Obtaining credit after bankruptcy? How easy?

CanItGetWorse

I've been discharged from my bankruptcy for about 9 months now. I must admit I haven't got round to requesting my credit scores yet, but something strikes me as a bit odd.

Firstly, my husband and I (also BR at the same time) applied for Vanquis cards within a couple of months of discharge and got accepted, no problems. Now today, I was thinking about getting more of those green ticks on my file so I applied for a Next account. I didn't honestly think I'd be accepted but after clicking the 'apply' button it immediatley flashed to a screen saying something along the lines of 'welcome to Next, here's your account number'. So I go onto 'my account' and lo and behold they seem to have given me £250 credit :shocked:

I don't think they could've actually done a credit search in that time! Will they do it later and withdraw my credit? Surely it can't be that easy?

We've been really responsible with our credit cards (so we should) and I will be with this one too, but something just unsettles me about how easy it's been to obtain credit after bankruptcy (especially as I'm a full time mum, and therefore don't have a personal income)

Whenever I go on the bankruptcy board it seems people are having such problems obtaining credit, is there anyone out there who's had a similar experience to me? I imagine my credit file has BANKRUPT written on it just like everyone elses!!

krustylouise

Hi,

I too got a vanquis card and next account just after bankruptcy. They do hand them out willy nilly. I think if it came to phone contracts, credit cards with a lower apr and loans etc you may be refused.

HTH

john1002

With regard next they carry out a type 2 search initially(ie like a soft search that will not impact your credit) but within a day or two depending on weekends etc they will carry out a full credit search and from that point will determine your credit limit or will reject your application, they will reduce your limit to 0 but will allow you to keep the account but you will have to pay for all orders if rejection and then let you know via letter later on.

This is my experience nearly a year ago, soft search £300 limit then next day full search and limit reduced to £100 but have had the account a year now and lots of green ticks and a limit of £1000. They also searched both equifax and experian, and report to all 3 CRA.

HTH

John

CanItGetWorse

Thank you both, those are useful posts! I'll keep an eye on my credit limit for Next!

Eve1975

Try not to apply for too much as that can bring your credit rating back down. They look at you as 'credit hungry' and alarm bells ring. I have a Vanquis card and Next account. End of last year I applied for an MBNA card as it was 0% APR (5 years after bankruptcy). When I checked my credit score it had gone from good to fair all because of opening this new account.

only_mee

CanItGetWorse wrote: »

I imagine my credit file has BANKRUPT written on it just like everyone elses!!

After the 6 years nothing bad appears on your credit file sign up to noodle it's free.

NekoZombie

OK, here's my experience for what it's worth... I went BR March 2007.I also got a next account, and Vanquis account, a few months after discharge. I've been using them ever since, always paying on time, usually in full. A year ago I managed to get an interest free credit card with Tesco, £3,000 limit. Very recently, also opened a Santander bank account, £500 overdraft, cheque book, full Visa card. I wanted to stay with co-op, but after a full six years of banking with them, having never been overdrawn, and always paying my salary in, computer still said no, so I went elsewhere. It feels very disloyal; I was grateful to co-op at the time, but they are very slow to forgive...

ThinkingOfLinking

I've never been BR but couldn't get Vanquis or Next. Didn't apply for both at the same time or anything...it's ok just now but I will be trying to build up my credit rating...I did recently get offered and accept a credit card from my bank though (low limit whicch I pay off in full monthly).