credit card after DMP

smithers1981

My OH has recently finished her Debt Management Plan 2 months ago, all accounts are now settled, how long before she should apply for a credit card?

Obviously she's at rock bottom but needs to slowly rebuild her rating.

She has a bank account with Santander which is 'clean' she took this out at start of DMP approx 4 years ago and has never gone overdrawn, she earns £32,000 and is debt free, only has an Orange contract which is up to date.

How long before a sub prime card (Vanquis, Cap 1) would consider her, also would it be worth her trying her own bank?

Are we talking months/years? i know it will be 6 years before defaults drop of her credit rating but figure a sub prime card would give her a card sooner.

geekonthepc

I'd say absolutely no less than 6 months to a year, but it might be worth using preapplication checkers like Barclaycard's to get a good idea closer to the time.

20aday

I was on a debt management programme myself over 10 years ago, it finished in 2008 and my Arrangements to Pay expire in just over a year's time.

As the OP stated try Barclaycard's tool to see what they say. It doesn't leave a mark on your credit file so if she goes ahead it won't affect her chances when applying.

I'm sure there's also a tool here on MSE that allows to see what chance of getting a credit card out of 10.

I know Capital One once offered me a credit card with a deposit of £200, if I made the repayments on time you get the money refunded, so don't be surprised if this happens to your missus.

JustinCredibleGillespie

Firstly, how old are her defaults?

If they are all marked as satisfied or settled I see no reason why she should apply straight away with Vanquis.

Is she also signed up to Noddle, the free credit report for life?

JCG

xx

john1002

just for your info the capital one secured card will only give your deposit back when you close down the account, but is a good tool to start building your credit history, they used to offer this card online but seem to now have gone back to only offering if you fail the score for applying for a new cap one credit builder card. They have two deposit levels depending on credit history £49 or £200.

vanquis are by far the most lenient lenders, if you fail with vanquis then it is unlikely you will get a card from anyone else and will have to leave it a minimum 6 months before applying again.

john