Best credit card to get after bankruptcy
rowleysmum
Posts: 1 Newbie
in Credit cards
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.
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Comments
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Vanquis, aqua, Cap One are the normal cards for those with poor or little histories. Vanquis will be the easiest to get.0
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Not sure who told you that about Vanquis as they're probably one of the best builder credit cards out there..0
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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 want0 -
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"0 -
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.0 -
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...0 -
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 catagoryDon'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.0 -
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!!0 -
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
Steven0 -
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..0
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