Improving your Credit Score

[romeshw]

I'm looking for credit accounts that can be easily opened and maintained and will report to credit reference agencies and therefore improve your credit score.

 

It would be important that they don't cost a lot to maintain as well. Current accounts, store accounts etc. The only one I've found is....

[romeshw]

Name: Nationwide Flex Account

Type: Current Account

Cost: None

Agencies Reporting to:

- Call credit - Yes

- Equifax - Yes

- Experian - Unknown

 

Notes:

Easy to open current account. Debit card doesn't incur fees on foreign withdrawals.

[MARTIN3030]

Good idea anyone else got anymore?

[yourbank]

almost every single current account within the UK would report to CRA's

[MARTIN3030]

But theres other things besides current accounts that can be used as a credit repair build/contribute to building an increased credit score.

[havinastella]

Cashplus prepaid Mastercard.

 

Makes the prepaid fee into a pretend loan, so as you pay the fee it reports you as paying back a loan.

 

Superb way to improve credit.

 

Jogs

[MARTIN3030]

Have you got one Jogs ?

Wonder if Virgin media would take payments from there-and refund late payment charges back to it...

[MARTIN3030]

Do they take it around 3 bridges ?

[pompeyfaith]

Easy to open current account. Debit card doesn't incur fees on foreign withdrawals.

 

I think you will find this has changed recently and they now charge

 

Regards

 

PF

[havinastella]

Do they take it around 3 bridges ?

 

 

Yes I do have one, it shows up lovely on my credit file.

 

 

And the kebab shop refuses it, but I can use it in the private shop

 

 

JOgs

[MARTIN3030]

"And the kebab shop refuses it, but I can use it in the private shop" :grin:

 

 

ahhhhh so does the job then.

[romeshw]

Cashplus prepaid Mastercard.

 

Makes the prepaid fee into a pretend loan, so as you pay the fee it reports you as paying back a loan.

 

Superb way to improve credit.

 

Jogs

 

From what I can see this would cost £9.95 as a card issue fee and £4.95 per month thereafter, is that true? Seems quite expensive.

[romeshw]

I think you will find this has changed recently and they now charge

 

Regards

 

PF

 

I'm pretty sure this only applies if you have a Visa debit card rather than a standard debit card (Maestro I believe). I'll double-check when I get home, if I'm wrong I'll let you know.

[romeshw]

almost every single current account within the UK would report to CRA's

 

 

I wasn't so sure about this as my HSBC account has never reported to CRA's.

[MARTIN3030]

Have you had any loans with them ?

They would only have cause to report anything if there was anything to report !!

[romeshw]

Have you had any loans with them ?

They would only have cause to report anything if there was anything to report !!

 

Nope, no loan or overdraft. But that's why I found it curious that Nationwide reported to CRAs when I have a (small) credit balance with them and no borrowing facility.

[MARTIN3030]

Yes its strange and sometimes is not so obvious to work out.

If we remember that people like Experian operate many different spheres to their business-its quite possible the Nationwide will have other business interests with them.