Advice re Vanquis and Cashplus

TheRoversLad

Good evening everybody,

I hope this is in the right place and I apologise if not, but i'm looking for a little advice.

I'm looking to rebuild my credit as i've had problems in the past. I checked the pre eligibility checker via MSE and also Cap1. Both basically stating that I had no chance of acceptance (10% via MSE and a basic no from Cap1).

After which, I decided to apply for a Cashplus Card. I paid for the card and as yet haven't received the card nor added CreditBuilder, which i'm told must be done after receiving the card. However, in the meantime, I had applied for a Vanquis CC and assumed that I would be rejected, but wasn't.

Here is where I require a little advice, is it worth continuing with the Cashplus card along with the Vanquis Card or is it possible to cancel the Cashplus card as I haven't actually added CreditBuilder and/or agreed to any form of credit?

Thanks in advance.

Ben8282

The cashplus card is a prepaid card.
The Vanquis card is a credit card.
They are different products.

TheRoversLad

I'm fully aware of that, if that wasn't clear then I apologise.

My point was, is the Cashplus with CreditBuilder actually worthwhile whilst holding and managing an actual CC.

SnowTiger

Ben8282 wrote: »

The cashplus card is a prepaid card.
The Vanquis card is a credit card.
They are different products.

Cashplus offers Creditbuilder.

Basically, it has an annual fee of £71.40 a year. Cashplus lend you that fee and you pay it back at £5.95 per month. Therefore, it will appear on your credit report.

I don't think it's worth keeping, given the fess involved and the small impact it's likely to have on a credit report.

TheRoversLad

Thank you for your reply.

That's basically all I wanted to know. I knew that it "may" be worthwhile as a last resort but wasn't sure if it was worthwhile whilst using the Vanquis.

Thank you again. I don't know if the poster previously misconstrued my post or not but I appreciate your advice.

Dandytf

TheRoversLad wrote: »

Thank you for your reply.

That's basically all I wanted to know. I knew that it "may" be worthwhile as a last resort but wasn't sure if it was worthwhile whilst using the Vanquis.

Thank you again. I don't know if the poster previously misconstrued my post or not but I appreciate your advice.

Mycash plus offers a non pre paid mastercard +40apr.

Ive been using this card 2-years rarely

Gouki7851

I was in a similar boat with no credit options and I went for the credit builder option. Admittedly it is money down the drain unless you use the card, however it is classed as a loan rather than a credit card and once I was 6 months in I could be eligible for cards I wasn't previously. To sum up, if you want to rebuild credit and have spare cash, I genuinely think it works, however if cash is short and you don't use the card regularly then it will not be worth it