6 long years is nearly up

jowee

Hi all
After going bankrupt (now discharged) approximately five and a half years ago I have been attempting to put my credit file to rights. I started with a cashplus load your own credit card and I have held a vanquis card for 2 years or more (39.9 apr). I have not missed any payments and have always paid on time. I still have a basic account with the coop-perative and have not applied for any current accounts. I would like to continue with improving my credit file and get a lower apr rate on a different credit card. I have recently been approached twice by capital one inviting me to take one of their cards at 34.9 apr which is obviously better than my current card.
At last heres the question. Should I just wait until after the 6 year perod is up and and hopefully the bad stuff drops off my file before attempting to get another card?
Thank you in advance


Joe.

HappyMJ

jowee wrote: »

Hi all
After going bankrupt (now discharged) approximately five and a half years ago I have been attempting to put my credit file to rights. I started with a cashplus load your own credit card and I have held a vanquis card for 2 years or more (39.9 apr). I have not missed any payments and have always paid on time. I still have a basic account with the coop-perative and have not applied for any current accounts. I would like to continue with improving my credit file and get a lower apr rate on a different credit card. I have recently been approached twice by capital one inviting me to take one of their cards at 34.9 apr which is obviously better than my current card.
At last heres the question. Should I just wait until after the 6 year perod is up and and hopefully the bad stuff drops off my file before attempting to get another card?
Thank you in advance


Joe.

I'd get another card now and using it and paying it of in full each month. The APR doesn't matter as you won't be charged interest. In 6 months you'll have more history to determine if you're good with credit or not and can apply for a better card, loan or even a mortgage if you've been saving for a deposit on a house.

I try and space out my applications for credit to not less than 3 months apart. Applying for a current account with an overdraft also counts as credit so you could try for a better current account as soon as your BR record drops off. It depends on what you want but I'd start building credit history as soon as I was discharged.

jowee

Much appreciated HappyMJ.

jowee

HappyMJ wrote: »

I'd get another card now and using it and paying it of in full each month. The APR doesn't matter as you won't be charged interest. In 6 months you'll have more history to determine if you're good with credit or not and can apply for a better card, loan or even a mortgage if you've been saving for a deposit on a house.

I try and space out my applications for credit to not less than 3 months apart. Applying for a current account with an overdraft also counts as credit so you could try for a better current account as soon as your BR record drops off. It depends on what you want but I'd start building credit history as soon as I was discharged.

I have actually used the CC eligibility checker on here and have applied and been accepted for a Aqua card at 34.9 apr which will reduce by 15 percent over the course of 3 years. Should I pay off the Vanquis card now and just continue with the the new card? or will that reflect as negative on my credit file?

HappyMJ

jowee wrote: »

I have actually used the CC eligibility checker on here and have applied and been accepted for a Aqua card at 34.9 apr which will reduce by 15 percent over the course of 3 years. Should I pay off the Vanquis card now and just continue with the the new card? or will that reflect as negative on my credit file?

Continue using both cards each month just one transaction a month will be fine and pay both off in full. The interest rate is still too high to save any money. You need a much lower rate than that. Keep building credit saving as much as possible and then you can eventually get loans and mortgages at below 4% interest rates.