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  • FIRST POST
    • debtorwithaquestion
    • By debtorwithaquestion 3rd Sep 17, 12:20 PM
    • 121Posts
    • 45Thanks
    debtorwithaquestion
    Rebuild Credit History After DRO
    • #1
    • 3rd Sep 17, 12:20 PM
    Rebuild Credit History After DRO 3rd Sep 17 at 12:20 PM
    Can't believe it's been two years since my DRO was approved! It's therefore been 1 year since my discharge date.

    Since then I've managed to do the following:
    -open an O2 sim only (despite having multiple O2 accounts included in the DRO)
    -get an EE phone contract (low tariff for work usage) (t mobile and orange were also in the DRO)
    -get broadband with virgin media
    -use the CashPlus credit builder prepaid card (just completed my year of payments)
    -continue paying my vodafone sim only

    I did try applying for vanquis but they were a creditor in my DRO and rejected me. Capital one (who I've never had any dealings with at all before) have rejected me as well. I have applied a few times (leaving 3 months in between) and they seem to just not want me as a customer. My mother in law just got a capital one card and her DRO ended 3 months after mine ended. Another person I know went bankrupt in march 2017 and in April 2017 vanquis gave that person a credit card!

    Is there anything else I can do to build my history?
Page 1
    • nic_c
    • By nic_c 3rd Sep 17, 1:28 PM
    • 1,089 Posts
    • 620 Thanks
    nic_c
    • #2
    • 3rd Sep 17, 1:28 PM
    • #2
    • 3rd Sep 17, 1:28 PM
    Do you NEED a new credit card? Time is a great factor in rebuilding your credit, especially using what you already have. Those applications will be on there for 12 months, so applying every 3 months might make it seem you are desperate for credit, even if its you are desperate for rebuilding credit. Is there an ultimate goal why you need good credit? Something you are working towards?
    • debtorwithaquestion
    • By debtorwithaquestion 3rd Sep 17, 2:04 PM
    • 121 Posts
    • 45 Thanks
    debtorwithaquestion
    • #3
    • 3rd Sep 17, 2:04 PM
    • #3
    • 3rd Sep 17, 2:04 PM
    I don't need one, but I feel it would certainly help me build my history positively. The last thing I want to do is get myself into uncontrollable debt, but I would like the security to fall back on if I ever get stuck and need to use it as an emergency. Plus the section 75 protection is useful. And of course much later down the line I would like to get a mortgage.

    Just a bit confused as a lot of people on this forum have said they've been given cards straight after discharge and I know every person is different but seems a bit weird that they won't touch me. Maybe it's the searches that is causing the declines!
    • DaleHarries
    • By DaleHarries 3rd Sep 17, 2:11 PM
    • 17 Posts
    • 5 Thanks
    DaleHarries
    • #4
    • 3rd Sep 17, 2:11 PM
    • #4
    • 3rd Sep 17, 2:11 PM
    My mother in law just got a capital one card and her DRO ended 3 months after mine ended. Another person I know went bankrupt in march 2017 and in April 2017 vanquis gave that person a credit card!
    Originally posted by debtorwithaquestion
    Your mothers experience is the answer. Did she apply for anything recently?

    Searches stay on your file for a year, and they have a negative effect on your file. It feels like you've been applying way too much recently, 3 or 4 searches in the space of 6 months is a bit too much for my liking.

    If I were you, I would halt any more applications for at least 6 months. Keep making payments and building your history, and I'll bet you'll be able to pick up a simple Aqua, Vanquis or similar card.

    Is there anything else I can do to build my history?
    Originally posted by debtorwithaquestion
    You're doing everything correctly. Just try and stay at the same address, stay on the electoral role and show stability.

    Stability is essentially what your credit file is about. More stability is better, and all it takes is time.
    • DaleHarries
    • By DaleHarries 3rd Sep 17, 2:15 PM
    • 17 Posts
    • 5 Thanks
    DaleHarries
    • #5
    • 3rd Sep 17, 2:15 PM
    • #5
    • 3rd Sep 17, 2:15 PM
    I don't need one, but I feel it would certainly help me build my history positively. The last thing I want to do is get myself into uncontrollable debt, but I would like the security to fall back on if I ever get stuck and need to use it as an emergency. Plus the section 75 protection is useful. And of course much later down the line I would like to get a mortgage.
    Originally posted by debtorwithaquestion
    There's a cohort on this forum who like to preach the "never get credit" advice your gran would give you.

    Watch Martin Lewis and his video about student debt. He debunks that advice as hugely damaging for a youngster growing up today. As you've probably learned, your credit file impacts all sorts these days, from banking, credit and household utilities, to things like getting a job.

    Just a bit confused as a lot of people on this forum have said they've been given cards straight after discharge.
    Originally posted by debtorwithaquestion
    And they're either telling porky pies or had a special existing relationship with a bank. For most people, it takes careful work to re-build a credit history, and depending on when your defaults finally drop off, it can take 6 years before you're officially back in the mainstream again (Access to 0% deals, American Express and the best ultility deals etc etc).

    Is the searches that is causing the declines!
    Originally posted by debtorwithaquestion
    Yes, 99.9% IMHO, although I obviously haven't look at your report myself.
    Last edited by DaleHarries; 03-09-2017 at 2:20 PM.
    • debtorwithaquestion
    • By debtorwithaquestion 3rd Sep 17, 9:44 PM
    • 121 Posts
    • 45 Thanks
    debtorwithaquestion
    • #6
    • 3rd Sep 17, 9:44 PM
    • #6
    • 3rd Sep 17, 9:44 PM
    Thanks for the replies. I agree that I need to halt the applications and let some searches fall off my files. Maybe I should wait another year before applying for anything which would mean 3 years since the DRO.

    Time is the factor I find hard to accept!
    • Seesaw Life
    • By Seesaw Life 6th Sep 17, 9:56 AM
    • 9 Posts
    • 13 Thanks
    Seesaw Life
    • #7
    • 6th Sep 17, 9:56 AM
    • #7
    • 6th Sep 17, 9:56 AM
    And they're either telling porky pies or had a special existing relationship with a bank.
    Originally posted by DaleHarries
    Not true and a strong accusation. Capital One gave me a card the day after discharge. No previous dealings with them. I did a 'soft' search via this site and was given the go ahead. Only thing in my financial favour is that I kept an EE contract going throughout the bankruptcy.
    • Steven_from_scotland
    • By Steven_from_scotland 11th Sep 17, 12:07 AM
    • 43 Posts
    • 16 Thanks
    Steven_from_scotland
    • #8
    • 11th Sep 17, 12:07 AM
    • #8
    • 11th Sep 17, 12:07 AM
    I got a vanquis card right away after discharge and used it and paid it off right away and it isn't helping at all now, I get a free monthly score from clear score and my score is dropping now slightly each month because nothing is changing. I think I'm going to have to take out another card with someone
    • zx81
    • By zx81 11th Sep 17, 4:38 AM
    • 14,154 Posts
    • 14,849 Thanks
    zx81
    • #9
    • 11th Sep 17, 4:38 AM
    • #9
    • 11th Sep 17, 4:38 AM
    The score the CRA is largely fictional and not used or seen by anyone.

    Don't use it as a measure of your credit worthiness. Using and clearing your card each month is the right thing to do.
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