Credit card after a DRO

kidston

Hi


In a few days its been a year since my DRO ended. I want to get a credit card to start rebuilding my credit rating.
Would I need to look at credit cards that accept people who have been made bankrupt? Does a DRO appear as bankruptcy on my credit file?

mwarby

it'll probably be recorded as a DRO, but i'd imagine most lenders would treat it as a bankruptcy

In terms cards to look at vanquis, cashplus, luma have been good for me (IVA). A sim only mobile contract may help get some positive history(but i wouldnt get one for sake of credit rating alone)

you'll also want to make sure your credit report shows everything as settled\partially settled

fatbelly

I've seen people get Vanquis cards quite easily.

Obviously make sure you pay it off monthly, and get yourself on the electoral roll.

Sugar_Junkie

mwarby wrote: »

it'll probably be recorded as a DRO, but i'd imagine most lenders would treat it as a bankruptcy

In terms cards to look at vanquis, cashplus, luma have been good for me (IVA). A sim only mobile contract may help get some positive history(but i wouldnt get one for sake of credit rating alone)

you'll also want to make sure your credit report shows everything as settled\partially settled

I was also thinking of getting a credit card just to try to help rebuild my credit score as my DRO has just finished too, but when I look at my Experian file they do not say settled or part settled they still say default. Do I need to do something or will it update itself?

Let us know how you get on Kidston, congrats on the end of your DRO.

Madbags

I was discharged from a DRO a couple years ago. Got a Vanquis firstly quite easy, £500 limit just last year.


I also have an Aqua (£250) and a Capital One (£1,000) which I got this year. All being kept within their limits and paid off regularly. My credit rating is slowly starting to look better.


Sugar_Junkie - By all rights they should update it but I have had to contact at least 80% of my debtors, provide copies of the paperwork and get them to update my credit file.

mwarby

Sugar_Junkie wrote: »

I was also thinking of getting a credit card just to try to help rebuild my credit score as my DRO has just finished too, but when I look at my Experian file they do not say settled or part settled they still say default. Do I need to do something or will it update itself?

It took a few months for mine to change to settled/partially settled, as the accounts were being handled externally or were being sold on. If after say 3 months there is no update you should contact them and ask them to update.

Your defaults will show for 6 years from default date and then drop off. The settled\partially settled state sets the balance to zero and in noddle at least moves the account into the closed accounts section

The-Joker

If you just leave it and do nothing, wait, they will drop off.

If you are in a hurry then write to each one asking to show accurate info .

ALEXIA76

My DRO ended last April, so it has been 12 months so far, and have not yet applied for any credit cards, as I had tried the free tool to see if I would be accepted without it affecting my credit rating. It wasnt good, but they suggested a prepaid credit card that you pay monthly. Not sure if this would help or make much difference to rebuild my scredit score. My experian report also still lists all my creditors as Default.
Is this normal, and how do I remove them, do I ask my creditors to update it or contact Experian??

Im desperate to rebuild my credit score and will try another credit card in a few months. Desperately want to move house but cant as now have bad credit, and have no guarantor

fatbelly

ALEXIA76 wrote: »

My DRO ended last April, so it has been 12 months so far, and have not yet applied for any credit cards, as I had tried the free tool to see if I would be accepted without it affecting my credit rating. It wasnt good, but they suggested a prepaid credit card that you pay monthly. Not sure if this would help or make much difference to rebuild my scredit score. My experian report also still lists all my creditors as Default.
Is this normal, and how do I remove them, do I ask my creditors to update it or contact Experian??

Im desperate to rebuild my credit score and will try another credit card in a few months. Desperately want to move house but cant as now have bad credit, and have no guarantor

The default date should pre-date the dro date.

No harm in trying for a poor-credit credit card

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

[Deleted User]

In answer to Alexia, I got Aqua card at 2 years from the date of DRO going through, as of this week when my very last dro creditor turned a default to settled and whilst I wasn't even asking the Credit Reference Agency says Madam this doesn't change a thing with regards to your credit score, it was quite funny (I know it doesn't mean anything! either but on principle)
I have never moved from "poor bordering on fair scoring" in 3 years but never had to pre-pay, maybe higher interest.
Yep go to both lender and CRA's to get settled on the files.


Wait a while you shouldn't need to pre-pay for a credit card, I purposely used mine and forgot the pin so can't go mad with it


Sorry can't help with the move house aspect but time is a healer