Cashplus Overdraft

onthefencepost

Hi there,

I've got a Cashplus credit builder account.
Although i have a credit card and a catologue i took this out before the credit card to build up a good history as ive had defaults a few years ago.

Anyhow my question is if i accept the overdrat on offer to me for the vaule of £100, and pay £20 annual fee for the pleasure of it even if i dont use it, will this report to my credit file? If it does its worth it otherwise i may give it a miss - what do you think?

Kind regards

diamonds

It does, they report a loan and repayments to credit reference agencies.


To my surprise even BT do the same with a months subscription to BT Sports, £30 activation £19.99 a month with no commitment (30 days notice cancellation I think), a old non subscription Sky that is now a Sky Freesat box even works - just the viewing card that has been registered at the same address as Sky was installed must match the BT(Sport) account.

onthefencepost

O.k brilliant - I'll get on this overdraft to have the privilege of it being reported to the CRA.

Need to build the best possible picture for a upcoming mortgage application in two years time.

diamonds

After the loan is paid you can further do a overdraft if you really feel the need http://www.mycashplus.co.uk/cashplus-extras/overdraft.aspx

Really with good credit card payments I would skip cashplus and get a/another current account, a current account or two and credit card is more suited to a mortgage application than Cashplus.

Cashplus really is for those with a lack of anything starting from scratch for a variety of reasons.

I avoided them, opened a TSB several years back, a few months later a 3 30 day sim, 6 months later a Virgin mobile a 30 day sim, then a few months later added a Clydesdale current account, a few months later a small loan, a EE sim only open and closed same month a few months after, this year I have opened several current accounts, a Very (20% off first order) and 2 credit cards. 2 EE 12 month sims in the last 2 weeks. Mortgage next Feb!


Ten years ago I was facing bankruptcy (manned up and plodded through), in the last year I have saved £5000 and built my credit from next to nothing to 5 new current accounts in 2016 and 2 credit card approvals weeks apart this month.


I really think you should go current account or another credit card - mortgage companies know Cashplus is easy to do v a mortgage it is not worth your time in my opinion with a credit card already in use.

john1002

The mortgage company will not know its Cashplus unless they ask you all they see reported to the CRA is current account with £100 overdraft.

John

diamonds

john1002 wrote: »

The mortgage company will not know its Cashplus unless they ask you all they see reported to the CRA is current account with £100 overdraft.

John

Have you used them ?

john1002

Yes for a few years hence how I know they report this way, closed it now as I never used the overdraft.

John

diamonds

john1002 wrote: »

Yes for a few years hence how I know they report this way, closed it now as I never used the overdraft.

John

Thanks for confirming John always good to know from current/past customers on how any credit reporting happens company to company.

Does APS Financial Ltd or Advanced Payment Solutions Ltd show on the credit file as the creditor ?

john1002

Hi,

Shows as APS - Cashplus on Experian, Advanced Payment Solutions Limited on Noddle and Aps Overdraft on Equifax.

But don't forget as I said you see that but anybody searching just sees current account.

John

onthefencepost

Brilliant anyone know if the £20 annual fee is charged upfront?

john1002

Charged upfront and then yearly unless you cancel via phone or in writing.

John