Best credit card to get after bankruptcy

Hi. We were made bankrupt in 2009, and discharged in 2010. We will be clear on our credit file in 18 months' time, and thought that we would start to try and apply for credit cards, so that we could build up a credit rating. I have been approached by Vanquis to apply for one of their cards, but had heard that some of these companies are not suitable because they are only really for people with poor credit ratings, which can adversely affect us down the line. Can someone please tell me which are the best ones to apply for.
«13

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Vanquis, aqua, Cap One are the normal cards for those with poor or little histories. Vanquis will be the easiest to get.
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    Not sure who told you that about Vanquis as they're probably one of the best builder credit cards out there..
  • Post bankruptee normally a very poor credit ratings so Vanquis, Capital One Classic, Barclaycard Initial etc

    If you believe you are some unusual exception where you still have a good credit history then a safer bet would be your own bank otherwise whichever reward card you want
  • Barclaycard_Company_Representative
    Barclaycard_Company_Representative Posts: 41 Organisation Representative
    Hi rowleysmum,

    Our pre-eligibility checker might help. It will give you a good idea if your application is likely to be successful, but won’t impact your credit rating. You can find it here: https://letmechoose.barclaycard.co.uk/.

    If you have any questions, just pop them in an email along with your phone number and send it to wr@barclaycard.co.uk.

    Thanks
    Dan
    Official Company Representative
    I am the official company representative of Barclaycard. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
  • redpete
    redpete Posts: 4,687 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    rowleysmum wrote: »
    ... heard that some of these companies are not suitable because they are only really for people with poor credit ratings, which can adversely affect us down the line.

    They do not further damage your credit rating (as long as you manage them properly - e.g. pay the full amount each month).
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • John1993_2
    John1993_2 Posts: 1,090 Forumite
    rowleysmum wrote: »
    heard that some of these companies are not suitable because they are only really for people with poor credit ratings.

    That'd be you, then, which is why you want a card to start improving your credit rating...
  • chanz4
    chanz4 Posts: 10,879 Forumite
    First Anniversary Name Dropper First Post Xmas Saver!
    rowleysmum wrote: »
    Hi. We were made bankrupt in 2009, and discharged in 2010. We will be clear on our credit file in 18 months' time, and thought that we would start to try and apply for credit cards, so that we could build up a credit rating. I have been approached by Vanquis to apply for one of their cards, but had heard that some of these companies are not suitable because they are only really for people with poor credit ratings, which can adversely affect us down the line. Can someone please tell me which are the best ones to apply for.


    have to agree, you fit this catagory
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    I would recommend not getting a credit card.

    You have leant the hard way how credit can destroy your finances. Why entertain that risk again.

    Build up savings by meticulously putting money aside every payday, and before you know it loans/cards will never be needed again. (and you will save £1000s of pounds compared to your average credit consumer!!
  • Any lender viewing your credit file can only see what type of credit you have i.e. credit card, loan etc the name of of the lender is not shown. So there is no way for them to tell you have a Vanquis or whatever card.

    In you situation Vanquis is the probably the best card for you. Use it a few times a month and pay in full via direct debit. This will build up your credit score over time.

    Regards
    Steven
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    sscott5581 wrote: »
    Any lender viewing your credit file can only see what type of credit you have i.e. credit card, loan etc the name of of the lender is not shown. So there is no way for them to tell you have a Vanquis or whatever card.

    In you situation Vanquis is the probably the best card for you. Use it a few times a month and pay in full via direct debit. This will build up your credit score over time.

    Regards
    Steven

    You need to be specific when you say build up a credit score as many posters will think you mean the scores which Experian sells to customers..
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.8K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.5K Spending & Discounts
  • 234.9K Work, Benefits & Business
  • 607.5K Mortgages, Homes & Bills
  • 172.9K Life & Family
  • 247.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards