Bank accounts and rebuilding credit score

Contracts_Engineer

I went BR in may 2011 and discharged may 2012.

Since then i have had no credit. Mobile phones pay as you go, all bills are paid direct debit and I have no credit card, only a debit. No over draft, no late payments.

My post BR credit file is cleaned up, all items are marked as settled and show the correct date (with all three Credit agencies). And my bank account shows on my credit files as green (not overdrawn etc.)

I obviously have learnt my lesson and I earn very good money and have a large disposable income, i have money in a cash ISA and no debt.

As i want to rebuild my credit rating as soon as possible I applied for a vanquis card in November 2012 and got declined (was going to pay it off each month so zero interest was accumulated).

Tried for a santandare bank account, the 123 one where you get cash back for council tax, phone, utility bills etc. It asked me if i wanted an overdraft and i said no, it asked if i wanted to have one of their esaver accounts and i said no and it also asked if i wanted a credit card of which i also answered no.

I was also turned down for this application.

Now i realise that my credit file will not be the best but I have been discharged for 3/4 of a year and i have no chance of rebuilding anything. I have asked for a normal bank acount with No overdraft, no credit card etc.

Will there ever be any light at the end of the tunnel????????????

arcon5

Perhaps try a pre-pay credit card? It is my understanding they report to credit agencies and can help build a track record..

droiderm

My 6 years is up in a few days
I haven't yet managed to get a full bank account. I do have 3 credit cards though .

It's early days yet. Give it 6 months and try with the sub prime ones again.
you will get there. Time is a great healer in this respect.

Contracts_Engineer

sub prime? e.g not a main lender?

foolishboy

No IPA?

..try Capital One in 6-12 months then any of the Sygma cards (Flybe / Creation) 6 months after that.

It's likely you won't get a proper current account until after BR drops off your files.

Did you clean up your files yet? You need to be sure they're as clean as they can be.

FB

Contracts_Engineer

All credit files are up to date as mentioned in my first post.

Can anyone confirm if prepaid cards do appear on your credit file as there not credit and while updating my credit files i never saw my pre paid card listed any where????????
Thanks for all the comments so far

droiderm

I don't think they do appear. Perhaps he means the ones where it cost 40 or so for the card and pay 4 per month

By sub prime cards I meant the ones mentioned above plus vanquis.

dojoman

Vanquis accepted me whilst Cap1 did not, Had it for 2 years, pay off in full every month and credit limit now up to £3000, worth giving them a try.

AmitSharma

Yup - prepaid cards will not appear on your credit file except when you have taken out one of those cards with creditbuilder or creditbooster. With those cards, your monthly fee is "positioned" as a loan to you and each month when you pay your monthly fee - its like paying back a loan and hence, that would appear on your credit file.

See cashplus as an example.

Contracts_Engineer

Thats brilliant. Like Ive said, vanquis refused me but im now considering trying for a credit builder or credit booster where you pay a monthly amount even though its a pre paid.

which companies offer those cards mentioned above?

Im aiming to go for a mortgage 3 years from May of this year, i want a minimum of a 20% deposit so the sooner i can rebuild my credit score the better.

Ill keep you posted and thanks for the input

dojoman

In your OP you mention a "vantage" card but don`t mention a Vanquis one, if you had I would not have recommended Vanquis.
Your credit score will mean diddly squat whilst your BR is on your CF.