Cashplus Prepaid Card with Creditbuilder option

geemel79

I took one of these out in feb to try and help rebuilding my credit as my ex pretty much wrecked mine, things are supposed to fall off this December including my trust deed and I’ll be debt free and have a nice clean slate, it’s now the 1st June and they’ve only just added the account to my credit file and showing only one payment made to them so far !! :mad: I’m really not happy at all tbh and think it’s been missold if they can’t keep to their end of the bargain. They are however offering loans etc through the app and think that’s where their main focus is, I’ve actually been able to get a large amount of car finance recently after my car was written off, turns out medically retired and not putting unemployed (because I’m under 65 they won’t accept retired) not only makes you more acceptable for a loan but it’s also cheaper for car insurance !!! Who knew :j

SnowTiger

geemel79 wrote: »

I took one of these out in feb to try and help rebuilding my credit as my ex pretty much wrecked mine, things are supposed to fall off this December including my trust deed and I’ll be debt free and have a nice clean slate, it’s now the 1st June and they’ve only just added the account to my credit file and showing only one payment made to them so far !! :mad: I’m really not happy at all tbh and think it’s been missold if they can’t keep to their end of the bargain.

I guess it appears on your credit report as a ~£60 loan that you pay off over twelve months. I doubt lenders will see that as much of a positive.

Credit reports can be months out of date, especially if you're using a free service that only updates once a month.

For example: according to Totally Money, LLoyds Bank updated my credit report on 30th April. Totally Money is showing the balance from February.

geemel79

I actually pay for my credit reports so they should be updated everytime I request and update but this company aren’t recording them

lt2612

Is this a good card for someone who has no credit score at all? its let me apply for the credit builder option, i have a question mark on my clearscore credit and says i have none, im only 18 and im trying to build my credit. is this a good way? i only need to get a little bit of credit to prove i actually have some so i can do things. 

TIA

lt2612

Is this a good card for someone who has no credit score at all? its let me apply for the credit builder option, i have a question mark on my clearscore credit and says i have none, im only 18 and im trying to build my credit. is this a good way? i only need to get a little bit of credit to prove i actually have some so i can do things. 

TIA

[Deleted User]

You need to check to see if you have credit files, not credit scores, with each of the CRAs.

At 18 and with no credit activity, they may not yet have been created. Build a history via phone contracts, ER registration, a sub prime credit card or one from your bank. Never pay anything to build a history.

DCFC79

lt2612 said:

Is this a good card for someone who has no credit score at all? its let me apply for the credit builder option, i have a question mark on my clearscore credit and says i have none, im only 18 and im trying to build my credit. is this a good way? i only need to get a little bit of credit to prove i actually have some so i can do things. 

TIA

Why not run your account well for a number of years, get a phone sim from a network who report to 1 of the agencies.
Do remember your score is only seen by you, your history/report/file is seen by lenders etc.

ceremony

lt2612 said:

Is this a good card for someone who has no credit score at all? its let me apply for the credit builder option, i have a question mark on my clearscore credit and says i have none, im only 18 and im trying to build my credit. is this a good way? i only need to get a little bit of credit to prove i actually have some so i can do things. 

TIA

I wouldn't advise you to waste money on a service like this.  If you're 18 and don't have BAD credit, maybe look at a credit builder credit card. You'll probably get a £200 limit, but that's all you need. Use it and pay it off in full every month to avoid paying interest.

If you can't even get a credit builder credit card, consider Loqbox. That's similar to this cashplus service in that it's reported as a "loan" but as long as you actually make the payments every month you get your money back at the end so you're not out of pocket.

For most people, the "credit building accounts" are a gimmick. I have multiple defaults and two CCJs in the last six years, but I've spent three years making sure to pay EVERYTHING on time and as my blemishes get older and older I've found myself accepted for credit cards and even had a credit limit increase to over £1000 with one lender recently.

Time and diligent payments are the best healer.

cymruchris

lt2612 said:

Is this a good card for someone who has no credit score at all? its let me apply for the credit builder option, i have a question mark on my clearscore credit and says i have none, im only 18 and im trying to build my credit. is this a good way? i only need to get a little bit of credit to prove i actually have some so i can do things. 

TIA

If you have zero credit history - and can't even get a mobile phone sim-only contract  - then look at Loqbox - a 12 month savings program that reports as a loan - at the end you get a tsb current account and all of your money back.