Been bankrupt for almost 3 years and have just been accepted for a credit card!

onedaymyfriend

Hi!

I have been bankrupt for almost 3 years now (28 Feb '06), I was discharged in Aug '06.

I shop online every month with my little Visa Electron. I tried to use it on Amazon.co.jp, but the site only takes credit cards.

So I thought to myself, lets apply for a credit card.

I applied for a Vanquish credit card on Tuesday & received a call today to tell me that it is on it's way. needless to say, I was very suprised! I know what you must be thinking!, here we go again! but I have no intention to be daft with it. I'm just going to use it to purchase from Japan, let the transaction hit the balance, then pay back with the Electron at the earliest opportunity!

Can I use this card to help improve my credit rating?

D#

mum2one

The card will help improve your credit rateing, but that is on the basis of you paying on time, not going over the credit limit, Just becareful as the interest rate is appaling, but as a 1st card this time around, use it wisely and it will become a friend to your wallet.

If you do want to apply for another credit card, i wwould suggest leaving it at least 6 months, as you dont want too many searches on your credit file. x

onedaymyfriend

Thanks Mum2one!

I will only be using the Vanquish card if I have the funds in my bank account.

If I use the card and 2-3 days later when the amount I have spent is showing, i pay it off straight away over the phone. Will this be good for me?

Or

Do I have to accrue a debt on the card, wait for a statement to come through the door and pay the balance on time? (It seems like forever since I have done this!lol)

I imagine it would be the later, as I could just keep making loads of small transactions and pay back the next day and I think that would be far too easy!

D#

gpkwells

You can pay off as soon as you like.

It is still showing transactions that are paid in full. That is all you need to build your credit rating.

Just make sure you never get into an interest paying situation with the vanquis card - the APR is something daft like 39.9%.

Once again - you do not need to wait for the statement to come in before you pay off your balance!

Good luck in building your credit wall!

:beer:

onedaymyfriend

Thanks!

If you dnt mind me asking, how come you were discharged almost 2 years after becoming bankrupt (I noticed your signature).I was discharged after 6 months???

D#

fiveyearplan

Hi onedaymyfriend. Will you be able to see your statements online? If so you can pay online anytime you like before any statements come in. If you do receive a statement there is no interest on it providing you pay it on time, if you don't pay in full that month the interest shows on the next statement.

mum2one

gpkwells wrote: »

You can pay off as soon as you like.

It is still showing transactions that are paid in full. That is all you need to build your credit rating.

Just make sure you never get into an interest paying situation with the vanquis card - the APR is something daft like 39.9%.

Once again - you do not need to wait for the statement to come in before you pay off your balance!

Good luck in building your credit wall!

:beer:

I applied for a Vanquis, only becoz it was a £20 cashback, and the apr on my card is 54.9%!!! and I have a pretty good credit rateing.

gpkwells

onedaymyfriend wrote: »

Thanks!

If you dnt mind me asking, how come you were discharged almost 2 years after becoming bankrupt (I noticed your signature).I was discharged after 6 months???

D#

When I went bankrupt in 2003 there was a standard 2 year wait for auto discharge (3 year if over £20k).

The law changed to 1 year while I was BR so I was then discharged in the April of 2005.