is it eally that easy???

debtmummy10

I posted this elsewhere but it was in the wrong place so ive reposted here.
I have been discussing with a family member about my debts and they have advised me to go bankrupt.
She claimed that despite finishing her year of bankruptsy just 3.5 years ago (as in that is when all her debts were considered 'settled') she has now got a credit card with a £2000 limit and a car on finance??
Am I right in thinking it only takes this long to build your credit file back up???
Her partner has just completed his IVA (just this month) and their car is on a joint loan thingy.
now i was under the impression that you were not allowed to take out any more credit while you were in the IVA??
and how on earth has she managed to get a £2000 card limit???
Is this correct or is this all basicly bull s$%t??
I dont want any more credit but my question really is can your credit file really be cleaned up this soon after bR?
surely it is not all that easy/simple??:cool:

sovilla

Deleted...

alastairq

Much will depend on how hard one works at cleaning up one's credit files?

Or, how essential one considers them to be?

Different creditors apply differnt rules when reviewing an application.

And as such, one's 'credit score' is a pretty meaningless thing.


You friend's credit card [limit] is entirely feasible.

But it helps to understand how credit cards work, and how limits work.

But, consider this.....your friend is not likely to hold a mainstream credit card...but rather, one of the 'sub-prime' cards.

These have horrendous interest rates should one not pay off one's balance by the due date.

However, they are useful if intending to 'improve' one's credit score.

A tool, in fact.


If you search this particular forum, you will find threads on how to improve one's credit score after BR...and what sorts of finance are available for ex-BRs for things like cars.


It isn't easy...but can be remarkably simple.

fiveyearplan

Eloquently put Alistairq.

2kadmin

alastairq was completely correct, however the level of credit you can achieve depends greatly on your circumstances post BR.

For example multiple changes of address can lead to a new credit file being generated, and whilst little or no credit isn't good, it’s not as bad as a file showing BR. So it could be that your friend has inadvertently created a new credit file and therefore back in the main-stream system.