Credit score going down

Loubie47

Just a quick question if I may, so the cash plus credit builder card has just confirmed that I have done my time hahaha and made all of the 12 repayments on time, should I close this card now as I do believe that they congratulations email stated that I would continue to be charged £5.95 a month but that the credit builder side has completed... plus there would be no way for me to say spend on petrol and pay off each month due to me having to load the card before using it?
many thanks.

Ebe_Scrooge

Absolutely, close the card - there's no way you should be paying a fee for a basic credit card.  Not sure what you mean by "Load the card up before using it", that's not how credit cards work.  You spend on the card and pay it off when the statement arrives.  As others have said, if you want to improve your credit history, just get any card (possibly a sub-prime one), use it for essential spends and pay it off in full every month without fail.

dr_adidas01

Ebe_Scrooge said:

Absolutely, close the card - there's no way you should be paying a fee for a basic credit card.  Not sure what you mean by "Load the card up before using it", that's not how credit cards work.  You spend on the card and pay it off when the statement arrives.  As others have said, if you want to improve your credit history, just get any card (possibly a sub-prime one), use it for essential spends and pay it off in full every month without fail.

Cashplus isn't a credit card its like a bank account and has a debit card attached to it by "load the card up before using it" I think they mean that they pay an amount into their Cashplus account and can only spend what they have paid into the account.

The £5.95 they pay is for the credit builder option which is this Creditbuilder is a 12-month loan that you repay over 12 monthly payments. ... Once you've made all 12 payments on time, you'll have successfully paid off your Creditbuilder loan, which could help improve your credit score.

cymruchris

Loubie47 said:

Just a quick question if I may, so the cash plus credit builder card has just confirmed that I have done my time hahaha and made all of the 12 repayments on time, should I close this card now as I do believe that they congratulations email stated that I would continue to be charged £5.95 a month but that the credit builder side has completed... plus there would be no way for me to say spend on petrol and pay off each month due to me having to load the card before using it?
many thanks.

Yes - close it - or if they still have the option of moving it to the 'free no-fee' version - where you only get charged to use it - you could go down that route for now.

Have you tried to get an actual credit card? Do you have one? If so - you don't need this anymore. 

Loubie47

I don’t have a credit card as my score has gone down and I also have a notification that an account that was dormant with premium credit is now active, heaven knows why as I have got anything other than the cash plus credit builder card... because the score is going down I dare not apply for a regular card unless I get turned down

sourcrates

Loubie47 said:

I don’t have a credit card as my score has gone down and I also have a notification that an account that was dormant with premium credit is now active, heaven knows why as I have got anything other than the cash plus credit builder card... because the score is going down I dare not apply for a regular card unless I get turned down

Hi,

I don`t think you quite understand what people have been telling you, the "score" is not used in lending decisions, its a marketing tool, nothing much more than that.

Potential lenders score you using there own scoring process, not the one only you see on your credit file.

The number goes up or down for no reason whatsoever, mine has dropped by 16 points this month, nothing has changed on my file, as i don`t use credit, its all hocus pocus.

cymruchris

Loubie47 said:

I don’t have a credit card as my score has gone down and I also have a notification that an account that was dormant with premium credit is now active, heaven knows why as I have got anything other than the cash plus credit builder card... because the score is going down I dare not apply for a regular card unless I get turned down

The account that shows as active - is there a balance showing - or is it a zero balance?

Try the eligibility checkers on Aqua/Capital One/Vanquis websites - as long as you are in employment, and have no adverse credit entries for over a year - there's a chance you will get one approved.

If you check all three websites for eligibility - and they all say YES - then apply for ONLY ONE card from ONE of the three websites. (Too many applications in quick succession are not good.)

If they all say NO - then wait a few months and try again.

If you are successful in getting a card - you must ONLY use it for essential every day spend like your supermarket shopping, and then have a direct debit to take the FULL balance EVERY month. This continued spend/pay pattern will help you build a positive history. 

Your 'score' will go up, down, up, down, like the sun. Don't worry too much about it - worry more about having the data recorded accurately.

Loubie47

Hi it’s a zero balance but says it moved from dormant to active, so I don’t understand as I haven’t used anything.

[Deleted User]

That's fine. Dormant or active makes no difference as long as the data is correct.

Especially if the notification is from a CRA.