Improve your credit rating

How a prepaid card could improve credit ratings If bad credit is preventing you from being approved for a credit card or loan then things can get tough. 285 7,420 new debt problems are dealt with by the Citizens Advice Bureaux every day 17 1,655 £54k The average household debt People are declared bankrupt every day Every 17 minutes a property is repossessed County Court Judgements are issued in the UK everyday How to improve your credit rating Once you're in debt it can be very difficult to get out of it. Lenders will be less likely to offer you credit. Repaying your debts can become increasingly difficult. You could be given a bad credit score. 2 3 Prove your stability 1 Don't be late! Set up Direct Debits Ensure that you're not late on any more payments of bills and debts. Being late with your payments could damage your credit score. Direct debits could help your credit score by ensuring your payments are made on time. Just make sure you have enough money available in your account to cover payments. Convince the banks that you're in a stable position in your financial life. Make sure there are no gaps in your employment or household history. 4 Don't get stuck in the rejection spiral Look for opportunities to rebuild your credit history Cancel unused cards Having too many credit or debit cards might be causing problems, so look for opportunities to lower your available credit. Just remember, If you're turned down for credit don't apply somewhere else immediately unless absolutely necessary. The more you get rejected, the worse it will get. Look at why you were rejected and sort out your finances first. Use savings to pay off outstanding debts, stay within your financial limits and make sure you're at least following your minimum repayment plans to start building your credit up again. long-standing bank accounts with good repayment history can benefit your credit rating. Find the right card for you 7 On average, High Street banks only approve 20% of credit card applications. The other 80% of applications are denied due to bad credit.? cashplus A credit card might not be the answer. A prepaid card is easy to manage and will help you stay within your financial limits. Use it in addition to the steps above and you could be on your way to a better credit rating. GOLD 5412 7500 0000 0000 /15 MasterCard LEE M CARDHOL DER 08-71-99 12345678 You could improve your credit score with Creditbuilder"on a Cashplus prepaid Gold MasterCard Getting a Cashplus prepaid card could really boost your credit rating. And with a 100% acceptance rate* there's no risk of getting rejected. Reasons to get a prepaid Cashplus card: • No credit checks to open an account • No direct links to bank accounts A Cashplus prepaid card works much like a High Street bank account and debit card, but with the added bonus of being able to help improve your credit rating. You can usually only spend what you top up on the card - allowing you to control your spending whilst increasing your credit score. Makes it easy to pay bills on time • Can set up Direct Debits • Add Creditbuilder which could help you build your credit score • Includes Purchase protection • Easy to set up standing orders SOURCES: http://themoneycharity.org.uk/debt-statistics http://www.moneysavingexpert.com/loans/credit-rating-score#improve 1. 2. *Subject to terms and conditions including applicant being resident in the UK & aged 18 years+. Some features and services are only available to customers who have been fully identified and verified. Cashplus is issued by APS Financial Ltd (AFL) pursuant to license by MasterCard tional Incorporated. AFL is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. Cards are serviced by Advanced Payment Solutions Ltd (APS) which operates the card on behalf of AFL. All credit facilities are provided by APS and are subject to approval. Creditbuilder is only available on monthly pricing plans. Creditbuilder. Advance and Debit Protect are registered trademarks of APS. AFL & APS registered address is 6th Floor, One London Wall, London EC2Y 5EB. Registered in England and Wales under company numbers 06029941 & 04947027 respectively. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. The Post Office® and Post Office symbol are registered trademarks of Post Office Ltd. Call charges are 10p per min from BT landlines. Call charges from other networks and from abroad may vary. Calls may be recorded.