Rebuilding credit post-discharge

youngbuck2

Once I am discharged from BR, what are the best ways to rebuild my credit rating? I have heard about certain credit cards that are available to discharged bankrupts that aim to assist with this - i.e. using the card and repaying it within the same month in full etc.

What are other credit options available to newly discharged bankrupts that would allow someone to rebuild their credit i.e. paying back regularly each month? I have heard someone mention mobile phone contracts are usually possible after I am discharged as it will allow me to pay the bill each month and show that I am paying back in full each month?

Obviously other credit like a mortgage/loans etc won't be possible for 4/5/6+ years but in the short term?

I will be getting myself on the electoral roll etc and hope to be in full time employment in a year's time.

luvchocolate

Hi I see you have just gone B.R and seem to be posting a lot. I would just concentrate on now, discharge is not for a year from discharge, so leave this a while, you have enough to deal with.....one step at a time

owlet

As Luvchocolate says, there is nothing you can do now except make sure this coming year goes smoothly (financially). Once discharged, read the sticky about cleaning up your credit file and go from there.

TheGardener

The next thing to concentrate on once you are AD - is your credit file clean up - that comes after polishing up your good money management skills and before applying for a credit card.

mwarby

And from someone whos recently had to do it, the cleanup takes time. By the time your discharged debts will have been sold on, it takes a while for the discharge (iva completion) to filter through.

Some creditors will update in a few weeks(they tend to do bulk submissions once a month) and gt it right first time

Some creditors take 2-3 months and get it right

Others you have to chase, they update your files, but wrong dates, you chase again they fix entry on say experian but not equifax.....

Once you've got the cleanup done you can get sim only contracts almost immediately, bad credit credit cards can take a bit longer (6 months post completion for me) a £250 limit seems to be the common starting limit

But as others have said, get through bankruptcy first, taking the opportunity to relearn budgeting