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| T O P I C R E V I E W |
| j.m |
Posted - 16 September 2008 : 17:50:55
Since becoming fully discharged from bankruptcy in May this year i have of course been anxious to try and re-build my credit rating to which end i have applied for a number of credit cards and unsecured loans concentrating on those companies who advertise themselves as offering " no credit check " and/or " bad credit " facilities. Without exception i have been turned down even though i have an excellent employment history ,a long standing good address , earn £44k per annum and have low essential commitments as i live at home with parents. Why are these companies quite clearly undertaking credit checks when they purport not to do so and why are they allowed to do this ? What can i do about this situation ?. Are there any credit card companies or loan companies who do give full and genuine consideration to discharged bankrupts in my sort of situation that you could recommend ?.
regards |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 17 September 2008 : 13:59:15
Hi i have misread the reply from 369 i have added a permanant link to the credit files and other things to do with BR on my blog, so if they get lost in here they are always there to look at.
The link for insolvency register i have added also so if anyone wants them they are there.
TTFN
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Trolly-Dolly |
Posted - 17 September 2008 : 13:26:04
Great advice 369.
Is it quite straightforward to print that off? I mean, is it easy to find the link?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Needafriend |
Posted - 17 September 2008 : 11:45:09
Hi 369
I have put a piece on my blog addresses and how to send of to help a bit with your file.
I read that there are ways to help your file, but not sure how you go about them really when it comes to getting a small balanced CC.
I think someone else left a link on here yesterday in this thread, have a look.
Good luck
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| 369 |
Posted - 17 September 2008 : 11:42:34
Hello,
I am going to be discharged in Nov 08, and I really want to know how to repair my credit rating, I have never had a mortgage - could never afford one in the first place, but would like one in the future.
The only way you will ever get one is to improve your credit rating, and the only way for you to do this, is to get a credit card, loan, or credit agreement somehow....I do not want this to spend money on again, just to maybe spend £10 on and then pay it off each month to show that you can do this now, this improves your credit rating. Even paying your utility bills or your phone bill on time improves this.
It is correct that every time you apply for cards, loans (anything like that) it is recorded on your credit check, so maybe stop doing this... I would get a copy of your credit report first of all, see what state your report is in first. See if there is anything on the report you can explain, or that isnt right.
I am assuming that everyone knows that you have been discharged now? If not you need to write to your creditors and the credit report agencies (Experian etc) and inform them. You will need your Certificate of Discharge/Satisfaction from the court you went bankrupt in (£60 and then copies are £1) or just print off your discharged notice from the Insolvency Websute for free - if you are still on there.
Hope this helps.
Think everyone needs to understand that everyone situation is different.
Thanks |
| Youngandstupid |
Posted - 16 September 2008 : 22:10:26
Ok sorry if my post came across a bit abrupt but i think its the constant applying for credit that gets me.
please accept my appology |
| harbourmaster |
Posted - 16 September 2008 : 20:40:51
Ok, here goes... I may get shot down for this  but....
There is 1 company that offers a pre pay credit card (something that I have got as I certainly need 1 to pay for the fuel etc..)
I must stress that it is a prepaid one though so you have absolutly NO CHANCE of running up a debt.
They charge £4.95 per month.....
however....
they will (if you ask and complete the forms) give you a ..wait for it.....
LOAN of £59.40!!!
This is the 12 months payment of £4.95. If you leave use this "loan" to fund the monthly charge on the card once the full year is up and the "loan" is paid back they contact the credit reference agencies and inform them that you have paid a loan on time every month and that the balance is paid in full!!!
I fully understand peoples thoughts on getting further credit but if for whatever reason anyone does want a mortgage in the future then something like the above can only help.
Not too long ago we could (if we were that way inclined) arrange mortgages of up to 90% LTV on a self cert basis so that they completed the day of discharge . I do know of some unscupulous mortgage brokers out there who did these kind of deals day in day out. We NEVER got involved in that kind of thing as it gives the industry a bad name. Thank goodness that those days have gone due to the "credit crunch" |
| dr_kitten |
Posted - 16 September 2008 : 20:17:05
Hi j.m.
You might find it worth a look at http://www.credit.piggybankrupt.co.uk/report-repair/credit-repair.html - there's a whole section in there dealing with how to repair your credit rating.
K |
| BankruptC |
Posted - 16 September 2008 : 19:13:03
Just to add, j.m., I think I'm right in saying that each time you apply for a card and get refused, you're only damaging your credit score further. I would stop applying, at least for the time being, and get hold of your credit files to check there is nothing on there which is dated later than your BR date, because if there is, you can ask for it to be amended.
C. x |
| BankruptC |
Posted - 16 September 2008 : 19:09:23
RHB,
For someone who's been bankrupt to have a chance to get another mortgage in the future, their credit file really would have to be i very good shape. Showing your bank statements unfortunately won't cut it if your credit file is shot. As grantspants said, it is an unfortunate fact that to get a good credit file, you have to have had credit and show you can repay it, so using a credit card VERY SENSIBLY and WITH GREAT CAUTION is one way to do it.
C. x |
| RHB |
Posted - 16 September 2008 : 19:03:08
I think it was more to do with the indignation that the companies were doing credit checks etc.
I think if you were to want a mortgage, if you were to show you were living within your means & could afford to have one via babk statements that would do. |
| BankruptC |
Posted - 16 September 2008 : 19:03:06
Glad to hear we're all siging off the same hymn sheet! :-)
From j.m's post, it's quite clear to me that using a credit card to repair their credit file is what they are looking to do, which, as I said before, I fully uderstand.
C. x |
| grantspants |
Posted - 16 September 2008 : 18:57:38
Exactly Jo, I don't want any more credit in future except a mortgage, but who am I to judge J.M's methods of re-building the credit rating. Each to their own I say. |
| Needafriend |
Posted - 16 September 2008 : 18:53:31
Agreed, its just some can take it the wrong way and we all have our own way of learning and coping.
Again i hope that we all learn and when the time is right we may all indeed go for something on credit, but its personal choice.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| grantspants |
Posted - 16 September 2008 : 18:50:47
Here here, I was just trying to write a similar reply but u got there first C! Having a small limit credit card is the ideal way of re-building your rating so that in the future you can get a mortgage.
So go easy folks, this forum is there to help and support them, not judge them. |
| dazed and confused |
Posted - 16 September 2008 : 18:49:37
I agree!
I feel that if I make it through this whole mess in one piece, I don't want to ever get into it again!
This has been the most stressful and worrying time in my life and I am hoping that when I come out the other side I will be happier and more content to just live within my means and enjoy the important things in life.
Sure, I may want to get a mortgage in the future but I don't think I'll have much chance of that in the next few years, and if I do go for one eventually it will be with a large deposit saved up over a period of time.
I would suggest don't do it - I don't know what all the fuss is about with a "Good Credit Rating" anyway - mine just got me into trouble!!! If you are earning £44,000 PA and living with your folks surely that is a good enough credit rating to live a comfortable life???
Sorry - that's just my view... |
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