Anybody you has a poor credit history or no credit history do find it hard to get back into credit market or start with the credit market. Before there was no way of building any rating unless you had credit which would be hard if you are unable to get credit!
Now you can find companies that are willing to help solve this problem and rebuild your credit rating. ASP have their cashplus creditbuilder gold mastercard.
There is a more flexible approach being taken by some of the credit card companies with allocating credit cards to again help you build your credit rating. Vanquis Bank will issue their Vanquis Credit Card. Basically if you have a poor credit rating they will issue the credit card to build up your credit but you have to make regular monthly payments and start with a small credit limit. If you are refused the Vanquis Credit Card it may mean you have the benefits of a prepaid credit card.
The prepaid credit card works by allowing you to pay in money to the account which will mean you can use the credit card. This will not only build your credit rating but enable you to buy online or over the phone. Most of the prepaid credit cards will not have credit checks on the prepaid credit card so they can offer almost guaranteed acceptance. With the prepaid credit cards you can have peace of mind knowing you can’t get into trouble but also now this can count towards your credit rating again to help you build it back up again.
With the cashplus creditbuilder they have a prepaid credit card scheme which allows you to improve your credit rating. You apply for the cashplus gold mastercard online and then the creditbuilder facility which you will need 2 forms of id for. To keep the account active you will need to pay £4.95 per month and make sure there are always funds preloaded into the account for the monthly fee. If you pay for 12 months consecutively then the information is passed to the credit bureau again help towards your credit rating.
