What is credit builder?
- Will creditbuilder improve my credit rating?
- How much does creditbuilder cost?
- Will I get the loan amount on my card?
- What does APR mean?
- What is the APR on the loan?
creditbuilder and your cashplus card
- Can I still use my cashplus card as normal?
- Can I have creditbuilder on a flexiplus account?
- Can I switch price plans whilst I have creditbuilder?
- How is this different to a ‘normal’ account?
- Can I have creditbuilder on an additional card?
- How many accounts can I have with creditbuilder?
- Can I renew my creditbuilder agreement, after completing the first 12 months?
- What happens if I do not renew my creditbuilder agreement?
- How do I know if I am a fully verified cashplus customer with Total Access?
Signing–up for creditbuilder
- How do I sign–up for creditbuilder?
- How do I know when/if I have been accepted onto creditbuilder?
- Can I cancel my creditbuilder agreement?
Credit ratings
- What is a credit rating?
- Can creditbuilder have a negative impact on my credit rating?
- When is my credit rating updated?
- What happens if I miss a monthly payment?
- Can I pay back my loan early?
- What is a Credit Reference Agency?
What is creditbuilder?
Will creditbuilder improve my credit rating?
creditbuilder is a loan, which is repaid with 12 monthly payments equivalent to your monthly fee. When you have successfully satisfied the loan, it will be reported to two Credit Reference Agencies, and your credit history will be adapted accordingly. The more loan and credit products you have successfully satisfied, the better your credit rating will normally be.
How much does creditbuilder cost?
You will not face any extra charges by adding creditbuilder to your cashplus account. You pay NO interest on the loan and there are NO administration charges – you just keep paying the regular monthly fee for 12 months.
Will I get the loan on my card?
No. The loan is to pay for one year’s use of your cashplus card. The money is only available for this purpose. As soon as your creditbuilder agreement is approved we will credit your cashplus account with the loan and then use this to pay your next 12 months' cashplus fees. For each of the following 12 months we will then deduct the normal monthly fee from your cashplus account and use it to repay your creditbuilder loan.
What does APR mean?
APR is the Annual Percentage Rate. It is an expression of the effective interest rate that the borrower will pay on a loan, taking into account one-time fees and standardising the way the rate is expressed. In other words the APR is the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted. As the APR for creditbuilder is 0.0%, you only pay back the same amount as you borrow; there is not interest.
What is the APR on the loan?
The APR on the creditbuilder loan is 0.0%. You do not pay any interest on the loan. You just make the 12 monthly payments as you would normally do with a cashplus account which has a monthly fee.
creditbuilder and your cashplus card
Can I still use my cashplus card as normal?
Yes. When you have a creditbuilder loan it will not affect how you use your cashplus card. You can continue to use your card wherever you see the MasterCard acceptance mark, whether it is to shop online or in stores.
Can I have creditbuilder on a flexiplus account?
As you have to make monthly payments for creditbuilder, it is only available on a a cashplus account which has a monthly fee.
Can I switch price plans whilst I have creditbuilder?
No. Your loan agreement requires you to be on the same price plan for 12 months.
How is this different to a ‘normal’ account?
creditbuilder is different as we report on your monthly payments to the Credit Reference Agencies. And we have loaned you the fees for 12 months usage of your cashplus card. With a ‘normal’ account, you simply pay your fees and we don’t report to the Credit Reference Agencies.
Can I have creditbuilder on an additional card?
creditbuilder can only be applied for by primary cardholders. Additional cardholders can continue to use their card(s), however, creditbuilder will not have an affect on their credit rating.
How many accounts can I have with creditbuilder?
You can only have one creditbuilder account at any time.
Can I renew my creditbuilder agreement, after completing the first 12 months?
Yes. You will be invited to re-subscribe to creditbuilder as soon as you have satisfied the initial term. You can carry on for as long as you like.
What happens if I do not renew my creditbuilder agreement?
After the last of your 12 monthly payments for creditbuilder has been taken, and the completion of your loan repayment has been reported, your account will return to a normal account.
How do I know if I am cashplus customer with Total Access?
To be a cashplus customer with Total Access you will have been fully verified and identified. One way to confirm you already have Total Access is if you can use your cashplus card in a cash machine.
Signing–up for creditbuilder
How do I sign-up for creditbuilder?
It’s really simple. You can sign up online right now in the Members' Area, so long as you already have a cashplus card with Total Access. If you don’t have a cashplus card yet, sign up now and then you’ll be able to apply for creditbuilder. Take a look at the get creditbuilder section of this site to see just how easy it is.
How do I know when or if I've been accepted onto creditbuilder?
You'll be notified by e-mail when you're accepted onto creditbuilder.
Can I cancel my creditbuilder agreement?
Once you have received your signed customer copy of the creditbuilder agreement in the post, you have the right to cancel it within 14 days free of charge. You will find a cancellation form at the bottom of the creditbuilder agreement – send this to FREEPOST CREDIT BUILDER and the loan will be cancelled.
Credit ratings
What is a credit rating?
A credit rating assesses the credit worthiness of an individual. Credit ratings are calculated from financial history and current assets and liabilities. Typically, a credit rating tells a lender or investor the probability of the borrower being able to pay back a loan. A higher score suggests that you will probably find it easier to borrow money or buy goods on credit and you may be offered better deals than if you have a low credit score.
Can creditbuilder have a negative impact on my credit rating?
Failure to make your monthly repayments would be reported to the Credit Reference Agencies. As long as you continue to pay your 12 monthly repayments, creditbuilder will not have a negative impact on your credit rating.
When is my credit rating updated?
We will report to the Credit Reference Agencies when you have successfully made three repayments equal to your monthly fee after your third month on creditbuilder. All subsequent reporting of repayments will be made monthly.
What happens if I miss a monthly payment?
Failure to make your monthly repayments will be reported to the Credit Reference Agencies and could make obtaining credit for other products more difficult in future.
Can I pay back my loan early?
You can settle your creditbuilder agreement at any time, but you will have to pay back the whole of the remaining loan in full. See the terms and conditions on the application form for three examples of what you would have to pay in the event of early settlement.
What is a Credit Reference Agency?
A Credit Reference Agency is a company that collects and collates financial data and provides consumer credit information on individual borrowers. This helps lenders assess credit worthiness, the ability to pay back a loan, and can affect the interest rate applied to loans. The more loans you have successfully satisfied, the better your credit rating is likely to be.
Contacting us
creditbuilder
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