Cash Plus Credit Builder question

scottyc_2

Hi guys, i was looking into getting a Cash Plus Credit Builder. I was just wondering, the fee gets taken off monthly but is it possible as soon as i get the card that i can pay off the overall yearly fee in one payment?. As it's basically signing a loan agreement i should be able to pay it off sooner if i wished right?

bengalknights

Im pretty sure they only allow monthly due to wanting to report it for year

john1002

You can pay it off in one go, but all that happens is your card will show a credit and each monthly payment will be taken, the whole point of the service is to build your credit by showing a monthly green tick for the duration of the loan. If you were to pay it off and they allowed this then all that would happen would be the loan would show as settled with no real activity.

Used right this card has proven itself to help get you on the credit ladder.

john

scottyc_2

Thanks guys, cheers John i will use it as it's real use then

Trajal

I suggest not using it really. Just load it up with slightly more than enough cash to cover the loan for a year then ignore it.

Had an awful lot of trouble with them, ended up with a default of £40 on my file. Got it removed of course, because it was their mistake, but I strongly suggest just putting the annual fee on the card and then binning it. That'll allow 12 months of reporting. Don't forget to cancel the card if you have access to mainstream credit after the year is up.

derfo

Trajal wrote: »

I suggest not using it really. Just load it up with slightly more than enough cash to cover the loan for a year then ignore it.

Had an awful lot of trouble with them, ended up with a default of £40 on my file. Got it removed of course, because it was their mistake, but I strongly suggest just putting the annual fee on the card and then binning it. That'll allow 12 months of reporting. Don't forget to cancel the card if you have access to mainstream credit after the year is up.

I have a Cashplus Credit Builder card and I am doing exactly what Trajal has suggested. Have loaded up the card to cover the fee for 12 months and not using for day to day purposes at all.

matttye

derfo wrote: »

I have a Cashplus Credit Builder card and I am doing exactly what Trajal has suggested. Have loaded up the card to cover the fee for 12 months and not using for day to day purposes at all.

Maybe you've already done this but I'd put a little bit more than what you need on it in case of any anomalies.

scottyc_2

That's what i'll be doing also, thanks for your responses folks