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

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  • Treadmill
    Treadmill Posts: 1,102 Forumite
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    £60 quid to improve your credit rating ?

    Blimey
  • sodafarl
    sodafarl Posts: 1 Newbie
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    Chrysalis wrote: »
    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.
    Hi this is probably too late to tell u but im only new so just read this i have one of these cards cashplus gold and i didn'y need ID got ot a money shop in town started with the titanium and then upgraded after a month. Also theres an option on the website form for u to take the letter they send u to the post office and pay the £4.95 and they send u the card no ID required.
  • davie303
    davie303 Posts: 1 Newbie
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    Hi i just got one of these cards and would like to know can you pay the loan off early in one payment of £60. if so would this show up and look good on your credit report?

    or would i be best to load £60 on it cut it up and forget about it for a year.


    thanks in advance
  • izools
    izools Posts: 7,513 Forumite
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    You could settle it straight away but then you would only have one month of payment history. This will make barely a noticeable impact on your credit rating as creditors want to see long term consistency, evidence to show you can cope with an ongoing agreement ad infinitum, not just for one month.

    Definitely the only productive way to run this is to let it run it's years course.
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • Owlish
    Owlish Posts: 46 Forumite
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    My partner's Experian record says that his score is 'fair' but he doesn't have any other credit and he was turned down for the Barclays and Capital One 'try to boost your rating' cards :(

    So, in desperation to sort this out, we've just applied for a Cashplus Prepaid MasterCard for him and we ticked the CreditBuilder application and have had an e-mail back saying "Congratulations for your enrolment in creditbuilder." - so I'm assuming that we don't need to send any forms / ID off (we put his passport details in online)?

    Also, can anyone tell me what's the best way to run one of these accounts? We'd like to be able to just stick some money on it (e.g. £60 + ) and leave it to run without bothering to use it. It that possible and does that still 'count' as being paid each month, if they're only taking the £4.95 each month?

    I've read the whole thread swiftly, but sorry if I've missed a post already answering these questions :o
  • WallaceEMann
    WallaceEMann Posts: 10 Forumite
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    I usually put around £50 a month on it and use it occasionally for train tickets etc. I mainly try to use it as like a savings account for when I go away or when my car needs servicing.

    I signed up to the Credit Builder as I'm a discharged bankrupt and only been able to have a basic bank account. The green dots will hopefully help my cause in the future.

    I'm now on my second year with them as how many £60 loans can you get which can be paid over 12 months, interest free, and help your credit score?
  • Owlish
    Owlish Posts: 46 Forumite
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    Thanks for the info. We've received the card and have just set up a standing order to pay a little in each month. Just so other people know, you have to activate the creditbuilder a week after you have received your card, by logging in to the members area and selecting the creditbuilder option. Otherwise you're not registered for this part of the card, which rather defeats the object!
  • SmudgeUK
    SmudgeUK Posts: 264 Forumite
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    I have had this card for 9 mnths now with the credit builder option on it.

    I now have 8 big fat zeros sat on all my credit files so they do what they say.
    Awaiting Inspiration......................
  • Owlish
    Owlish Posts: 46 Forumite
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    SmudgeUK wrote: »
    I have had this card for 9 mnths now with the credit builder option on it.

    I now have 8 big fat zeros sat on all my credit files so they do what they say.

    Brill - good to know that they're working well for people and I hope that this adds up to a great new rating for you :j
  • SmudgeUK
    SmudgeUK Posts: 264 Forumite
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    And i had to make a S.75 claim, and itwas all sorted within 2 weeks, unlike some of the horror storys i have seen on here.

    Online statement has always been up to date even 2 mins after i just brought something online.
    Awaiting Inspiration......................
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