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Motley Fool recommends… the icount Prepaid Mastercard

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It is all too easy to damage your credit record, but it can be shockingly hard to clean it up again afterwards.

Simply missing a payment – for your mortgage, rent, mobile phone, etc – can inflict serious damage on your ability to borrow money in future.

This will show up on your credit report, making it difficult to get a new current account or credit card at market leading rates.

If you are in this position, the icount current account with prepaid Mastercard could help you clean up your credit rating.

It gives you a real alternative to the high street banks and will help you show that you can responsibly manage a form of credit.

You can even get instant 100% guaranteed approval on your application, with no waiting needed.

Debt worry

People can run into or mortgage arrears through no fault of their own, say, after falling ill or losing their job.

Research from icount shows the main reason people end up with bad credit is the daily struggle to keep up with rising living costs.

One in three have fallen into mortgage or rent arrears over the last year after experiencing a long gap waiting for their Universal Credit benefit payments.

Unexpected bills, changing jobs and prioritising other debts are also key causes of credit problems, icount’s research shows.

icount Prepaid Mastercard credit card

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Fighting back

The icount current account with prepaid Mastercard could be the solution for those turned down for current accounts, credit cards and other financial services.

It can help you put bad credit or other issues behind you, making all the difference when applying for a mortgage, loan or any other form of credit in future.

You have a choice of charging structures – for example, regular daily users could pay a low monthly fee of £9.95 plus 50p for ATM cash withdrawals.

Occasional users might prefer the pay-as-you-go option with no monthly charges, just a fee of 2.50% a transaction and 75p for ATM use.

No credit checks

You will not face credit checks when applying for the icount prepaid card, because you cannot run up debt on the card.

Instead, you can only spend money you have previously loaded, either from your salary or benefits payments. You can even top up your card by bank transfer, standing order and at Post Office branches.

In many cases, these funds will be instantly available for you to spend with no worries about going into the red.

You can also use the card to set up direct debits and other regular payments.

CreditBuilder

The icount prepaid MasterCard also includes a free CreditBuilder option, which gets to work repairing your credit rating.

As long as you make every card payment on time each month, icount will report your success to the credit reference agencies, improving your chances of getting credit in future.

It can also help if you have a County Court Judgement (CCJ) against your name, or have never obtained credit before and have no credit record.

CreditBuilder is completely free, but remember, you will need to keep on top of any other credit payments as well.

The icount prepaid Mastercard could be the first step towards putting your debt worries behind you, so apply now.

5 Things You MUST Check Before You Apply For A Credit Card

Thanks to the research we've done for you, you should have a good idea of which credit card suits your needs best. Now there's just one more important page you need to read: "5 Things You MUST Check Before You Apply For A Credit Card" is a special report from The Motley Fool, and it's completely free!

This expertly prepared report will inform you how to repair your credit history, explain why your credit report may contain errors and how you can fix these, as well as guide you through exactly how the UK credit scoring system works and why you need to understand it. All that's left to do is click here for access, and it won't cost you a penny!

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