Need to rebuild a bad credit history? New ‘last resort’ option.

Tixy

formidible wrote: »

My question is, if I do get approved for a full mobile contract over 24 months with a new phone, will this boost my credit rating overall?

Might do a bit - depends on what else you have on your file.

[Deleted User]

Resurrecting an old thread.

I've signed up and received a Freedom and Cashplus card which both have credit building features built in at £ and £4.95 a month respectively.

Now for the Cashplus card to be remain active it must have a cumulative load of £150 within the year (3.8 of the t&c's @ http://www.mycashplus.co.uk/cashplusdefault/termscond.pdf)

If I load the card with £150 and then transfer £96.40 (leaving £59.60 to cover the 12 monthly re-payments which go towards an active and upto date account on my credit files) to the Freedom card which would then cover it's 12 monthly fees of £6.95 (£83.40)

I can't find anything in the t&c's for the Freedom card stating an annual load of £x is needed so have therefore requested this information from them. If not I take it I will have fulfilled the t&c's and they should both be reported fine to the CRA's over the course of the year.

arthur2506

Just to let those know who are interested that I finished my 12 month with CashPlus - Credit Builder, my credit score went from 450 to 505, which isn't alot but it was worth it and I got accepted for a Vanquis and Capital One Classic Card straight after so aint all that bad!

matt81_2

so, they take the fee out from the card is that right?

Was thinking topping it up with the 12 months fee and cutting the card then cancel it after the 12 months...

matt81_2

[Deleted User] wrote:

Resurrecting an old thread.

I've signed up and received a Freedom and Cashplus card which both have credit building features built in at £ and £4.95 a month respectively.

Now for the Cashplus card to be remain active it must have a cumulative load of £150 within the year (3.8 of the t&c's @

If I load the card with £150 and then transfer £96.40 (leaving £59.60 to cover the 12 monthly re-payments which go towards an active and upto date account on my credit files) to the Freedom card which would then cover it's 12 monthly fees of £6.95 (£83.40)

I can't find anything in the t&c's for the Freedom card stating an annual load of £x is needed so have therefore requested this information from them. If not I take it I will have fulfilled the t&c's and they should both be reported fine to the CRA's over the course of the year.

Any joy in doing this???

maxine877

hii have cashplus with creditbuilder opened it in 2009. i checked my credit report and apparently i am 4 payments behind which is impossible as theres money on it every week due to previous benefits and now my employment. i have tried to contact them but as i dont seem to have the correct number they are after they cant discuss this with me. i am very confused as the only card i have is the one have used since 2009?? to top it off i went bankrupt in 2011 as i lost my job and couldnt afford all the credit agreements i had. this bankruptcy has since now been satisfied on my credit report jan 2012. how can i rebuild my credit. i dont want loads of credit or anything just one thing that will boost credit score for when i decide to do something in years to come.
any advice greatly received.
thanks

faerie_3

Hi there - don't know if anyone can help.

I've got a prepaid master card from cash plus in May 11 and have been paying their £4.95 fee.

I called up to cancel my card this today and was told that my "loan" agreement didn't start until July so I would need to keep making payments until this June this year.

I can't remember seeing a loan agreement from them - they said that they emailed me this in either June or July. I know £14.85 isn't that much money - but it is for me as I'm on a very low income. Is this correct - does anyone have any experience of this.

I thought I had to sign a loan agreement for it to be valid - or can they just have it as part of their terms and conditions?

I don't want to mess up my credit history further by fighting them for this but I'm a bit annoyed as I've already spent £60+ on this account and was hoping to get rid of the monthly fee this month.

maxine877

hi
i have a cashplus account and i paid the first yrs fees for creditbuider and i have decided to do it again for thhis yr. i have tried to open an account at barclays only their basic one and i was declined. i am a discharged bankrupt but surely i should have enough of a score to open an account somewhere? my co-op basic account was closed in bankruptcy and they wont let me open one with them again either. i have a sim only contract with tescos since sept 2009. why is my credit still so rubbish i cannot open accounts with people, surely after paying all accounts for 1+ should help?

formidible

You will have a poor credit rating for 6 yrs after bankruptcy discharge no matter what you do. That said you should still be able to get a basic bank account. If refused I suggest you go to your local CAB for assistance. Many local Credit Unions now have basic current accounts plus lots of other good services and they never do credit checks.

beca1230

Hi. Does anyone know if this card will help restore good credit whilst an IVA is in place

Thanks

Sam