Is a pre-paid credit card a good idea for building up credit?

reggie12

I am 22 years old, and have a pretty poor credit rating of 600. This is due to 3 defaults 2 of which are paid in full and one is being paid off monthly. The actualy debt i owe is only £351 to t-mobile.
The main reason i have poor credit i think is due to applying for too many credit cards in a short space of time. i have 23 search records, 10 are with credit cards 4 are with my bank for overdrafts and the rest are showing as insurance quotes?
my question is really what is the best way to build my credit up to a good rating? seeing as my debts are being paid
would the answer be a pre paid credit card?

MrSilk

Capital One secured credit card

http://www.capitalone.co.uk/creditcards/secured-credit-card.jsf

dazza.mk

reggie12 wrote: »

I am 22 years old, and have a pretty poor credit rating of 600. This is due to 3 defaults 2 of which are paid in full and one is being paid off monthly. The actualy debt i owe is only £351 to t-mobile.
The main reason i have poor credit i think is due to applying for too many credit cards in a short space of time. i have 23 search records, 10 are with credit cards 4 are with my bank for overdrafts and the rest are showing as insurance quotes?
my question is really what is the best way to build my credit up to a good rating? seeing as my debts are being paid
would the answer be a pre paid credit card?

A prepaid credit card doesn't involve any credit so it would have zero impact on your credit score:- Also note the credit score provided by the agencies is a waste of money as they aren't providing any credit and actual providers may weight elements of your credit history differently.

yellowmonkey

I got a Cash plus with credit builder facility and it seemed to work for me.

http://www.mycashplus.co.uk/cashplus-extras/creditbuilder/default.aspx

Now on 2nd rung of Credit ladder with a Vanquis CC. £1000 limit. Balance paid in full every month