Re-building credit history - how many accounts

meerkat1980

Hi,

I'm currently re-building my credit history (due to some past mistakes ).

I currently have:
- 2 basic bank accounts (3y & 1y old)
- 1 credit card (3y old)
- 1 mobile contract (8y old -reported to CRA but completely inactive)


The adverse data on my file will clear in 2 years. When it does clear, I want to be in the best possible position.

Until then, should I just maintain the above?...

Or would it look better (in 2 years times) if I had more credit accounts?

Thanks in advance

The_Boss

Basic bank accounts will not count as credit accounts.

The mobile contract won't count for much. I don't get how it is inactive though. Surely if it is a contract then you are paying monthly, or have all payments ceased?

The card will contribute significantly. What's your repayment history like, what's your balance and limit, who is it with and who are your bank accounts with?

Ideally you'd have at least another credit card, ideally 2 more in due course, but given past problems are you disciplined enough to spend a small amount each month and repay in full? Assume you have four year old defaults so you will be ok for a Vanquis type card, but this would have a huge interest rate if you do not repay in full. Or if you are lucky one of your current banks could offer one (although since one account is the same age as the card I assume this is already the case).

Has anyone here with four year old defaults managed to get a card from one of the more mainstream lenders? Even so, Vanquis, Aqua etc would probably still be a good first one.

matttye

The_Boss wrote: »

Has anyone here with four year old defaults managed to get a card from one of the more mainstream lenders? Even so, Vanquis, Aqua etc would probably still be a good first one.

izools.

Not sure how old her defaults are but she has six defaults and a discharged bankruptcy order. (Or did, as of a thread back in 2012)

Hope izools doesn't mind me using her as an example!

Thrugelmir

meerkat1980 wrote: »

The adverse data on my file will clear in 2 years. When it does clear, I want to be in the best possible position.

What's your objective?

manami_mnm

The_Boss wrote: »

Basic bank accounts will not count as credit accounts.

They will be reposted as current accounts though.

TherealMandM

The girlfriend got a nationwide credit card with a default that was less than 2 years old.
They accepted me with a ccj(which has now successfuly been set aside and discontinued) and then asked for it back.

You-kip

matmidgley wrote: »

The girlfriend got a nationwide credit card with a default that was less than 2 years old.
They accepted me with a ccj(which has now successfuly been set aside and discontinued) and then asked for it back.

Excellent news if Nationwide continue to give cards to people with credit profiles like you and your girlfriends then it won't be long before they are bailed out.