Building credit history: Cashplus Creditbuilder?

concernedSaver

Hi everyone,

being a EU national who moved in the UK less than two years ago, I'm finding somewhat difficult to build a decent credit score. Noddle and Experian both show a below-average score, the main cause of which should be my limited history and young age of my credit accounts, since I only have a credit card with a ridiculously low limit which I pay in full every month via direct debit and didn't ask for a loan before. I'm worried that a score so low will have a significant impact on my prospects of eventually getting a mortgage.

I didn't care that much about the credit score, until I got rejected for a Santander 1|2|3 account (I don't really see the rationale for assessing my history as a borrower when it comes to essentially giving a bank a bunch of money, but anyway). I took a look at the different guides about how to build or re-build your credit score, and the Cashplus Creditbuilder seems interesting. Did anyone have an experience with that? Does that really help, or is it just a matter of reaching a 3-years history, which seems to be the minimum expectation for lenders?

Thanks in advance for your help.

Thrugelmir

concernedSaver wrote: »

being a EU national who moved in the UK less than two years ago, I'm finding somewhat difficult to build a decent credit score.

Takes time. Little you can do to speed the process up. More so when it comes to obtaining a mortgage.

20aday

In the past I've used the CashPlus Credit Builder facility.

In my case I paid £4.95 a month over 12 months (0% "loan" upfront, you don't get the funds to spend) and it definitely helped my credit history.

As Thrugelmir points out there's little you can do but be patient. Don't pay attention to your credit score; it's your credit history that's taken into account.

bradztheman

Im currently paying £9.95 a month, ive had it for 3 months but it still isn't showing on my credit file. I phoned them and they said 'give it until march to appear' lol. Why?

[Deleted User]

bradztheman wrote: »

it still isn't showing on my credit file

Have you checked all three?

bradztheman

I don't really want to pay for equifax and callcredit. I'm registered with noddle, and pay for experian £14.99 a month.

My girlfriend took the same cashplus builder out at exactly the same time and its showing on hers. On her experian its showing as 2 cashplus accounts, 1 credit account and 1 normal.

Is it a case of paying for it for 3 years?

Lungboy

You can get free trials with both Equifax and Experian if you haven't used them before. Are you on the electoral register?

bradztheman

Lungboy wrote: »

You can get free trials with both Equifax and Experian if you haven't used them before. Are you on the electoral register?

I have used them all before. Yeap been on electerol for a year on new address and 2 years on old address

Lungboy

Then getting a new check from them costs £2 (£3?) each. You don't need a full membership.