Credit after a DRO

mumonamission81 · 16 September 2017 at 9:35PM

Hi,

I don't post often...very rarely actually but I'm after a bit of advice.
In July 2016 I applied for a DRO, so this year after 12 months it ended. I waited a couple of months and applied for a Simply Be account. Yes I know they're not the best of companies to be with but they're usually quite accepting for people with bad credit. I'd done a couple of acceptance searches for a credit card but after getting an answer of 'You probably won't be accepted' I left it at that. So I got the Simply Be account and was given £125 to spend. I used my account twice before my first statement ordering a total of £81. When I received my statement I paid the balance completely. I have just gone to place an order for £10 and a message pops up saying I cannot use my account for any orders and my account is being reviewed and I will know by my next statement. I'm guessing this means they will close my account but it's all very confusing. If they do, will this be another negative on my credit file, even though my balance is clear? I keep a regular check on my credit file and over the last 12 months it's improved a lot. From 37 to 200. What should I do now? Just forget applying for anything for the next 12 months? I not credit hungry but I just want to rebuild my score but it seems no one will touch me now since that DRO. I feel like I've undone improving my score by applying too soon after the DRO has ended.
Any advice will be greatly appreciated. X

DCFC79 · 16 September 2017 at 9:40PM

mumonamission81 wrote: »

Hi,

I don't post often...very rarely actually but I'm after a bit of advice.
In July 2016 I applied for a DRO, so this year after 12 months it ended. I waited a couple of months and applied for a Simply Be account. Yes I know they're not the best of companies to be with but they're usually quite accepting for people with bad credit. I'd done a couple of acceptance searches for a credit card but after getting an answer of 'You probably won't be accepted' I left it at that. So I got the Simply Be account and was given £125 to spend. I used my account twice before my first statement ordering a total of £81. When I received my statement I paid the balance completely. I have just gone to place an order for £10 and a message pops up saying I cannot use my account for any orders and my account is being reviewed and I will know by my next statement. I'm guessing this means they will close my account but it's all very confusing. If they do, will this be another negative on my credit file, even though my balance is clear? I keep a regular check on my credit file and over the last 12 months it's improved a lot. From 37 to 200. What should I do now? Just forget applying for anything for the next 12 months? I not credit hungry but I just want to rebuild my score but it seems no one will touch me now since that DRO. I feel like I've undone improving my score by applying too soon after the DRO has ended.
Any advice will be greatly appreciated. X

Why oh why are you wanting to build your score ?

Whats great about it ?

No 1 can see it, only person who can see it is yourself and only you.

Lenders see your credit file.

Your rated differently at the other 2 agencies so check your file there and check everything is ok.

As to why the account is being reviewed is anyones guess but yes wait for the letter.

sourcrates · 17 September 2017 at 10:21AM

Most likely the defaults associated with the qualifying debts for the DRO will still be on your credit file (they stay for 6 years in total), you may initially of been granted a line of credit by simply b, but then on further investigation, they may of changed their minds, they can do that.

The 12 month moratorium period of the DRO is designed to enable you to get used to living without credit, so you dont end up in a similar mess again.

System · 17 September 2017 at 10:35AM

I not credit hungry but I just want to rebuild my score but it seems no one will touch me now since that DRO.

You're not credit hungry but you applied for credit almost instantly the DRO period was over and you're wanting to increase the mythical score as much and as fast as you can and you're worried about a negative even though your credit history is trash for the next 4-6 years?

I suggest you get a grip on your addiction to wanting to buy stuff you can't afford, it is clear it is still there.

As for Simply Be, it is doubtful it will show anything other than an opened account, a payment made then an account closed with £0 balance. However even if it did end up as a negative, due to the DRO your credit file is so trashed at the moment it'll make little difference.

Credit after a DRO

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