Cashplus card with Creditbuilder

kickinkel75

I am trying to improve my credit file and on the Clear-score website offers there is the cash-plus prepay mastercard offered with credit-builder to specifically help you improve your score. It costs £5.95 per month to run this card but I thought it would be worth it to improve my rating. I signed up, paid my £5.95 and received my card today so I signed up for online services and when I attempted to add the credit-builder option it said I was not eligible. I did not need this card other to improve my score so now I am stuck with something I do not meed. Nowhere on clear-scores website does it say that you may not be eligible for credit-builder. So just a little warning about this. If you apply for this card with the hope of adding credit-builder to improve your credit score, you may well be dissapointed and waste £5.95:(

[Deleted User]

Don't apply for things like this, and not just because you don't have a credit score.

Get a regular card - Vanquish if you have to - and a credit history that way. Free and much easier.

SnowTiger

kickinkel75 wrote: »

I am trying to improve my credit file and on the Clear-score website offers there is the cash-plus prepay mastercard offered with credit-builder to specifically help you improve your score. It costs £5.95 per month to run this card but I thought it would be worth it to improve my rating. I signed up, paid my £5.95 and received my card today so I signed up for online services and when I attempted to add the credit-builder option it said I was not eligible. I did not need this card other to improve my score so now I am stuck with something I do not meed. Nowhere on clear-scores website does it say that you may not be eligible for credit-builder. So just a little warning about this. If you apply for this card with the hope of adding credit-builder to improve your credit score, you may well be dissapointed and waste £5.95:(

You could have made £4.05 and avoided the monthly fee if you signed up via MoneySupermarket.com.

I think you get invited to use Cashbuilder and the other add-ons after you'd had (and used) your account for a month or so.

PRAISETHESUN

It's never worth paying for credit building/rebuilding services as you can often do the same yourself for free with the careful use of sub-prime credit cards. Some companies that offer these services are outright fraudulent and will hurt you more in the long run than they will help you.

gionnetto

kickinkel75 wrote: »

If you apply for this card with the hope of adding credit-builder to improve your credit score, you may well be dissapointed and waste £5.95:(

I had a similar experience, so I can tell you how I solved it. Actually you need to sign up for a Cashplus ADVANCE - not a regular one. The Advance does have a credit builder feature.

In this forum, many will advise you against it (usually because they claim ANY expenditure is a waste, no matter what the ROI is!). The point is, unless you don't need the service it provides, (for example because you have no problem getting a credit building credit card, or an utility contract in your name), it IS a waste of time.

And yet, it quite literally saves your b*m if you can't get any of those, for example because you're a newcomer, have really bad credit, or you just came back to the UK after a long period abroad.

So don't worry about what the "don't squander money" crowd says. Ask yourself:
1) do I need their services?, and
2) is the cost/benefit ratio advantageous?

What is advantageous to one is waste to another. And vice versa.