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

boggie40

i have read through this entire thread as i was sceptical about applying for credit so soon after being discharged.
but i guess it is never too soon to start re-building your credit rating.

i think i will make the call for the pre-paid option rather than the vanquish or barclays option, not because i dont trust myself but purely cos i think the pre-paid option is the better choice for me...

i already have my mobile phone contract which is being paid monthly by direct debit, never crossed my mind that this would boost my credit rating.

benjo

This is undoubtedly a noob question, but please be gentle I am considering applying for a mortgage in about a years time, so I bit the bullet and checked my credit file - it says I have a fair rating - under lender agreements it has a green 'U' (new basic account with the coop). I dont have any other accounts, credit cards, loans, debts, ccj's, live with my parents - will registering and using one of these cards improve my credit score?

neverheadgirl

I may be wrong but you don't automatically get the credit builder option on opening one of these accounts. Once you have got their card, you then have to actively print off and send in their credit builder application form:

http://www.mycreditbuilder.co.uk/creditbuilder-application.pdf

Once that it completed, credit builder will be activated on your account. They cannot apply credit builder to your account retrospectively, it has to be from the date they receive your form.
It could be I am the only person not to realise and so more fool me but I thought I would warn others.

laurenjs88

My one of these turned up the other day a snazzy gold mastercard! oo i feel so important lol!

Need to activate it when i get it back, left my purse im a friends glove box!! Doh!!

My plan is to load the £60 into and leave it well alone for the year. I just want a boost on my Credit file, as its very poor. My debit card is accepted pretty much everywhere i want to use it so i dont really have any need for this other than to get me looking better after my degree to get myself a mortgage.

nancy0511

Hi Looks like you posted this last April so after the year how has the card wrked out with refernce to repairing your credit??

2babyboys

yes, has the card helped? hope it has!

NeonBlonde

For £60 you could get a passport and move to Europe where all this Credit bo11ocks wont mean anything.

digitalphase

I think passports are going up from £70 to £77.50 in September...;)

bayman_2

hi can anyone tell me how you get to speak to customer services when thier phone system wont accept your birthdate.. tried 071 # & 020 # with no luck . just keeps asking for my birthdate

kittymac1

laurenjs88 wrote: »

My one of these turned up the other day a snazzy gold mastercard! oo i feel so important lol!

Need to activate it when i get it back, left my purse im a friends glove box!! Doh!!

My plan is to load the £60 into and leave it well alone for the year. I just want a boost on my Credit file, as its very poor. My debit card is accepted pretty much everywhere i want to use it so i dont really have any need for this other than to get me looking better after my degree to get myself a mortgage.

I'm not sure if this is a common occurence but they do a sneaky thing of sending you a new card (my first one expired) then they charged me £9.99 for the new one, i didn't argue because in all fairness i am not struggling financially i just need to improve my cedit rating.

Just be careful if you have pre loaded the £60 on as you may get caught out by running out of money early!!

I have now finished my 12 month spell and have the shiny 0's on my credit report, i'm just about to take it out again for a second year as after six years of bad credit i'm doing everything i can to increase my rating.