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

superduperloop

Hi all. Have started the process to get this card today. As a discharged bankrupt, can't get catalogues and want to start rebuilding my credit score. I had to apply in one of the retail stores as they didn't have my address when I tried to apply online. Took me 10 minutes in the shop.

Seems like it might take me a while to get the credit builder option up & running, but hopefully it'll be worth it. Thanks for all the posts on this, they're a great help!

Nikinakinoo

Im new to this awesome site and am totally grateful as for the past two years ive been up to my eyes in debt.Mainly from Bank charges mounting up & my wages just covering them each month!!!!Thank you everyone...I thought i was on my own...Oh,i signed up for a card like this aprox 10 months ago..Bit concerned as i thought you only paid £4.95 a month when you used it!!!
Umm! What do you do if ive cocked it right up...?

bec22

Nikinakinoo wrote: »

Im new to this awesome site and am totally grateful as for the past two years ive been up to my eyes in debt.Mainly from Bank charges mounting up & my wages just covering them each month!!!!Thank you everyone...I thought i was on my own...Oh,i signed up for a card like this aprox 10 months ago..Bit concerned as i thought you only paid £4.95 a month when you used it!!!
Umm! What do you do if ive cocked it right up...?

I'd suggest you ring them up and check first off, if you're worried. There are two different payment plans as I understand it - don't have leaflet to hand but these are on their website, so you need to check which you are on. The one I have, you've got to have £4.95 in the account each month for charges, but I think the other one you just pay when you use? - sounds like it would be handy to know which you've got.

If you're worried about your debt you could ring the Consumer Credit Counselling Service (CCSS), they are brilliant and gave frank independent advice when I was in a similar position to you. It's best to do something about your debts as early on as possible rather than let them mount up. CCSS can probably give advice about what to do if you have 'cocked it right up' too!

Also, don't forget you can reclaim your bank charges! - loads of info about that on this site and the forms available for download.

M|B_3

MSE_Dan wrote: »

For £5/month you can get a CashPlus Card* prepaid Mastercard.

Unlike a credit card, here you can only spend if you've loaded money on the card in advance, so there's no credit facility. Yet importantly there's no credit check needed to get it.

I applied for this yesterday as I thought it may come in handy for emergency use really.

On checking my Callcredit report online today, under the recent searches is this info:

Search Organisation: BT (ID)
Search Unit Type: Advanced Payment Solutions Limited NC
Search Purpose: Money Laundering

I'm assuming it's them - but I thought there was no credit check and also "Money Laundering"??!!!! :eek: :eek:

There's no search on Equifax though, odd - what's all this about?!

Thanks.

srichards

Im beginning to get myself sorted and pay off my debts, and Im thinking about getting one of these cards to start rebuilding my credit.

Could I just get one, load £60 to it, leave it and not use it?

That way there is always the £5 there for the monthly charge.

Would this work?

Zelie

srichards wrote: »

Im beginning to get myself sorted and pay off my debts, and Im thinking about getting one of these cards to start rebuilding my credit.

Could I just get one, load £60 to it, leave it and not use it?

That way there is always the £5 there for the monthly charge.

Would this work?

I initially wondered that so loaded it up with sufficient money. But I've had a rethink as it will be a nice way to force myself to stick to budget when doing the weekly shop. So it's not only good for rebuilding credit but it helps to save money.

marc.faulkner

M|B wrote: »

I applied for this yesterday as I thought it may come in handy for emergency use really.

On checking my Callcredit report online today, under the recent searches is this info:

I'm assuming it's them - but I thought there was no credit check and also "Money Laundering"??!!!! :eek: :eek:

There's no search on Equifax though, odd - what's all this about?!

Thanks.

It's an ID and anti money laundering search, that's all.

If they've been able to verify your ID using the search, you shouldn't need to supply any documentary evidence. Don't worry, it's not a financial credit check!

NekoZombie

Baron_Greenback wrote: »

As they loan you the money to pay for the annual subscription you are effectively getting a free prepaid card that is one of the few on the market that is a mastercard as opposed to a maestro card.
I am still waikting for the creditbuilder to credited, i had an email confirming acceptance and that they would send a replacement card within a month (about 3 week ago)

Just to clarify as I have now been through the process;

the credit builder service costs £59.95 per year. Cashplus will pay this on your behalf. Every month you then pay £4.95 towards the credit builder facility. In effect you are getting the credit builder service for free, not free use of the card. At no point will the loan amount actually be placed onto your card (like I thought it would). In essence they are not really loaning you anything as you never actually see the cash!

I have therefore cancelled this service as I already have a mobile phone that I pay for every month which makes a report on my credit file for free. In addition I was previously using the flexi service on cashplus (£1 for each transaction) which I personally find more cost effective as I rarely need to use the card.

The creditbuilder service will be good for those who use their cards a lot though, or those who already pay £4.95 a month, as you will be no worse off.

bb23

im hideous at managing my financed, i always write a plan out each month but go over EVERY month. i have a bad bad bad credit rating and i've just ordered one of these cards to see if it can help me repair my credit a bit and have decided to load my £190 a month food/shopping budget on there cuz i do find i buy a lot of junk each month.

im responsible for 2 small baby girls so i MUST learn to be responsible for myself!!!
i really hope this helps me

formidible

I have had a Cashplus Gold Card for about nine months now and it works really well. You can see all your transactions online. When I applied there was an option to stop the monthly fee of £4.95 by alternatively charging £1 for every transaction on the account, as long as you make a minimum of one transaction every four months. I presume this is not the credit builder option as described?

I am pleased to learn that I could show this credit card to upgrade my basic bank account. Never thought of that :j.