Credit Card While Bankrupt?

notthenewsreader

Hi guys
This is my first post on this forum (actually this is the first time I have seen this forum) anyway, I have a small question so I hope someone on here knows the answer - I became bankrupt on the 8th of August last year, so of course I will be discharged in just over a month's time and naturally I want to rebuild my credit history, I have heard that capitol one are a good company for this and I was considering applying but was worried that if I am declined, this might worsen my credit score (could someone please confirm if this is true also) so basically what I am asking is if it is possible to get a credit card while bankrupt or should I wait to be discharged first? there is no rush for me to get credit again as I am quite happily living a [fairly] normal life and overjoyed to be able to look at my bank account to see a few pound IN CREDIT for the first time in a long long time, but if it is possible to get a credit card now, I'd like to start rebuilding my credit score straight away but filling my car up with petrol using my card and then coming home and paying it off straight away as I have been told this will certainly help do just that. WOW I have babbled on a bit here, sorry guys, can someone please help?

skylight

Mmm. Firstly, I would suggest that you read the sticky on the BR board about how to clean your credit file after BR. It would be better to do this first before you apply for any further credit and it may take a short while.

As to credit cards, don't bother before discharge, its a waste of your time and theirs. When you have "cleaned" your file, you will not find anywhere that has a decent interest rate anyway. If you know for absolutely sure 110% that you will pay it immediately, then perhaps the dreaded vanquis card with a minimum £500 limit may be the way to go for a year. Don't ever overspend or never pay it all off ASAP. The interest rates are horrific. Capital One interest rates are naff for bankrupts too!

MrsTinks

I don't think it's a great idea to take out credit whilst under a bankruptcy - anyway you have to inform the creditor that you are bankrupt if you try to take out credit over I think £250 or £500 (I forget).
Personally I'd not take out any more credit for some time yet...

fatbelly

As soon as you're out of bankruptcy the sub-prime boys will welcome you with open arms.

It's a good strategy for repairing your credit rating. Just remember to pay off the card in full each month.

have you seen the thread on these cards here?