Hampshire credit unions credit builder

terryhar

First post and need any advice please. Has anyone heard of Hampshire credit Unions Credit Builder.

I've just signed up for it after being turned down by every normal bank for a loan with no explanation other than get a copy of your credit report. Not sure if it's worth it now.

It's a savings account that says it will build your score by registering your savings account as loan. It's complicated. I don't fully get it but it was free and i get to save. I didn't think you could improve a credit score through saving. Any advice, can you really improve your file by saving?

[Deleted User]

terryhar wrote: »

First post and need any advice please. Has anyone heard of Hampshire credit Unions Credit Builder.

I've just signed up for it after being turned down by every normal bank for a loan with no explanation other than get a copy of your credit report. Not sure if it's worth it now.

It's a savings account that says it will build your score by registering your savings account as loan. It's complicated. I don't fully get it but it was free and i get to save. I didn't think you could improve a credit score through saving. Any advice, can you really improve your file by saving?

You can’t improve any credit score by any means since it’s not a real thing.

They make you believe that by marking it as a loan on your file you can “build a score” but actually it’s to build credit history.

The best thing to do is make sure you’re on the electoral roll, get a SIM only phone contract and get a subprime credit card.

Over time this will build your credit history, making sure you ignore any reference to scores and ratings