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

Owlish

Ello!

My partner has had the Cashplus card for 3 months now - and we ordered his credit report this week from Experian and the Cashplus card doesn't appear on it Does anyone know what to do to resolve this? Is it best to approach Cashplus or Experian themselves?

The whole point of this card was to start showing zeros on his report, and seeing nothing after paying for them is a bit galling!!!

Thank you :A

arthur2506

I don't know if anyone is interested cause you all seem a bit negative about this stuff but there is another card which is doing the same thing, so you could have two paid loans on your credit file in 12 months.

Their called FREEDOM and their monlth fee is only £3.95 a month, google 'freedom card' and check them out.

james32_uk

I have received my cashplus card. £4.95 per month when in credit. Apparently the option to add credit builder appears about a week after you activate the account and deposit your first money into it. I will update next week.

As a side note I have also got an account at https://www.simplybe.co.uk as advised several pages ago on this thread. Apparently buying one item and paying it off results in more green 0s on my file. Despite being in an IVA it accepted me with £175 credit (they must be desperate!!!) and I have bought a nominal item for £5 which I will pay off immediately.

I also have my mobile phone contract with Oranage which will have been dropping green 0s on my file for the last 5 years.

Operation credit rating restore has begun!

flush_the_hamster

Went through Topcashback and got £10 just for having my application accepted!!!

Though worth noting that there's a £29.99. card issue fee!

james32_uk

james23_uk wrote: »

I have received my cashplus card. £4.95 per month when in credit. Apparently the option to add credit builder appears about a week after you activate the account and deposit your first money into it. I will update next week.

As a side note I have also got an account at https://www.simplybe.co.uk as advised several pages ago on this thread. Apparently buying one item and paying it off results in more green 0s on my file. Despite being in an IVA it accepted me with £175 credit (they must be desperate!!!) and I have bought a nominal item for £5 which I will pay off immediately.

I also have my mobile phone contract with Oranage which will have been dropping green 0s on my file for the last 5 years.

Operation credit rating restore has begun!

As promised the option to apply for credit builder appeared 1 week after my account was first funded.

I applied and 5 days letter I got accepted. Apparently the account gets set up on the first of July and then after 90 days they will report it onto my credit file. As discussed previously they credit your account with £59.40 and then remove it straight away. You never get to spend the £59. Then you continue to pay £4.95 per month as normal.

I went through Quidco for £8 cashback and £4.95 joining fee.

Paolo_666

Hi,
I was declared bankrupt in February 2010, is there any point in getting one of these cards now? will it start the credit building process or do i need to wait to be discharged?
Thanks,

Paolo

james32_uk

You're not going to be able to get any credit for getting on for 6 years. Seeing as this costs £60 a year to run I would have thought youd be better off waiting at least until you are fully discharged.

garbaldisham

OK, just to get a couple of things straight:

We're on a DMP (about 6 years to go), one of the conditions of which is that no further credit of any kind must be sought or used for the duration, and also I'm confused now as to the 6 year rule re how long stuff stays on file, is this from the day your creditors start getting DMP payments, or some other date?

Is it worth, or even legit bearing in mind the DMP rules, for us to apply for a credit builder now, or would the green zeroes just vanish into a black hole until 2016 before they start to become visible anyway?

Also, as I still have a mobile phone contract (cheap but spotless and always paid) will this help or will the kudos from this also be swallowed by the big bad red marks for the foreseeable?

louisejansen

I've read all the posts about this card and am still in 2 minds? My credit score is currently 490 I NEED to improve this, Has anyone who has had the card a while now checked their credit report score and has this improved?

I also have a phone contract with Virgin which doesn't show on my report !! Infact aparently they never did a credit score? does it take a wile until it shows on your credit report?

carl1974

james23_uk wrote: »

You're not going to be able to get any credit for getting on for 6 years. Seeing as this costs £60 a year to run I would have thought youd be better off waiting at least until you are fully discharged.

This is incorrect i have known people to obtain credit just a yr or 2 after bancruptcy. Also being a discharged bankrupt normally happens after 1 yr of the initial bancruptcy and is a slight improvement on full blown bankruptcy. I am discharged with it being 18months since my bankruptcy but although i do have a visa debit card with barclays bank acc this is the only thing i have so am considering this card. Are there any people here who are bankrupt/discharged who have got the card? Also would it help me to get a contract phone as this also if paid on time would help?