CashPLus Credit Card showing as "Advanced Payday Solutions" on Credit File!

Ste1702VS

Hello,

I have just successfully applied for a mortgage but I had a note from the lender to say that my husbands credit file was showing pay day loans every month for the last 12 months. They approved the loan but only after some serious discussions between us, and our finance advisor, who helped to explain the loans. In fact, the loan was the CashPlus Credit builder card which we took out to try to improve his credit rating! The account numbers are the same, and the amount is the same, but it looks like a payday loan - it is called "advanced payday solutions". In fact, all he did is upload a small amount to the card each month, and pay off each month.

The card is designed to build your credit report, but I have been told by a lender that in fact, it looks like it has been a pay day loan, which naturally do not look good on a credit report.

How can we get this change to make the report show the fact that he has not been in debt at all?

ilikewatch

Ste1702VS wrote: »

How can we get this change to make the report show the fact that he has not been in debt at all?

Surely if this is a credit card and your husband has been using it every month then he has been in debt each month?

EDIT: Also, are you sure that it shows as "Advanced Payday Solutions" rather than "Advanced Payment Solutions"? Advanced Payment Solutions are the company who issue the Cashplus card...

20aday

Ste1702VS wrote: »

Hello,

I have just successfully applied for a mortgage but I had a note from the lender to say that my husbands credit file was showing pay day loans every month for the last 12 months. They approved the loan but only after some serious discussions between us, and our finance advisor, who helped to explain the loans. In fact, the loan was the CashPlus Credit builder card which we took out to try to improve his credit rating! The account numbers are the same, and the amount is the same, but it looks like a payday loan - it is called "advanced payday solutions". In fact, all he did is upload a small amount to the card each month, and pay off each month.

The card is designed to build your credit report, but I have been told by a lender that in fact, it looks like it has been a pay day loan, which naturally do not look good on a credit report.

How can we get this change to make the report show the fact that he has not been in debt at all?

I too have one of these cards and it's reported to my Noddle reports as "Advanced Payment Solutions Limited" as stated by the OP.

manami_mnm

First, it is Cashplus Prepaid Debit Card. Secondly, I had this product in the past and I used their credit building facility. I can confirm that the lender name in Noddle shows up as "Advanced Payment Solutions Limited" and the account type is "Unsecured Loan".

After repaying the loan I was able to obtain credit from sub prime lenders which I couldn't before.

kingstreet

20aday wrote: »

I too have one of these cards and it's reported to my Noddle reports as "Advanced Payment Solutions Limited" as stated by the OP.

The OP says "Payday" not "Payment."

20aday

kingstreet wrote: »

The OP says "Payday" not "Payment."

Sorry, I was referring to ilikewatch