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Bear171
Starting Member
8 Posts |
 Posted - 09 March 2010 : 13:52:06
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Hi everyone,
I was discharged early from my bankruptcy in December 2009. I have been trawling the internet looking for ideas on how I can start to rebuild my credit rating.
I have a full time job now (as of 4 weeks ago - phew!), a bank account with cash card only & a savings account.
I recently applied for a Vanquis Card as that's the card everyone on the internet suggests but I have been turned down. 
Now I'm worried that my credit rating is even worse (if that's possible)!!!!!!
I just wondered if anyone had any advice?????
Confused of Crawley
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 09 March 2010 : 14:02:53
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You will need to check your credit file to see if all of your BR debts have been updated now that you have been discharged. There are instructions at http://forums.moneysavingexpert.com/showthread.html?t=677875
I'm just starting my credit file clean-up and not one of my BR creditors has updated their credit entries even though I was discharged 3 months ago.
After you clean-up the file, leave it 6 months or so and then try applying for a pre-paid credit card. The BR debts won't fall off until 6 years after you were BR so you have plenty of time until your credit file will be anywhere near decent. |
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Bear171
Starting Member
8 Posts |
Posted - 09 March 2010 : 14:15:34
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Thanks for your reply.
Do I personally have to update my credit file & if so, how do I go about doing it if it hasn't been done?
I have also heard that the pre-paid cards don't do anything to your credit rating. Is this true? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 09 March 2010 : 14:51:18
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All of the instructions regarding the clean up of the credit file are explained in http://forums.moneysavingexpert.com/showthread.html?t=677875
The Cashplus Creditbuilder is supposed to increase your credit rating but I haven't really looked into it carefully so make sure you read all of the small print if you do decide to apply for the card.
Capital One also do a card for people with a poor credit history (http://www.capitalone.co.uk/creditcards/classic-credit-card.jsf) but the interest in 35% so you would definitely need to pay it off each month.
I wouldn't be in too much of a hurry to get a card as your BR debts won't fall off your credit file for 6 yrs from the BR date so you have plenty of time.
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Paul 50
Starting Member
United Kingdom
28 Posts |
Posted - 09 March 2010 : 16:03:44
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Hi Bear 171
I am also looking into rebuilding my credit history, The cashcard Plus is a good place to start it is a pay as you go card with a built in Credit builder.however there is a monthly subscription of £4.95 but you wont have any problem in obtaining one, I applied 2 months into BR and got one. The next step I would of suggested was a Vanquis Card,I applied 2 months after early discharge and was successful. Might be worth a phone call to see why they said no. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 March 2010 : 16:12:06
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I have a Vanquis card as well. It has a high interest rate, but if you use it and pay it off in full each month it will help to rebuild your credit rating.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.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.
32 IPA payments made, 4 to go - the end is in sight! |
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xmas baby
Average Member
537 Posts |
Posted - 09 June 2010 : 14:15:06
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I just applied for a vanquis card online, but was rejected. I was discharged on 6th March and I am no longer on the insolvency website. I did a check on experian yesterday and although my bank has stated my debts with them are now settled, the other credit cards still have outstanding debts on them and have not been updated to reflect my bankruptcy. Does this mean I now have to write to them individually asking them to update the information on my files?
xmas baby |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 June 2010 : 14:21:48
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Yes, you need to write to your creditors individually asking them to amend your credit file.
If you have a look at my blog there is a copy of the letter that I sent to each of my creditors.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.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.
35 IPA payments made, 1 to go - 19 days and counting! |
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RHB
Senior Member
1159 Posts |
Posted - 09 June 2010 : 14:28:42
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| I wouldn't suggest getting too many credit cards or you could quickly start on the slippery slope again. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 June 2010 : 14:43:48
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One is fine providing you pay it off in full every month. I had a direct debit set up to pay the balance in full every month (until Vanquis screwed it up!) and I'm now paying in full by debit card.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.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.
35 IPA payments made, 1 to go - 19 days and counting! |
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RHB
Senior Member
1159 Posts |
Posted - 09 June 2010 : 20:46:49
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I agee one is fine, but it'a when you atart getting more than that that it starts to become difficult to keep tracks, & what they charge for late payments is horrendous!!!
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 June 2010 : 20:55:43
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Definitely! I won't be having any more, I couldn't cope with the stress of keep track of them these days!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.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.
35 IPA payments made, 1 to go - 19 days and counting! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 09 June 2010 : 22:14:39
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has any one seen capital one advertising on the web for credit cards for discharged bankrupts interest rate is 35.8 %
dont think they will allow me to apply as they one of my big creditors ! worth a go tho
Richard |
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Paul 50
Starting Member
United Kingdom
28 Posts |
Posted - 10 June 2010 : 08:43:45
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Hi Richard
I would give Capital One a miss if I were you, I've had a Vanquis card since Discharge Feb Only for improving my Credit rating. Then I to saw the advert for Capital One card for discharged BR.
Before applying I explained numerous times about my circumstances and if there was any chance of a refusal leaving a footprint on my file forget it.
I was then encouraged to proceed... guess what.. I was turned down because my credit score was so poor.
I was Fuming!! what did they expect after only 4 months since Discharge. |
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xmas baby
Average Member
537 Posts |
Posted - 10 June 2010 : 16:04:03
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I don't think the chances of getting even 1 credit card are high at the moment. I don't even want to spend on it, I just want to try and get my credit score rebuilt.
I know this sounds defeatist, but after everything you go through with a bankruptcy and when you are finally discharged, there are still loads of hurdles and obstacles put in your way for years to come (if not forever). It really is unfair.
xmas baby |
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RHB
Senior Member
1159 Posts |
Posted - 11 June 2010 : 07:28:10
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But if you go BR you have had thousands of pounds of money that you borrowed wiped out. Surely it's a good thing that you can't then access credit easily?
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How can I rebuild my credit history?????
