Cashplus balance is it reported

themadhouse

Hi all,

Following on from a previous post, I have a Cat 6 marker on CIFAS from Lloyds which I am disputing. As this will take some months and all of my accounts have been closed, I have obtained the cashplus card which seems pretty good TBH.

I am also clearing up my credit report in the event I get the marker removed, or even if I don't I have much better grounds to get an account in the near future - I read and someone had their accounts closed after being convicted of fraud and going to prison after 3 years? But thats for another thread.

Anyhow my question is this:

Does Cash Plus report balances to CRA - i.e. although with the maker banks will be unlikely to touch me, it will help build a heathy credit report?

Thanks

PaulW922

The Cashplus credit builder product reports back - it bases the reporting on a 'loan' it gives you to pay for the card. The basic cashplus card will not report back so it depends on the product you have. Either way I doubt it would report your balance. Even current accounts do not do that.

themadhouse

My apologises I just want to be able to have a bank account registered even if its a cash plus account to assist with building my credit score. Thanks.

Candyapple

themadhouse wrote: »

My apologises I just want to be able to have a bank account registered even if its a cash plus account to assist with building my credit score. Thanks.

The Cash Plus won't show as a bank on your credit files though, it even says on their website it will show as a loan.

If you don't get the CIFAS marker removed, you can pretty much forget about having ANY credit, bank account or otherwise for the next 6 years.

themadhouse

Sounds awesome........ what optimism in my life.

Candyapple

I read your other thread re Lloyds, good luck with trying to resolve it.

Have you spoken to a solicitor yet?

themadhouse

I am holding off the solicitor until I have the final decision letter in my hand.