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

Erinath

This seems worth noting:

4.4 Fully verified Prepaid MasterCard Cards require a minimum cumulative annual load of £150

Toastie

This card seems quite good, although £60 a year isn't an attractive fee to pay to improve your history. Howver 10green '0' on your credit history would be very good i understand?

Do other pre-pay cards build your credit history or just this one?

kellyplanet

The way I understand this by reading the T&Cs Cashplus will actually give you £59.40 onto your card and will then take 12x£4.95 from you in monthly payments.

So in effect it isn't actually costing you anything you just have to make sure you have £4.95 on your card every month or this will be reported as a negative on your file.

PROLIANT

I have just thrown away £14.95 for one of these stupid cards, I got the card on the idea that I was going to sign up for the credit builder option, wrong, I am stuck because they will only accept a passport or drivers licence for the ID, please take this as a warning before you sign up, I don’t have these stupid documents and I am sure many others out there don’t either, this an absolute disgrace and I am going to make a formal complaint, don’t advertise this product as a super duper last chance get out of jail card, cos it isn’t, ID checks these days are done via Experian/Equifax so the Muppets do an ID check with Call Credit who don’t hold electoral register data, it says on their summary page length of time on Electoral register x Months but that’s it, their systems clearly do not see this, what century are these w***ers living in? I could have done with that £14.95 to waste on something else, you cant even phone them an try and get it sorted cos they charge you a crazy amount for the cost of the call, I am seriously p***ed off now!
:mad:

NekoZombie

kellyplanet wrote: »

The way I understand this by reading the T&Cs Cashplus will actually give you £59.40 onto your card and will then take 12x£4.95 from you in monthly payments.

So in effect it isn't actually costing you anything you just have to make sure you have £4.95 on your card every month or this will be reported as a negative on your file.

This is wrong - they give you a CREDIT agreement for £59.40, meaning you owe them that amount, and pay it back at £4.95 pcm.

Leigh73

PROLIANT wrote: »

I have just thrown away £14.95 for one of these stupid cards, I got the card on the idea that I was going to sign up for the credit builder option, wrong, I am stuck because they will only accept a passport or drivers licence for the ID, please take this as a warning before you sign up, I don’t have these stupid documents and I am sure many others out there don’t either, this an absolute disgrace and I am going to make a formal complaint, don’t advertise this product as a super duper last chance get out of jail card, cos it isn’t, ID checks these days are done via Experian/Equifax so the Muppets do an ID check with Call Credit who don’t hold electoral register data, it says on their summary page length of time on Electoral register x Months but that’s it, their systems clearly do not see this, what century are these w***ers living in? I could have done with that £14.95 to waste on something else, you cant even phone them an try and get it sorted cos they charge you a crazy amount for the cost of the call, I am seriously p***ed off now!
:mad:

Hi,

The thing is, most people do have at least one of these, ie - Driving License or a Passport in my experience, if not both! Could you not apply for a Passport?

Could you maybe ask them if they'd accept another form of ID?

Good Luck,

Leigh.

Leigh73

NekoZombie wrote: »

This is wrong - they give you a CREDIT agreement for £59.40, meaning you owe them that amount, and pay it back at £4.95 pcm.

Hiya,

That is true. It is, in a sense, a credit repayment which we repay at £4.95 per month.

I think the other poster was trying to say though, that if you were to take the option of using the 'Cashplus' card whenever you wanted (can't remember the name of it - activeplus?), then it would cost you £4.95 anyway.

So, in that sense it isn't costing that customer any extra money, yet they are getting the 'added bonus' of the credit rating improvement (the showing of timely repayments!)

:T

kellyplanet

NekoZombie wrote: »

This is wrong - they give you a CREDIT agreement for £59.40, meaning you owe them that amount, and pay it back at £4.95 pcm.

Taken from the Cashplus website:

"Advanced Payment Solutions Ltd loan you £59.40 to pay for one year's use of your cashplus card-the money is only available for that purpose."

In the FAQ

"Will I get the £59.40 on my card?

The £59.40 loan is to pay for one year’s use of your cashplus card. The money is only available for this purpose. As soon as your creditbuilder agreement is approved we will credit your cashplus account with £59.40 and then use this to pay your next 12 months cashplus fees. For each of the following 12 months we will then deduct the normal £4.95 monthly fee from your cashplus account and use it to repay your creditbuilder loan."

Chrysalis

Leigh73 wrote: »

Hi,

The thing is, most people do have at least one of these, ie - Driving License or a Passport in my experience, if not both! Could you not apply for a Passport?

Could you maybe ask them if they'd accept another form of ID?

Good Luck,

Leigh.

I dont have either as well, I am sure millions of people cant drive and passports are supposed to be for when going abroad. Should people pay for a passport to satisfy such companies? I would expect its typically financially excluded people who apply for this card and I expect this group of people are much more likely to not have a passport or drivers licence. Seems silly when capital one didnt need either of me for a normal credit card.

blissfulbabe

Hi

I applied for this card last week and was accepted without having to send any documents - they do online electronic checks (I presume the electoral register) and if they are happy with the results then they don't need any further proof of ID - to issue a card, but...

I have just spoken to Customer Services (call 020 7100 5850 instead of the 0871 number) about the credit builder facility. To be able to use this facility you need to become a verified member. You can do this by sending two forms of ID (full list available at http://www.mycashplus.co.uk/faq/getting-my-cashplus-card.aspx#upgradeFullAccnt). Once you have been verified then you have a print off the application form for the credit builder facility, fill it out and send it off. So it's not quite as simple as I originally thought.

I'm only going down this route as I have a sub-prime mortgage and will have to remortgage in December and anything I can do to improve my credit record has to be a good thing (currently on a long, long term DMP).