving me credit say in a couple of years (when my previous credit card defaults are removed (six years out of BR ) and you see a subprime card on there-would you not simply go-aha-i see this person has a subprime card-why-?
Ok -his credit file is clean-but why does he use a subprime card-looks risky-we'll refuse him.
so in fact-does it do more harm than good.
similarly -i have a pre-paid card with cashplus-and have taken up their 'loan account' option.
Again-whilst my record will show-i have made the payemts all ok-again-does it in reality not flag up -why have i got a loan from cashplus in the first place-and in all honesty-as the 'loan ' is simply about £60 with a monthly payment of £4.95-its hardly going to excite anyone-and the fact that it is there in the first instance ; maybe just brings attention to the fact that despite a clean credit file (as it will be in 6 years) why have i 'got into bed' with cashplus,so again-does this in reality do more harm than good ?
thoughts/real life experience anyone ?
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