Improve credit score with portify

Elly78

Has anyone heard of Portify and is it say good for help improving your credit score? 

[Deleted User]

Anything that promises to improve something that doesn't exist should generally be avoided.

What are your circumstances and what are you trying to achieve?

molerat

Portify monthly fees

Portify membership    £4/month

Portify Plus                   £7/month

'Nuff said ! 

pole barge not do with touch a

yksi

I had a quick look at their site and it really just looks like another flavour of Loqbox. That is to say, most people shouldn't bother, as you're tying up your money for a year, missing out on potential interest or interest savings on existing debts, and risk actually making your credit history look worse if you were unable to make a payment.

There are limited situations where people might actually find these schemes useful, such as your credit file is incredibly thin, you can't get on the electoral roll, you can't put any of your household utilities into your own name, can't get any kind of £100 subprime credit card, can't get a phone contract, can't get a standard bank account etc etc etc. Otherwise for everyone else, the way to build your history is to keep your nose clean, use & clear a small credit card balance every month, and never miss a payment on anything.

yksi

Edited to add: Loqbox combined with a set-fee credit arrangement. (Which often end up very expensive.) These tout the idea that your repayments are fixed so you can always budget and know what your repayments will be... but that's a bit ostrich-y. Much better for someone to actually learn to control their own spending and understand what their repayments will be, than to pay more just for the privilege of not needing to think about it.

finalfantasist

yksi said:

Edited to add: Loqbox combined with a set-fee credit arrangement. (Which often end up very expensive.) These tout the idea that your repayments are fixed so you can always budget and know what your repayments will be... but that's a bit ostrich-y. Much better for someone to actually learn to control their own spending and understand what their repayments will be, than to pay more just for the privilege of not needing to think about it.

it's probably more akin to Cashplus's Creditbuilder service.

either way any lender worth their salt will hopefully set up their lending algorithms to filter out these sham "credit" accounts.

yksi

My rule of thumb at present is... if I am being offered the product on the CRA sites, it's garbage. (I temporarily  have quite a heavy debt burden at present so I should not be offered more credit by any reputable lender.)

I'm currently being offered Loqbox and Cashplus Creditbuilder and not much more. So yeah, they are a definite no thanks for me.

Fighter1986

Elly78 said:

Has anyone heard of Portify and is it say good for help improving your credit score? 

No, amassing silly little £4 or £7 a month credit agreements which serve no real world purposes in terms of services rendered, do not help. Yes, paying them will place a credit agreement on your credit file, however simply maintaining a bank account and mobile phone contract while also being registered to vote will be sufficient to lay down the track record required to get a prime credit card after a couple of years.

Services like Portify don't improve the creditworthiness of someone who is impaired for another reason e.g. high levels of debt, lots of open and used accounts, large numbers of recent credit searches, prior defaults and arrears... adding a portify account to the existing mess won't rid the mess; if anything it will make matters worse by showing lenders you're still adding further credit agreements to the mix.

Just keep your nose clean, and maintain a good long healthy history with your bank. 

Joshjwright5

Avoid like the plague! 

The worst customer experience of my life.

Simply put, I changed my bank card innocently. Pave had my old bank card number.

So, unaware I missed a £4 pave subscription.

They did not call me, they did not text me, they did not email me …. No contact.

Before this I had a 999 perfect Experian credit score and I have several properties and successful business… perfect credit. Never missed a payment in my life, no bad debt.

This missed payment was declared from pave to Experian and my score has now dropped over 250 points and I have a permanent red flag on my report because of a £4 missed payment.

As soon as I saw my score dramatically drop I called pave and paid them. 

But the damage was done;

This is a company that is designed to improve your credit score. But they are scam artists and the business is a con. After this they were rude and unapologetic.

Later they admitted they had no correct contact information. So this was all a easily correctable misunderstanding, but no, they refuse to take this off my credit score. This whole nightmare happened during a house purchase and I lost the house because of my new awful pave induced credit score.

Do not take the risk with them!!!

DO NOT USE THEM THEY WILL RUIN YOUR CREDIT SCORE!

[Deleted User]

Joshjwright5 said:

DO NOT USE THEM THEY WILL RUIN YOUR CREDIT SCORE!

But that doesn't matter.

You have one missed payment, which will have minimal effect on an otherwise well managed file.  But it's never a good idea to start missing payments during a mortgage application, although there will have been other factors in play leading to your decline.

penners324

Joshjwright5 said:

Avoid like the plague! 

The worst customer experience of my life.

Simply put, I changed my bank card innocently. Pave had my old bank card number.

So, unaware I missed a £4 pave subscription.

They did not call me, they did not text me, they did not email me …. No contact.

Before this I had a 999 perfect Experian credit score and I have several properties and successful business… perfect credit. Never missed a payment in my life, no bad debt.

This missed payment was declared from pave to Experian and my score has now dropped over 250 points and I have a permanent red flag on my report because of a £4 missed payment.

As soon as I saw my score dramatically drop I called pave and paid them. 

But the damage was done;

This is a company that is designed to improve your credit score. But they are scam artists and the business is a con. After this they were rude and unapologetic.

Later they admitted they had no correct contact information. So this was all a easily correctable misunderstanding, but no, they refuse to take this off my credit score. This whole nightmare happened during a house purchase and I lost the house because of my new awful pave induced credit score.

Do not take the risk with them!!!

DO NOT USE THEM THEY WILL RUIN YOUR CREDIT SCORE!

If they've made an error lodge a complaint and escalate to the ICO.

Though why did you have a pave account in your circumstances?