Cashplus’ Creditbuilder Option


#1

After looking at a current account called Cashplus, I noticed that they had an option called “Creditbuilder”. It uses monthly fees or something to build your credit score. Since Starling doesn’t have any fees, I’m not sure how this would pan out. I think it would be good for people my age who are building credit reports, or for people who have a bad credit history and are looking to rebuild it.


#2

It’s actually a good way to build your credit history quickly, but only works if you don’t default on other things while using it.

Basically they lend you money, so you get a loan, which you pay back every month through the fee. So technically it’s not a fee but a loan repayment, which is how it helps you on your credit report.


#3

Would another option not to be to get a “starter” credit card and use it for everyday purchase (never more than you can afford) and repay in full every month?


#4

Cashplus is not really a proper current account, it’s more a prepaid card with added functions.