rebuilding credit, any advice?

JayC1987

Hello and happy Thursday one and all,

I sometimes post on here, I read the forum. I find it a great help with the advice we all so gladly share with one another. I myself got into a money mess, and I'm climbing the ladder to get out of debt. It was £16,000, its now down to £10,000, I'm quite proud of myself for confronting these demons.

However when I checked my credit report my credit score was around 480,500 and on one star, I was advised to take a vanquish credit card as I read it, it stated it was a rebuilding credit, credit card. It sounds to good to be true, I understand the APR is higher than most credit cards, I've applied and been accepted to have a Vanquish card, I'm just wondering if anyone on the forum, took out a Vanquish card and was it helpful to help rebuild your credit?


Thanks

Jay

:beer: (Here's to a good weekend).

Tixy

Whether it will help improve your credit file in the longer term depends on what is currenly showing on your file?

Did you ever miss payments on your debts / have you got any defaults? or was your main problem just that you had a lot of debt but always managed to make at least minimum payments?

If someone has defaults on their credit file and have no current 'clean 'credit agreements (that is without defaults / missed payments) then getting a subprime card can be a useful to start to demonstrating to other potential lenders that you can now handle credit responsibly and repay it on time.

But your file won't massively improve, and you would likely still find it hard to get mainstream credit until your existing debts are repaid or the accounts have dropped off your files.

If your existing accounts don't have defaults or arrangement to pay markers then your credit file is unlikely to benefit much from you having a new subprime card account.

If you do take the card and do use it then only use it for a small amount each month and repay in full after each statement.

JayC1987

Hello, thank you very much for the advice, I currently have two defaults against my name one on a credit card and one on a loan, I did miss a few payments, due to me struggling for money and being totally messed up at the time. But things are are on the up, thanks again.