Whats your view on credit from previous lenders

Merlinexcalibur

My view is this: I don't ever want credit again if/when I choose the DRO. I never needed it, given I had money; now gone, of course. I never want it again because of the misery it often ultimately leads to. It was a temptation that became my cross right now. So, no, never again.

louiser123

i agree with not wanting credit again, i have been bankrupt 8 years ago. but i do agree you need to mend your credit file. after 6 years everything drops off usually, which leaves you in a position of not showing having any credit eventually which is as bad as having adverse history and obtaining mortgage ect can be difficult. i applied for aqua card and have had it now for nearly a year but it is there to rebuild my credit file. i use the card and pay it every month with the savings i keep eg do shopping on it but put the actual cash into my savings account then pay off with it and it has been a very good tool in rebuilding my credit and i am able to pay for things online, over the phone ect.

just ensure that it is used wisely. i really dont think any of us would go back to the debt days too painful !!

sniggings

I'm sorry but to me the saying "I'm just cleaning my credit file,and won't be using the credit card" is on equal terms to the saying "I need the loan to consolidate my debts and will cut up my cards" to me both of these never happen and the card will be maxed out again,maybe some people are stronger than me but maybe not?

louiser123

i think it maybe comes from a process we go through naturally when we go bankrupt im not sure i felt the exact same way after i was bankrupt and i still feel the same to a degree, but my credit file soon got to the stage after 6 years that i had nothing on there at all except mortage and was totally unable to get a contract phone, after four months or so of the card registering green zeros ect i was accepted for a phone and this has strengthend it more. its not only credit cards and loans that you struggle for (not that you want them or i want them) but insurances paid monthly by direct debit have been declined aswell and a good credit rating is something that i really wanted regardless of the facti dont want loans ect. i did however need a car and have now been able to get one with normal interest rate, i need this for work and get paid allowance per year for it but i had to buy it and it had to be no more than 3 yrs old so without a good rating i would have been stuffed and jobless too.

w-inthepoo

L123 - thanks for the insight into to the realities of it all. I did know that post BR you are as though you never had any credit before which has its disadvantages but I had also thought that was in someway a benefit in as far you would show an income and relatively low outgoings?

StuntmanBob

Whatever you do in the future, avoid Vanquis and Provident because you'll end up in deep doo doos again with the rates they charge.

richessex

Hi Bob

Thanks for that will bear in mind

The only reason Vanquis was mentioned was that they have the lowest lending criteria of all

Perhaps as L123 mentioned an aqua card would be better

Im more interested in rebuilding my credit file in case i ever want a mortgage further down the line

Although i do have a few green dots on my credit file at the moment so wouldn't be starting totally from scratch