I am using the booster and think it is a fantastic idea, however I just wanted to know whether there will ever be a safe way of withdrawing the amount I put in without it affecting my credit score due to Tymit reducing the credit I have based on how much I have deposited?
Is there a limit on how much I can deposit? Will I be able to get an actual credit card with Tymit for using booster after a certain amount of time with a bigger credit limit? (So I deposit more)
Hi @Kami and thanks for posting this.
Also, apologise for delayed response as it took me a little bit of time to collect all correct information on this but here it is.
When you withdraw from your Booster account, this impacts your credit limit which is then reported to the credit reference agencies. This could have an impact on your credit score depending on how much your credit limit reduces. Therefore we recommend making deposits for amounts you can afford.
No, there’s currently no limit on how much you can deposit, the total amount you put into your Booster account = the credit limit we report, but it’s important to try and have an average utilisation of 30% and to pay your bills on time.
Your account is eligible for a review after 6 months. This allows us to get a better understanding of how you have been using the Booster product (i.e. actively using the account with 30% utilisation on average, paying your bills on time and paying the subscription fee). We will also complete a search of your credit report to see the performance of other credit products you may have with other lenders. If we’re satisfied that you meet our criteria, we will offer you an upgrade to Tymit Credit.
I hope this answered your questions but please let me know if you have any further, I’m happy to help you to understand Booster a bit better
@Fedi can you possibly private mail me regarding a few things mentioned in your response.
Dont want to air my laundry without getting my facts correct first.
Of course @loughranross13, I’m on it now