What are my chances??

alexinnit

No companies issuing credit will pay any attention to the "Credit builder" cards reporting, they all know its a load of old bull.

That's probably true if you have a manual underwriter look at your account. Although they won't be able to see the lender, a savvy underwriter will know that a loan of £60, paid at £5 every month until settled, will likely be a 'credit builder' card. They may choose, in the context of the rest of the report, to take into account this meaning that someone can make a commitment to something and see it through (you certainly have to either keep a small balance without spending it, or add funds every month, with these cards). They may discount the information.

However, those who are automatically approved without a manual underwrite (for any product) are likely to benefit from CashPlus' product. I did. I went from no credit history to prime credit cards/bank accounts/prime lender car finance in twelve months with the cashplus credit builder, a basic bank account and a sim only mobile phone contract.

garethw08

Thanks for the replies. I have got a cash plus card, had my second payment come out this week so will go onto credit file next month but like you said, I am not really convinced that it will have much of an effect when it comes to lending as it's only £60.

thebritishbloke

Have you thought about trying for a Vanquis or Black Diamond card (also issued by Vanquis). I say Black Diamond as that's their highest interest card, so for people with the worst reports.

Insomniscene

Blimey, that's a horrific interest rate.