starting out after bankruptcy

zazu_2

Hi

I'm new on here but have been reading for quite a while.

We have been discharged from Bankruptcy for nearly a year now and things are great, we have never been happier (although it has been tough don't get me wrong). I'm just wondering about the best way to start to build our credit score again. I understand that it's pretty much a disaster zone for 6 years post bankruptcy.

Don't get me wrong we don't want to get credit cards and loans again, we have learnt the hard way and are strictly save up for what we want people now, but we would like to have a debit card at some point and be able to buy our own home. Are there companies who will do mortgages for discharge bankrupts at high rates? How easy is it to get a debit card, we are with nationwide and they have said it's worth trying but I know they do a credit check so it will be a straight no! or should be just forget everything and carry on as we are for the next 5 years until our bankruptcy is off the file??

Thanks in advance

xxx

Xbigman

With a years clean history with your bank you can ask for a debit card. Sometimes they say yes, sometimes not. The easiest way to get a credit card is if you move. Once you have three years at a clean address with a good credit history you can start to apply and your B won't show up.

Mortgage wise, several banks will do you a standard mortgage but it is heavily dependent on a good deposit. Absolute minimum deposit is 10%. A 25% deposit will give you a lot more options. Worse case is that you start out with a sub prime mortgage and switch somewhere better after 2 years.

If you apply for insurance of any type online then read the small print. Some companies don't allow ex bankrupts to apply online, but don't even ask if you apply by phone or post.
Regards



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