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re-building credit
syrice
Posts: 5 Forumite
I was discharged from bankcrupcy a few months ago, how do I start to re build my credit rating?
SI
SI
0
Comments
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Do you realy want to look for more debt so soon.Barclaycard 3800
Nothing to do but hibernate till spring
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I think it is a slow process.
Do you have any credit agreements at the moment, such as a mortgage?
If so, keep up your payments, pay on time and pay correctly.
Run your bank acount in good order etc.
Your Bankruptcy will probably remain on your credit file for 6 years so I don't think your credit rating will be up to much any time soon, plus if you are applying for credit in any shape or form, your previous circumstances will be taken in account, ie, your defaults, arrears, CCJ's, Bankruptcy will be taken in account.
Probably best not to get into credit again , especially since you have had problems.£2 Coin Savers Club (Christmas)- £86£1 Jar (Christmas)- £29Christmas Vouchers Saved: £1450 -
as dexters mum has said, the bankrutcy will stay on your credit file for 6 years from the day you filled for bankruptcy. i heard that capital one will accept bankrupts 1 year after discharge, probably give you a credit limit of around £250, just make sure you pay it in full every month!0
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thanks for all the replies, I am not looking to get any credit/debt anytime soon, I am hoping in 6-8 years time to buy a property with my partner.
thanks again
SI0 -
mortgage providers tend to use different criteria to other lenders as the loan is secured on property ...so there is no reason why you shouldn't be able to get a mortgage although there might be a premium on the mortgage rate...probaly the most important thing you can do is try to save as large a deposit as possible.0
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syrice wrote:thanks for all the replies, I am not looking to get any credit/debt anytime soon, I am hoping in 6-8 years time to buy a property with my partner.
thanks again
SI
In 6 - 8 years time the br will have dropped off of your credit file anyway.
It is worth getting a copy of your credit file as many of your creditors will have registered defaults against you, on being informed of your bankruptcy, and some of these may be removable.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0
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