Bad Credit - Credit Cards

bradders83

Hi,

I've just read the below passage on your site:

"Top Alternatives: Cards for poor credit scorers
Possible to get even with defaults/CCJs
If you’ve a more chequered (or non-existent) history than just missing a few payments, some cards are specifically aimed at borrowers who’ve incurred multiple credit card charges, defaulted on debts or had CCJs (though will reject anyone made bankrupt in the past 12 months)
As you should avoid ever paying any interest, the rate’s not crucial, but these are listed in order of APR in case you ever slip up:(list of credit card links)

I was declared bankrupt in June 2008 and was discharged from bankruptcy in June 2009!

Does this mean I will still get rejected from "cards for poor credit scorers"?

It has been over a year since declaration of bankruptcy but not quite a year since discharge.

I am keen to begin building my credit score asap... I have now learned my lesson about poor financial management (the hard way!).

Any advice very welcome.

Regards,

Brad

dylanuk

You should be ok - they normally word it like "have not been declared bankrupt in the last 12 months".

There's some listed here with a bit about the credit history requirements - http://www.credit-card-comparison-online.co.uk/bad-credit-rating/

Cap 1 classic and vanquis are easiest to get. I think some people talk about Sygma too.

Just be careful you keep your balance repaid in full, the interest is pretty astronomical.

biscit

I am not an expert but given that you were declared bankrupt in June 2008, I would say you were made bankrupt more than 12 months ago.

bradders83

thanks very much for your advice.

I've looked into those cards on your link.. It seems a Capital One Classic is the best way to go.

Application done! Will wait to see the result.

Thanks again,

Brad

izools

bradders83 wrote: »

Hi,

I've just read the below passage on your site:

"Top Alternatives: Cards for poor credit scorers
Possible to get even with defaults/CCJs
If you’ve a more chequered (or non-existent) history than just missing a few payments, some cards are specifically aimed at borrowers who’ve incurred multiple credit card charges, defaulted on debts or had CCJs (though will reject anyone made bankrupt in the past 12 months)
As you should avoid ever paying any interest, the rate’s not crucial, but these are listed in order of APR in case you ever slip up:(list of credit card links)

I was declared bankrupt in June 2008 and was discharged from bankruptcy in June 2009!

Does this mean I will still get rejected from "cards for poor credit scorers"?

It has been over a year since declaration of bankruptcy but not quite a year since discharge.

I am keen to begin building my credit score asap... I have now learned my lesson about poor financial management (the hard way!).

Any advice very welcome.

Regards,

Brad

Hi!

Similar boat you and I are in. I was discharged March 2009.

The first and foremost thing you need to do before applying anywhere, is the post bankruptcy clear up.

You need a letter from your OR or the local insolvency service confirming your discharge (certificate of discharge is £60.. the letter will do).

You need to post this off to every creditor, and the courts any CCJs were logged at, requesting they update the accounts / judgements to show as "Satisfied" or "Partially Satisified".

Iterate on the letter that they are required by law to mark the default date as no later than the date of bankruptcy, and the satisfied date of no later than the day of discharge.

This will take six to eight weeks to update with the credit reference agencies, but you may need to keep an eye on your report (experian credit expert is very useful for this) and chase the creditors up now and again until it's done.

Once I had that done, (oh, make sure you are on the electoral role) Vanquis gave me a card.

I have had the following approvals in the last ten months:

> Vanquis (£250, 39.9%)
> Three Sim Zero 30-Day contract
> Barclays Current Account (Only after operating a Cash Card account and running flawlessly for nine months first)
> Aqua (£250, 35.9%)

(I have also had a Barclaycard Initial approved in November, but that's sheer luck, as they use Equifax, and my BR order is on an address three ago, so their credit check didn't see it. Experian are much more proficient at linking addresses so all the above accounts were approved, warts and all)

I have had the following declines:

> T-Mobile contract
> Halifax Current Account
> Capital One Classic

Be careful who you apply with, as some are sure fire going to say no. Vanquis is probably the first best bet and once you've had that for six to nine months you could look at applying elsewhere.

I personally would reccomend opening a Barclays Cash Card account (as long as you didn't have any barclays accounts integrated into your BR) and after nine months apply for a full current a/c.

Once you have a full barclays current a/c (these accounts will have to be run FLAWLESSLY) they generate offers, normally after six months to a year, so if you need a loan at any point in the future (being SENSIBLE this time ) they often let you have it without a further credit search, as long as the accounts have been run well with good turnover, but this will be a year or two down the line.

First things first, post bankruptcy credit file clear up with many letters to creditors, then vanquis, then wait six month before applying for anything else.

bradders83

That's really great advice... thank you for your help!

I will see what Capital One have to say (not that optimistic now) and proceed just how you have explained.

I've had a Co-op cash account now since the initial date of my BR with no issues, overdrawings etc. Luckily I have a great deal with 02 mobile and been a good customer for some years.

Thanks again for your help!

