Getting a standard bank account and credit card

empty_wallet_2

PippaGirl wrote: »

Alastair, bank change would be just for convenience. I have difficulty using phones and I don't have a Co-op branch near me but have other mainstream banks I could just walk in to.

Credit card would be 'just in case' a balance couldn't be paid off on an occasional month. For instance I had to put two car tyres on the card one month, did manage to pay that off but it was hairy and the cupboards were bare, but the card is only for emergencies and only having this is not the end of the world at all, I am very grateful for the emergency back up whatever it is.

Although several times recently my Co-op visa debit card has been declined despite there being the funds in my account, once at the garage having put petrol in, so having the credit card was a big sigh of relief.

Don't forget though if you use your credit card this month for emergencies, what you going to do next month if another emergency arises, stick it on the card again and then before you know it you've run up a heap of credit that you can't clear off in a month.


Do you not do a monthly budget for stuff like you would have shown on your SOA when you went BR, I still run most of the budget items I did when I went BR over 6 years ago for clothing, mobile, healthcare, car servicing/mot, insurance, fuel etc etc so I always have money in the kitty for stuff like tyres when it comes round to requiring a new set, however saying that I know there are unexpected costs that crop up that a CC would be useful for, I know a new clutch for my car is almost £1k which is pretty much my whole years budget for car servicing/mot.


Until just recently our closest COOP bank was 50 miles away but with using the post office and online banking we haven't had a problem in the past 6 years but I can understand wanting to get an account at a close bank, check that there are not any Britannia building society's near you as I'm pretty sure you can use them for COOP as they are owned by COOP and many branches are being rebranded to COOP's.


I have a Capital one CC and have for about 2 years but they only gave me £200 limit which they still won't increase even though its over 6 years since I went BR, I suspect there is an internal marker on my account as they lost money through me when I went BR.


All said and done if you want to try for different account or credit then try it but don't do too many companies in a short period if you get turned down and each application goes on your credit file. I too have a 2/5 on callcredit but they suggested I had a high chance of being accepted on 30+ mainstream credit cards if I applied through their link but on the otherside of the coin I have a 965/999 with Experian and they only recommended 4 cards and 3 of them were pre paid and the other was Vanquis, so not sure how one company (callcredit) where I have a poor score of 2/5 can suggest I would be accepted with so many yet Experian where I would say it shows me as good score doesn't think I would get accepted for much.

Rrushi_Shqiptar

PippaGirl wrote: »

Hi I was made BR May 2012 with ED January 2013. Since then I have cleaned my credit file, gained a phone contract, and have a capital one credit card (£1000 limit) which I pay off in full each month as I do with a Next account (£6000 limit!) and my credit score has gone from 1/5 to 2/5 on Noddle.

I was wondering what my likelihood is for gaining a standard bank account rather than a basic one with a bank? And is it best to avoid a bank that you previously had debt with or does that make no difference?

Also now that I have run my capital one card for a few months always paying it in full, what is the likelihood of being accepted for an ordinary credit card? In one way it should actually make no difference as I pay it off in full always so the 34.9% interest rate doesn't affect me, but just in case a bad month appeared or whatever, it might be nice to have a better one.

Any advice appreciated. Thank you.

HOW did you get that lot?

Also how did you get an ED as well.....My BRO was a complete F*%$# up from the start anyway.

I am 5yrs into my bankruptcy and cant get them to even open the door at the bank let alone get anything more than a cashminder account.

alastairq

Hi...Early Discharge used to occur when the OR had completed their investigations for a bankruptcy quickly.

The OR world seek an interim SOA, then apply to the Court for an Early Discharge to the BAnkruptcy.

The Early Discharge carried the same effect as the Automatic Discharge [which occurs 12 months after petition].

I believe ED has now effectively ceased, since ED ties up resources & manpower going back to Court. Much cheaper to simply continue with Automatic Discharge.

The BRO which is frequently mentioned, is an extension of bankruptcy restrictions beyond the date of Automatic Discharge....and is sought by the OR for various reasons. [A BRO needs to be sought at Court...a BRU is an agreement between OR and BR]

The reasons for the BRO being sought would appear ..to me..to obviate the possibility of an Early Discharge...

As an aside, do you really mean Bankruptcy Restriction Order when you mention BRO?

Or, are you actually referring the BAnkruptcy, or Bankrupt
?

Rrushi_Shqiptar

alastairq wrote: »

Hi...Early Discharge used to occur when the OR had completed their investigations for a bankruptcy quickly.

The OR world seek an interim SOA, then apply to the Court for an Early Discharge to the BAnkruptcy.

The Early Discharge carried the same effect as the Automatic Discharge [which occurs 12 months after petition].

I believe ED has now effectively ceased, since ED ties up resources & manpower going back to Court. Much cheaper to simply continue with Automatic Discharge.

The BRO which is frequently mentioned, is an extension of bankruptcy restrictions beyond the date of Automatic Discharge....and is sought by the OR for various reasons. [A BRO needs to be sought at Court...a BRU is an agreement between OR and BR]

The reasons for the BRO being sought would appear ..to me..to obviate the possibility of an Early Discharge...


As an aside, do you really mean Bankruptcy Restriction Order when you mention BRO?

Or, are you actually referring the BAnkruptcy, or Bankrupt
?

Well on my Experian file it states Bankruptcy order. I was made bankrupt by arrow global, I was not well at the time physically or mentally due to a serious injuries on duty and only recently have started to try and get my life back on track

alastairq

Hi..there is a huge difference between a BAnkruptcy [which is the result of a Court Petition]...and a BRO [Bankruptcy Restriction Order] which is a Court order sought by the Official Receiver following adverse investigations by same, into a Bankruptcy petition. A BRO/BRU...as an example, might follow a Bankruptcy petition if the BAnkrupt was found to have arrived at a position of insolvency due to, say, gambling?

[There is a thread somewhere explaining the abbreviations used on this forum for the various terms used in Bankruptcy.]

If you have no paperwork referring to a BRO from your OR then you simply have a Bankruptcy!

{lucky you.....many have to find the fees themselves, yours were paid for by Arrow Global.....}

A bankruptcy petition is granted by a Judge, therefore it is an Order of Court.


Which might appear confusing?

With regards to your [in?] ability to acquire various forms of credit?

This may well be down to what 'system' you used to apply for a form of credit?

In a lot of cases, an online application will get refused simply because of the BR on a file.

The computer programme cannot get past this.

A personal [or phone?} application can lead to an immediate appeal, with the adviser being able to over-ride the computer.

An awful lot of 'credit which a BR can access is what may be termed 'sub-prime'...?

For example, I have just had an increase in available credit on a Vanquis visa card.

Why, I don't know...I haven't asked for it!

However, such a card [with its phenomenal interest rate] is useful as a so-called 'credit building' device.....if used regularly for stuff one purchases day-to-day..and which is already budgeted for.

Not a good idea to fail to re-pay the statemented amount by the appropriate day, either.

However, with careful planning of known, intended purchases, one can have more than 6 weeks to gather the repayment funds together. [IE, make use of statement dates?]

Such cards [Capital One have something similar]...are also useful for taking advantage of really cheap breakdown cover...? The sort where one pays a small annual premium, then if one breaks down/needs recovery, one pays up front, and recovers the costs immediately from the insurer....having a sub-prime credit card in one's sporran deals with that situation nicely.

Store cards are often easy to obtain. despite one's so-called credit score....they are often sub-prime anyway.