Just got my Cashplus Gold

SpeedyBoots

I'm new to the Cashplus Gold Credit Builder and I am just going through the processes of setting everything up. I was wondering how you folks use yours?

Do you just ensure the standard £5 is available in the Cashplus every month for the payement to go through (and possibly improving your credit score by having this payement on time etc) or do you transfer a bit more (say £50-100) and get a bill (mobile phone for example) paid out of it too? Would either be any different from eachother in terms of credit score building?

Thanks.

Herbalus

Any payment counts towards your bill, and your payment of this bill on time builds a credit file that lenders will like.

I wouldn't pay a bill like a mobile phone with it unless its PAYG - contract bills are better paid by direct debit because that ensures you pay. There have been cases where mobile phone companies have seemed unnecessarily harsh in reporting late/failed payments, which will not help your credit score.

derfo

I have a Cashplus Gold Credit Builder and I just put in a little over £70 into the account when I opened it and left it to it. Cashplus only report a loan of £60 to the CRAs so no point in pushing more purchases through the card. Like the previous poster says, pay the contract bills via direct debit.

SpeedyBoots

Thanks for the replies so far folks.

Derfo, have you just left the £70 in for a rainy day type thing? I think I may set up a transfer from my bank on payday of £25 covering the £5 charge for the card and then just keep having the £20's in that I can use someday.

How do you also find out when the £5 is due? I'd want to set it up on my payday so I can ensure it's paid.

matttye

I think it will take the balance off the card when it's due, so you can just pay enough money onto the card to cover the year's fees and leave it to it.

SpeedyBoots

I will go and stick some money on mine tomorrow

derfo

SpeedyBoots wrote: »

Thanks for the replies so far folks.

Derfo, have you just left the £70 in for a rainy day type thing? I think I may set up a transfer from my bank on payday of £25 covering the £5 charge for the card and then just keep having the £20's in that I can use someday.

How do you also find out when the £5 is due? I'd want to set it up on my payday so I can ensure it's paid.

The creditbuilder loan is for 12 months, so you pay back 12 x £5. Just transfer any amount over £60 and then leave it. Remember to cancel the card once you have repaid everything as no point in paying them anything more.