Regards,

Bradley

izools

bradders83 wrote: »

That's really great advice... thank you for your help!

I will see what Capital One have to say (not that optimistic now) and proceed just how you have explained.

I've had a Co-op cash account now since the initial date of my BR with no issues, overdrawings etc. Luckily I have a great deal with 02 mobile and been a good customer for some years.

Thanks again for your help!

Regards,

Bradley

Get your old Defaults and CCJs updated as satisfied before applying anywhere.

There's a guide to this here:

http://forums.moneysavingexpert.com/showthread.html?t=677875

bradders83

I have just applied for my Experian report and have found only the following info:

Credit Score 709 (POOR)

Public Record:

Bankruptcy Order: 27/06/2008
Satisfied: 27/06/2009

Account Information:
Coop bank - Current Account - Satisfactory - £0
Started: 13/05/2008
Overdraft balance: £0
(then it shows all green zeros in boxes)
File updated for period to 17/01/2010

O2 - Communications - Satisfactory - £17
Started: 17/01/2006
Current balance: £17
(all green zeros in boxes again)
File updated for period to 17/01/2010

O2 - Communications - satisfactory - £0
Start: 28/11/2009
Current balance: £0
(Just one Green Zero in a box)
File updated for period to 17/01/2010

Question!!!! Does that £17 need addressing? My balance is now clear with O2 and always is that will have just been me waiting for my bill!
Should I call them and get them to ammend this??

The only other info is:-

Electoral Roll:
Just shows that I've been reg'd at my address since last October.

Public Record Information:
Details of BO
Date: 27/06/2008
Satisfaction date: 27/06/2009

Previous searches:
P1 -
Searched 19/01/2010
Capital One Bank
Credit Card

P2 -
(Experian related note from my action)

P3 -
9/12/2009
AGP (Admiral Bell Diamond Elephant)
Unrecorded Enquiry

P4 -
22/11/2009
RBS Plc
Insurance Quote

P5 & P6
(Experian related notes from my actions)

... then...

Linked Addresses: 27 records
(Various lenders from pre BO and previous addresses I've lived at)

THAT'S IT!!!!!

Question?

Shouldn't the lenders that were involved/included in my BO be listed somewhere with satisfactory (hopefully) next to them??

As they are not, am I to presume all is well (satisfactory throughout)?

If so, what else can I do (if anything) to improve my score?

If not then how do I contact such lenders/companies to find out whether they still have a black mark against my name?

Any advice will be greatly appreciated!! (sorry about the length of this but I thought it would avoid any uncertainty).

Regards,

Bradley

sscott5581

bradders83 wrote: »

I have just applied for my Experian report and have found only the following info:

Credit Score 709 (POOR)

Public Record:

Bankruptcy Order: 27/06/2008
Satisfied: 27/06/2009

Account Information:
Coop bank - Current Account - Satisfactory - £0
Started: 13/05/2008
Overdraft balance: £0
(then it shows all green zeros in boxes)
File updated for period to 17/01/2010

O2 - Communications - Satisfactory - £17
Started: 17/01/2006
Current balance: £17
(all green zeros in boxes again)
File updated for period to 17/01/2010

O2 - Communications - satisfactory - £0
Start: 28/11/2009
Current balance: £0
(Just one Green Zero in a box)
File updated for period to 17/01/2010

Question!!!! Does that £17 need addressing? My balance is now clear with O2 and always is that will have just been me waiting for my bill!
Should I call them and get them to ammend this??

This is fine no need to worry here, green zeroes is what you want, the balance showing is no issue.

The only other info is:-

Electoral Roll:
Just shows that I've been reg'd at my address since last October.

Public Record Information:
Details of BO
Date: 27/06/2008
Satisfaction date: 27/06/2009

Previous searches:
P1 -
Searched 19/01/2010
Capital One Bank
Credit Card

P2 -
(Experian related note from my action)

P3 -
9/12/2009
AGP (Admiral Bell Diamond Elephant)
Unrecorded Enquiry

P4 -
22/11/2009
RBS Plc
Insurance Quote

P5 & P6
(Experian related notes from my actions)

... then...

Linked Addresses: 27 records
(Various lenders from pre BO and previous addresses I've lived at)

THAT'S IT!!!!!

Question?

Shouldn't the lenders that were involved/included in my BO be listed somewhere with satisfactory (hopefully) next to them??

Depends on the lender, some may report to Equifax and/or Call Credit and/or Experian? What debts where included in your bankruptcy? I would have expected some showing on Experian as this is the main CRA.

As they are not, am I to presume all is well (satisfactory throughout)?

If so, what else can I do (if anything) to improve my score?

Vanquis credit card, however the APR is high, buy something every month and pay in full at each statement, this will build your credit score.

If not then how do I contact such lenders/companies to find out whether they still have a black mark against my name?

Any advice will be greatly appreciated!! (sorry about the length of this but I thought it would avoid any uncertainty).

Regards,

Bradley