6yrs after bankruptcy

blonde_one

well we did a search last night and he's no longer on the register and going to check with OR if the bankruptcy was discharged - happened ocober 2001.

So to build up credit is it worth trying to get a high apr credit card just to do this and pay off in full each month?

Posthinking

blonde_one wrote: »

well we did a search last night and he's no longer on the register and going to check with OR if the bankruptcy was discharged - happened ocober 2001.

So to build up credit is it worth trying to get a high apr credit card just to do this and pay off in full each month?

Yes but read Martin's article on CCs on the main site first. Vanquis will lend to BRs but I believe you dont get the 56 days free credit, at first, and the APR is about 40%

tight_jock

Another little known way of improving your rating with the bank is to make lots of transactions. Even if you only take some out the cash point and then go back inside to pay it in, the computer will note that you are using your account in credit with multiple transactions. It wont put you at the front of the queue for interest rates but every little helps!!

This one was passed on to me by a credit expert so I`m assuming it works but, hey it doesn`t cost anything!!!:D

:beer:
TJ

firebird1

tight_jock wrote: »

Another little known way of improving your rating with the bank is to make lots of transactions. Even if you only take some out the cash point and then go back inside to pay it in, the computer will note that you are using your account in credit with multiple transactions. It wont put you at the front of the queue for interest rates but every little helps!!

This one was passed on to me by a credit expert so I`m assuming it works but, hey it doesn`t cost anything!!!:D

:beer:
TJ

,
,
I have heard this from a good friend who works in the credit dept. of a bank.
Simply cash machine £100 out, and next day put in half of it.
next day , put the other half in.

PixiePie

A mobile phone contract is another way of building up good credit as well apparently. Although I only say apparently, as I haven't gone through it all yet, but that's what I have read on here, and other similar information type places,and it's what my brother was advised to do to be able to get a CC (when he was about 26 and had never had a credit card/Overdraft etc and needed to get a CC to pay for/book some things like holidays, but due to the no CC etc before, had no credit rating, so was advised by the bank to get a contract phone to build up his rating. He obviously got all the sensible with money genes in my family. )

in_a_mess_5

I went BR 2 months ago and had 2 mobile phone contracts I explained this on my IV and the OR was not interested.I didnt owe either any money so have continued with them and have just upgraded on one so either the phone company doesnt know or they simply are not bothered as long as I keep paying the bills.

Georgie_Porgy

firebird1 wrote: »

,
,
I have heard this from a good friend who works in the credit dept. of a bank.
Simply cash machine £100 out, and next day put in half of it.
next day , put the other half in.

I remember when my OH worked temporarily for a bank that she always had info coming round regarding watching out for possible money laundering. One of the things they had to look out for was people frequently putting in cash and then taking money back out so I'm actually quite surprised that this is a way of helping re-build credit.

If it is though it is a good, cheap way to do it.

NekoZombie

Georgie_Porgy wrote: »

I remember when my OH worked temporarily for a bank that she always had info coming round regarding watching out for possible money laundering. One of the things they had to look out for was people frequently putting in cash and then taking money back out so I'm actually quite surprised that this is a way of helping re-build credit.

If it is though it is a good, cheap way to do it.

Surely not just cheap - its actually free!