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Credit Builder FAQs

What is a credit rating?

See our main Credit Builder page for more details.

A credit rating estimates the credit worthiness of an individual, corporation, or even a country. It is an evaluation made by credit reference agencies of a borrower's overall credit history. A credit rating is also known as an evaluation of a potential borrower's ability to repay debt, prepared by a credit bureau at the request of the lender

How does Creditbuilder work?

The Moneymeans Credit builder program has been tailor made to help people who need to repair or re-establish their credit files. With our experience we have come to realise the problems that effect people with low credit scores. It's very much a 'catch 22' situation. Without a credit facility you can't repair your credit file and without a repaired credit file you cannot get a credit facility.

Will Creditbuilder improve my credit rating?

Moneymeans Creditbuilder is a registered loan, which is usually repaid over 12,24 or 36 monthly payments equivalent to your monthly fee. Each monthly repayment successfully completed will be reported to the three Credit Reference Agencies, and your credit history will be updated. The more loan and credit products you have successfully satisfied, the better your credit rating will normally be and the faster it will improve.

What does Creditbuilder cost?

Option 1: £14.95 per month over 36 months
Option 2: £19.95 per month over 24 months
Option 3: £14.95 per month over 12 months.

It doesn't cost anything to have Creditbuilder added to your Moneymeans Platinum card account:
• There is no additional monthly charge
• The APR on the loan is 0.0%, so you don't pay any interest
• All you pay is 12,24 or 36 monthly loan repayments instead of12,24 or 36 monthly account fees.

When is my credit rating updated?

Unlike other Creditbuilder schemes we will report to the Credit Reference Agencies on a monthly basis.

Can wages or benefits be paid onto the card?

Yes, please either download the wages form in the following link or contact our customer services.

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 12,24 or 36 monthly repayments, Creditbuilder will not have a negative impact on your credit rating.

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.

What happens if I miss a monthly payment?

If you fail to meet a monthly payment this 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?

Yes you can payback your Moneymeans Creditbuilder agreement at any time, but you will have to pay back the whole of the remaining loan agreement in full.

Credit builder and your Moneymeans card

What is the Money means MasterCard®?

The Moneymeans Platinum Card is a Chip & PIN prepaid MasterCard®. Wages and cheques can be paid direct to the card and there are no interest charges on the card. You can only spend what you have loaded on the card. Once the money loaded onto the card has been spent, you can't spend any more until you've topped it up. Also, as the monthly fee is registered to your credit file on a month by month basis this will help build your credit score.

Will the cost of Moneymeans Creditbuilder change?
No. Your loan agreement requires you to be on the same price plan for the agreed 12,24 or 36 months.

How many accounts can I have with Creditbuilder?
You can only have one Creditbuilder account at any time, but more than one Moneymeans card if you wish.

How do I know when or if I've been accepted onto Creditbuilder?
You'll be notified by our customer service staff or via e-mail when you're application has been accepted onto the Creditbuilder program.

Can I cancel my Creditbuilder agreement?
Once you have received your signed customer copy of the Moneymeans creditbuilder agreement in the post, you have the right to cancel it within 14 days free of charge. However any administration charges will be lost.

APR

What does APR mean?
APR stands for Annual Percentage Rate, and under the Consumer Act 1974 it is required to be published for all regulated loans so consumers can quickly and easily compare products.. As the APR for Moneymeans 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 Moneymeans Creditbuilder loan is 0.0%. You do not pay any interest on the loan. You just make the 12,24 or 36 monthly payments which will be registered for you.

How do I create an online account?

Once you have activated your card, you will have on line access to your account where you can view balances and action payments to and from your account as well as viewing your statements and transaction history, update personal details, request PIN number and upgrade your account.

Do I need a bank account to get a Moneymeans Card?

No. You don't need a bank account to get our Moneymeans MasterCard®.

Can I get a Moneymeans Card even if I have been made bankrupt or have any County Court Judgments?

Yes. Credit checks are not required for a Moneymeans Card.

Will I get the loan on my card?

No. The loan is to pay for three years use of your Moneymeans card. The money is only available for this purpose. As soon as your Moneymeans Creditbuilder agreement is approved we will credit your Moneymeans account with the loan and then use this to pay your next 12, 24 or 36 months' monthly fees. For each of the following 36 months we will then deduct the normal monthly fee from your Moneymeans account and use it to repay your Creditbuilder loan.

Can I get a Moneymeans Card if I do not currently live in the UK?

You can apply for the card so long as you have a UK address that we can deliver it to. You will be required to provide proof of ID in the form of a passport but it need not be a UK passport. We are only allowed to sell the card to UK residents - that is why we only allow you to activate it from a UK address.