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

Lightattheend

Been reading this thread with interest as contemplating getting one of these cards as a way of separating money off for specific purchases (such as Christmas pressies). Can anyone help and tell me, is the monthly fee taken from the card or can it be paid by direct debit?

TIA

scorpioyorks

Hi, I have just signed up for one of these cashplus cards with the credit builder option. Regarding your question I had to pay 4.95 set up fee which was taken from my bank account. I then paid 4.95 for the first month which I transfered to the cashplus card via my bank account and am putting 4.95 on the card every month as they loan you 59.95 and you pay them back 4.95 a month. I am not interested in using the card as I just want it to improve my credit rating. I am going to ring them though as I haven't been sent the amount that they are supposed to be loaning me and have paid three lots of 4.95 already. When I last spoke to them they said it will start in August so I need to check. Hope that helps.

sarah1773

Hi

I have just finished a year with creditbuilder. They have offered to do it again for another year. I'm not sure whether there's much point? I was discharged from a debt relief order in May 2011. I have been trying to improve my credit file for when the DRO disappears by being a Next customer and paying in full every month and using creditbuilder. If i do a second year, will this be a separate item from the first one on my credit report, as the first one is now 'settled'? I suppose what I'm asking is, had I may as well wait a couple more years before using creditbuilder again so it's nearer to when my DRO drops off my credit file?

Hope that makes sense!
Thanks

Steven_Elliott

I completed credit builder with this card, after the 12 months i had the loan fully paid back and now i was accepted for a monthly mobile contract so that will go on my file also so now i just got the cash plus card but dont pay the £4.95 fee , they also give me a £250 overdraft on the card at 50p a day. Don`t use it very often only if something i really need quickly

Lightattheend

Just successfully applied for the card with the creditbuilder option

not_very_money_savvy_guy

Hi, I was accepted for a Shout Card three months ago (I have 2 defaults until 2016) and have already seen a massive improvement in my credit rating. Question is if I get this with credit builder (adding a loan to my credit report along side the credit card) would this also greatly improve my rating even better over time or should I just leave it alone and just keep using the card I already have?

Thanks, Tristan.

Richard_Z

Hi, I'm a newcomer in the UK, I'm here since January 2013, I was on JSA but I started working in last November, I'm on a permanent full-time contract but still on probationary period, I'm registered on the electoral roll since August 2013. I have a basic bank account with HSBC, I've tried to upgrade to a full account in order to have a credit card, but was refused and I have £2000+ savings. I've checked my experian and I have 873 points fair score, it states that "You have no successfully settled credit account". I was advised by a friend to get a CR card and build credit history, the problem is that even vanquis or aqua will not let me proceed with my application as they require 3 years UK address history, which I do not have. So, should I go for the prepaid cashplus card? It seems that I do not have other option...

Cheers

greeneyedlad

hello
i entered into a scottish protected trust deed on march 2009.
i would like to try & re-build my credit score.
iv checked my report & everything is now correct on it.
i do not work as i am on esa disability benefits.
i used the mse pre-apply eligibility checker tool.
it said i had a 20% chance of getting an aqua classic or aqua advanced card.
is there any point in me applying now to try & get this card?
i believe my trust deed is recorded on my credit file for 6 years from the date it started, so should i wait till the 6 years is up which will be next march 2015 before applying?
Or does this not even matter as i am not in employment, i put down i was a homemaker rather than unemployed. there is no disabled option?
Or should i just get a pre-paid card instead now?
Or again should i wait till the 6 years is up to even get a pre-paid card?
is the cash plus credit builder card the best 1?
many thanks for your advice in advance
martin

messi2504

I've applied for one of these cards, will top it up for £60 and then it can take care of itself for the year.

wrkactjob

Whats best to do at the end of the year? close it or carry on?