Credit builder cards and other questions.

Chickendinner12 · 7 June 2018 at 12:54PM

Do credit builder credit cards such as aqua and capital one actually help build credit or is it like when Wong’s said that it helped to build credit.

Also I have two current accounts one I do not use but which has a 750 pound overdraft with a 0 balance, if I close this will it have an adverse effect on my credit rating?

[Deleted User] · 7 June 2018 at 1:01PM

All credit cards help to build credit history if you use them correctly - ie pay them off in full each month.

If you close an account, it will appear as a closed account. There's no credit rating to affect. However, most lenders would prefer to see you are trusted with an overdraft, preferably unused.

binaryuniverse · 7 June 2018 at 1:07PM

A credit builder product isn't any different, in terms of your credit report, to any other credit card. The difference is they are more likely to lend to you if you have very little, or a problematic, credit history, than a 'premium' product.

Credit builder cards and other questions.

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