it is also worth mentioning the ClearCash icount - this provider although cannot help repair credit rating, can help you manage your finances better - they have a budgeting tool which is really useful and tracks your spending.

one thing to look out for with the credit builder through cashplus is if you miss a payment, you could end up far worse than when you started!

If you are going to use it, use it properly to help - both providers have great tools to help you get back on the financial stability ladder

Like many have stated, the only card I'm aware of which offers a Credit Builder facility is MyCashPlus.

have you checked out creditbuilder with cashplus? although i didnt personally use this provider it seems a good tool to have in order to improve your credit!

If you apply for the cashplus pre-paid credit card they have a credit building facility. They do it by loaning (you don't get to have access to the money that they lend you though) you pay it back at 12 payments of £4.95 thus building your credit.

Hi,

It all depends which credit rating agency you got your report from, as not all companies will report to all credit rating agencies (there are 3:Experian, Equifax and Callcredit). You can have higher score on one than another but most lenders will only check with one.

Back to your original question. Although prepaid cards are not like credit cards, there is one, Cashplus, which has a credit building program. I believe they report to experian.

Hope this helps.

I think they "should" be but there's no guarantee on that. Sorry I can't be more definitive with my answer but rest assured, they will all go towards your overall credit score. There will always be a trail of you credit that follows you so it will be linked to the resulting score.

This doesn't, however, over-ride any existing default payments you may have. These take time and can only be reversed once all payments are settled and declared as "Satisfied", you have re-built your credit file and the statutory period has elapsed.

Great, thank you.

I have had a look on my credit file, and although I do have a TV License (paid by direct debit) - it is not on my credit file.

Should it be?

I also have the following which are not on my file:

Sky, TalkTalk (Phone line & Broadband), Current Account with HSBC, Water Bill, Car Insurance.

Thank you for your time.

Your best bet would be to undertake small, regular credit commitments like TV License, Utility Bills via Direct Debit payment. Make sure you keep up with these though..........just as timely payments improve your status, late or incomplete ones will have the opposite effect!

Secondly, ensure that you never slip into your Bank's overdraft facility as this will penalise you further. Try and set some aside every month to put into a Savings Account, even the smallest amount will show your bank that you are managing your money responsibly and, given time, will improve your scores.

All you can really do is manage your money effectively, if you don't owe money then it's unlikely that you will be considered for credit as there is no history of you repaying it and this is what lenders are looking for............owe too much though and you'll find further credit impossible.

It does take time to re-build or repair Credit Histories but when done properly it can be painless enough and the rewards are self explanatory.

Good luck!

Oh, ok.

Do you have any ideas of how I can repair?

I have cleared all defaults (3 of them). I have no CCJs and no o/s credit.

Thank you!!

Hi,

I'm afraid not. Pre-pay cards and Credit Cards are completely separate. Although it is called a "Pre-Pay Credit Card" as no credit is actually being offered to you it does not count towards your credit file or history.

These are purely a means for those with lower credit scores to have the functionality (on-line purchases & bookings etc) of a credit card without being discriminated against.

Sorry!

Do the Companies of Prepaid Credit Card's send information to Experian?

Basically, would it help improve my credit file by having a Prepaid Credit Card?