How To Rebuild Your Credit After Doing A DRO

cpncftb

Me and my Partner completed a DRO (Debt Relief Order) back last June and when we was doing the application the lady told us to start rebuilding out credit, we haven't started yet but we are thinking of starting now. Can anyone recommend how we can start rebuilding it whether it be credit cards/loans etc. We are looking to see which ones are out there. Obviously this has left us with bad credit and we are not sure if we can get a credit card can anyone suggest how we can start rebuilding the credit back up.

Many Thanks

LplateSaver

I really wouldn't take out a loan, that's expensive. I'd get a credit builder credit card like Vanquis and only spend on it what I was going to pay for anyway eg groceries & petrol and set up a direct debit to pay off the maximum each month.

If you pay off the bill in full every month you won't pay any charges and spending a low amount on it (eg 33%) will not only help you be in control but look good on your credit report. Good luck.

Thrugelmir

cpncftb wrote: »

Me and my Partner completed a DRO (Debt Relief Order) back last June and when we was doing the application the lady told us to start rebuilding out credit,

Credit is an addiction. Try saving before spending. You'll find your money goes far further.

[Deleted User]

I was never given advice on rebuilding the credit and have just managed to get Dad to put my deposit for a mortgage away 3 years on : (
(family home just been sold, wanna continue crying)

Madbags

I took out a DRO 4 years ago. I literally only started getting accepted for credit last year (a mortgage included). It really took it's toll but time is the greatest healer.


I started with a mobile phone contract, kept that for about 6 months. Then applied for a Vanquis credit card and was accepted.


People are right, credit is an addiction, I went a bit OCD because of my credit file and rating and I had to ask myself in the end.. what is the point? We have a "forever" house, a car, good jobs, why do I need to care anymore? As long as we're saving money back each month (which we are) for who needs credit?

Experian_company_representative

Hi Cpncftb.

Congratulations on completing your Debt Relief Order, as you are now thinking of rebuilding your credit it would be worth checking your credit report (with all three of the credit reference agencies) to make sure that all of the accounts that were included in the DRO have been updated and now show as satisfied.

If you find any that haven't been updated our Ask James page covers the steps to take here.

Kind Regards
Neil