Capital 1 secured vs cash builder plus

Jack_UK2

Hi all, I have a pretty poor credit rating, I have around 6 defaults, 3 of which are satisfied and the other three which I hope will be satisfied soon, they vary from catalogues to pay day loans (stupid, I know,.. Wish I was a member here before taking them out )
I'm trying to build my credit rating back up, currently it is 690 on experian. I have a Vodafone contract from 4 years ago which I have never missed a payment on so I stay with them as I cannot go elsewhere and think its better to get the green 0s from it. I also have a current account in good standing,... 3 years with no 1,2 etc,.. All green zeros.
I know to help my rating I need to get the rest of the defaults paid and I'm working on it but decided to get a cash plus card with credit builder. I signed up, paid the fee with my debit card and the card arrived this week,.. Then.. Reading on the site I saw that capital one where offering a secured card if you got rejected for their mainstream card so I applied and got excepted for this so paid the 49.99 and the card should be here withing 7-10 days...
Now I'm in a bit of a predicament, I'm not sure whether to keep both cards for the benefit of my credit rating or whether to ring cashplus and tell them to cancel the credit builder card..idk, the main reason being that im a bit cynical as to whether it will really help me or not,.. Yes as a last resort I was happy with it to help my rating but now after being accepting for cap1 card Im thinking I should maybe just run with this card only. IMO although the credit builder with get me a few green zeros, would potential future lenders look at this as more or a bad thing than a good?? Ask yourself and answer truthfully, would you be willing to lend someone 000's who previously had to pay a 60 quid loan of over a year? Fair enough they paid it on time and have a few green zeros,. But a year to pay 60£.. :rotfl:
What do yous think I should do? Keep the both or run with the capital 1 ?

Jack

chanz4

Both will help, but with 6 defaults I wouldn't pay for the cashbuilder.

CLAPTON

with 6 default of which 3 are unsatisfied, I wouldn't worry about rebuilding my credit rating just yet

maybe find better uses for that money

izools

chanz4 wrote: »

Both will help, but with 6 defaults I wouldn't pay for the cashbuilder.

I don't know, I have six defaults and I can get prime credit

Jack_UK2

I have also read (numerous times) that new good credit trumphs old bad credit,. Personally I will ignoring the replays of both Clapton and chanz as I disagree with them. My defaults are due to start dropping of my file late 2013 and the last one will have expired 2015. Personally I think when they are gone If I have had good repayment history the past couple of years its better than trying to start from scratch then..