How do I cancel Tymit, I don’t need it, or require it?
Hi @Alex, what stage of the process are you? have you got the card, topped up your account?
As this is a new product, I don’t think the community have the answer to this one, probably best you contact support via the app or email.
As you have already applied, you are aware of the fact that a search will be put on your record which may impact your credit score so you might want to think twice about cancelling the card, if you don’t really want to use it, put like £50 on it, buy a loaf of bread and pay off once a month. This will improve your score and hopefully assist with you getting a ‘better’ card in about 6 months, there is the obvious £9.95 monthly fee to factor in though.
@Sholao I’ve just got it, and still don’t understand how it works, I load it with MY money, I purchase something, then spread the payment out…but isn’t it my money i’m spending? Its the £9.95 factor that’s the issue…for what spending my money? You say “may impact your credit score” how can that be when its my money i’m spending, please explain it more than the app and web site…and customer service is awful, no reply…please in lame terms explain it to me…!!! How this card works, I put 200 on it, and then I spend the 200? I’m baffled!
Pretty much - they’re charging you for holding the card. I got offered a Tymit Boost card, didn’t want it and noped out half way through applying and got the application stuck in the system, in an endless loop, but it should be getting fixed
In terms of cancelling the card - If you cancel it after a relative short term of having the card, it can impact your credit score negatively as you’ve applied for something you didn’t need. See: Should You Cancel Unused Credit Cards? | Credit Card Guides | Experian
Thanks for signing up to Tymit Booster
If you’d like to close your account, you’ll have to get in touch with customer services through the app.
Before you do, let me try and answer some of your questions.
When you add your money to Booster, we match it with a credit limit of the same amount.
Your money doesn’t go anywhere (it’s held safely in your own pot) and you spend a Tymit credit line.
By adding money and building up your credit limit, we’re able to report a credit line for you to Experian.
And by spending your credit line and paying your bill, we’re able to report on-time payments to Experian too.
Both these factors help improve your credit score.
Looking at the alternative, if you were to keep your £200 in your debit account and use it for day-to-day spending, it’d have no real effect on your credit score.
But that £200 in a Tymit account becomes a credit line - and that does have an effect.
I’ve linked to a longer post on some of these issues that you can find in another Booster thread, but if you have any other questions, just let me know!
@Oisin Thank you for making this clear and simple as it can be…this is what I was searching for all over the web and net, and you’ve explained it as best as can be…and with that I will hold onto my account for 12 mths and see how things go! It would be a really good idea from a marketing side to make this clear on your web site!
Thanks Alex, that’s great to hear! Really glad I could help
And you’re right - we need to do a better job of explaining Booster. We have plenty lined up in the coming weeks that should help us do that.
In the meantime, if you have any questions, please do ask them here - your feedback will be really helpful too