Cleaning up my previous credit problems

MichaelCR

Hello,

Would it be possible to clean up my bad credit into a position where i can start applying for subprime credit cards in lets say a years time ?

My situation is pretty bad, I took out a phone contract for an ex (I know it was really stupid of me), which i defaulted on, I also have 5 other defaults from last year from when i went through a severe period of mental depression, In which i lost my job and no one was willing to help out ! My outstanding debt is around the £1400 mark which is even more annoying as the defaults are all for small amounts !

What i would love to do is clean up my file by paying off my outstanding defaults, Waiting perhaps a year or two (in this time take out a few prepaid mastercards which have credit builder facilities, I've found 3 that offer this), Pay them off in full for a year, Pay my current phone off in full every month along side my Natwest Current account which i'm paying for each month (Advantage Blue).

I've never had a credit card so i have no defaults or any adverse credit relating to this, But i would love to be able to take out one with Aqua or the Capital One Classic card and use them to build up my credit.

What other positive things can i do to start again ? I really want to face my previous problems, Pay them off, And really start again.

Thanks !

Tixy

First things as you realise is to pay off all the defaults as soon as you can and ensure they are shown as satisfied on your credit file.
Then taking out a credit builder card is a good next step. No point taking out 3 it will just costing you extra money for each one, and 3 £60 loans paid off in full are not going to look much better than 1 (or maybe 2 at a push) to any potential lender.

Unfortunately it is a slow process, once your defaults are around 5years old and providing you have a little bit of history with the phone contract and credit builder you should be able to get one of the lower cards (vanquis is meant to be the easiest to get by the way).