| T O P I C R E V I E W |
| JimmyChoo |
Posted - 27 June 2011 : 16:42:27
Hi All,
Does anyone have any advice on how soon after discharge one can apply for one of the "adverse credit card" to start re-building credit?
Regards,
Jimmy |
| 15 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 28 May 2012 : 18:12:33
I agree with Skippy that prepaid cards won't help you build up your rating, it's your own money you are using.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| xmas baby |
Posted - 28 May 2012 : 12:17:27
Hi all,
I applied for a vanquis credit card last week and a few days later someone (apparently from Vanquis) phoned me to go over some more details, even though they were the same questions already provided by me online. At the end of the conversation he asked me for my bank details as I would probably be paying by direct debit. When I asked him if I had actually been accepted, he said "no", but if I gave him my bank details they would get back to me within 24 hours and it would give me a better chance of being accepted. When I told him I was not happy to give my details over the phone, he said he understood my caution but this would now probably have an impact on whether I was accepted. I said I didn't care and if that is the case, then so be it. I had already given him my address, date of birth, where I work, my earnings. I was not going to give a compelte stranger my bank details as well. god knows what he could have done with all of that information. i think I will now wait until my 6 years is done and I can start again that way.
xmas baby |
| Skippy |
Posted - 28 May 2012 : 11:12:09
The problem is a prepaid card won't help rebuild your credit rating unlike a 'normal' credit card.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| aideng |
Posted - 28 May 2012 : 10:54:19
quote:
Originally posted by debtrider
They are very dangerous things to own, I should know having ran up so much debt on as many of 20 if them. Use your debit card or one of these one of these prepaid ones like tuxedo card.
A credit card may work for some people who are very good at money management, but you have to be very careful.
Debtrider
I actually was accepted at tuxedo prepaid in spite of my bad credit history. The prepaid credit card has helped me because its easier to manage my money. The "normal" credit cards got me into all this mess.
http://www.tuxedoprepaid.com
I can make more generals, but horses cost money.
Abraham Lincoln |
| xmas baby |
Posted - 22 July 2011 : 11:44:31
Hi Debtrider,
Yes I understand what you are saying about credit and why would anyone want it, especially after going through the turmoil of bankruptcy, but the simple answer is that this seems the only way of improving your credit rating. I have various direct debits which have always been paid on time with no missed payments, but these don't really make any impact on your credit rating. I don't want a credit card particularly, but it seems as though without one it is very difficult to creat a good credit record. A good credit rating is essential these days for all sorts of things most people take for granted, such as renting a property, mobile phone contracts, etc.
xmas baby |
| Melanie.n |
Posted - 28 June 2011 : 15:50:16
Why not apply for a 'pre paid card' (have a look on a comparison site such as moneysupermarket.com - I always recommend these to my clietns as they are an excellent way to budget - you can only spend what you have loaded onto the card, but saves the need of carrying cash, and you can use them wherever there is a visa sign, or online purchases etc - they are an absolute godsend as you cannot run up credit on them.
I would never give advice to a client on how to get access to credit following their discharge.....it is a slippery slope back into debt - how many of us have...just put this on the card and will clear it payday ...only to never clear it..... and once a card is in the purse with a balance, it is far to easy to start using regularly - why pay high interest and charges?
I can understand the need for flexibility and budgeting, but to go bankrupt and immediately be seeking out credit it a very silly think to do.....
Melanie Nicholas
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles |
| Bigal4787 |
Posted - 28 June 2011 : 15:43:29
Vanquis, Granite(also run by Vanquis) and Capital 1 do adverse credit cards, they usually start at £500 which is more than enough really.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
|
| Skippy |
Posted - 28 June 2011 : 11:14:16
I have a credit card with Vanquis and the interest rate doesn't really matter as I've got a direct debit set up to pay it off in full each month.
I actually like seeing the full payment go out of the bank as it reminds me of how far I've come!
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| Niobe |
Posted - 28 June 2011 : 11:11:56
If you are sensible and just use the card to pay for things such as petrol and pay it off every month then I don't see a problem with it.
It will help build up your credit rating and a lot of people will be looking at things such as mortgages or car finance in the future so every little helps.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| debtrider |
Posted - 28 June 2011 : 10:36:05
You would probably find it very hard to get a credit so soon after bankruptcy without a very high interest rate.
But why would anyone want a credit card anyway especially after bankruptcy. It frightens me to death now every time I see people trying to get people to sign up for credits cards in shopping centres,etc.
They are very dangerous things to own, I should know having ran up so much debt on as many of 20 if them. Use your debit card or one of these one of these prepaid ones like tuxedo card.
A credit card may work for some people who are very good at money management, but you have to be very careful.
Debtrider |
| RHB |
Posted - 28 June 2011 : 07:28:35
My friend never had a credit card or loan in her life & initially had trouble with getting a mortgage BUT when they looked at her spending in more detail she was seen as a very good bet & got her mortgage. Personally, I wouldn't rush to get credit it again but concentrate on running your bank accounts well & saving ready for substancial deposits when you do need to purchase a more expensive item. Then you will be in a position to get any credit card. |
| Skippy |
Posted - 27 June 2011 : 19:06:17
If you don't want/can't get a credit card it could be worth trying for a catalogue account. Other than that all you can do is make sure your bank accounts and any mobile phone contracts are run properly.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| xmas baby |
Posted - 27 June 2011 : 17:03:13
I too am looking at rebuilding my credit as it is over a year since I was discharged. However I am scared of applying for a credit card only to be refused. I know there are certain cards which which can be pre-topped up which include a credit builder but to be honest I don't think I trust these and I think they are just out to get your money. Is there anything I can do before the full 6 years of the bankruptcy is up? I don't particularly want a credit card again but this seems to be the only thing that actually helps to rebuild credit.
Can anyone give me any other advice on this please?
Thank you
xmas baby |
| Viki.W |
Posted - 27 June 2011 : 16:55:38
I wasn't accepted! 
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| Niobe |
Posted - 27 June 2011 : 16:53:33
You can probably try for a Vanquis card straightaway - they are well known for giving cards for adverse credit.
It's not guaranteed that you will be accepted though.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
