Applying for new credit after 6 years

amstel2

Hello

My BR & defaults are due to drop off my CRA files in early March. About 6 months after going BR in 2008 i got a Vanquis card & Cashplus card with Credit Builder. About a yr later the Vanquis card was upgraded to a gold card & a year ago i got an Aquacard. All this was done to re-build my credit record.

I have also got my various insurances etc on monthly DD. I have never missed a payment on anything & managed my new credit responsibly

Due to some emergencies last year i do have a balance on the Vanquis & Aqua cards but i am paying them down with payments well above the minimum payment.

I was thinking when all the bad stuff falls off my files in March about applying for a mainstream cr card offering zeo % balance transfers. However, should i avoid applying to providers who are former creditors or providers linked to them as i believe they can still legally hold blacklists after the BR & defaults have dropped off CRA files. I don't want to chance un-successful cr searches on my files.

Thanks

Rosco32

Hi there,


I would probably avoid creditors who you've had a previous relationship with that has broken down, however that said, when I turned 18 I was very stupid and got myself into trouble with a high street bank. All my accounts were transferred to debt collection agency and eventually paid in full, however, that said bank are now my main bank who I have my current account, credit card, loan and savings with. I think some lenders eventually remove all traces of any accounts if they sell them onto debt collection agencies, but they wont all do it and some will hold a black list. You've said that all the negative data is due to drop off early march, have you checked this with all 3 credit reference agencies. What positive data do you have on your report, the Vanquis and Aqua? I think MBNA might be a good choice if you haven't had anything with them before that was defaulted etc. They offer a pre eligibility checker too, although they aren't perfect. I would recommend you wait until all the bad stuff has dropped off all three of your credit records and then try some pre eligibility checkers to see what comes back. MBNA offer some great 0% BT offers too.


Good luck.

amstel2

Yes i was thinking of MBNA as well had no dealings with them got a few others in mind as well. I will use the "soft search" facility first.

Did see on another forum that former creds are legally obliged to hold records for 7 years so not advisible to apply to former creds until at least 7 yrs have elapsed. Although i think the whole credit record industyr need reform. I personally think even 6 yrs is far too long some people don't even get that for murder. I think 3 or 4 years is more realistic.

mrtaximan

Hi.Once your file is clear I suggest you try Barclays.When my 6 years were up I dumped the Natwest Step account after they refused to upgrade me.(very unhelpful) and took my paperwork and credit file over the road to Barclays.Nothing was a problem and they set me up with a personal and business account and transferred all my DDs and gave me a free overdraft to cover the change over period.They could not have been more helpful.I was also granted a Barclaycard Platinum.Might be worth checking out Barclays in my opinion

Mark

amstel2

mrtaximan wrote: »

Hi.Once your file is clear I suggest you try Barclays.When my 6 years were up I dumped the Natwest Step account after they refused to upgrade me.(very unhelpful) and took my paperwork and credit file over the road to Barclays.Nothing was a problem and they set me up with a personal and business account and transferred all my DDs and gave me a free overdraft to cover the change over period.They could not have been more helpful.I was also granted a Barclaycard Platinum.Might be worth checking out Barclays in my opinion

Mark

Trouble is one of my former creds was Barclaycard so i think Barclays is a none starter.

I have a basic a/c with Yorkshire Bank which i am happy with. I don't want to risk applying to upgrade as this will mean a possible refusal & an un-wanted credit search.

Thanks