1 year ago today......

Chasingdreams

1 year ago today I took the plunge after explaining the extent of my financial issues to my better half. I remember struggling to sleep the night before and feeling very anxious as I made my way to court. Since then, and after speaking to a very nice OR, I've heard very little other than providing a few documents in the first few weeks and am now looking forward to waking up tomorrow as a discharged BR!!

I have a day off on Friday so what I want to know is, should I start the process of cleaning up my credit file as early as a day after being discharged or is it wise to wait a little longer?

I see the sticky on here with the letter templates and step by step guide of what to do (for anyone lurking here debating going BR, this site is a fantastic source of info and place to put your mind at rest!) to clean up my file so this is exactly the procedure I'll be following.

Furthermore, I'm keen to obtain a credit card with a small limit which I'll use to purchase my fuel each month and pay off in full as a way to rebuild my credit score. I've received a letter from Vanquis offering a card today (must have bought my data or checked the insolvency list perhaps). Is Vanquis the card to go for or would those with past experience suggest someone else?

Just to stress, this card is purely for monthly fuel costs and will be paid in full every month - I don't need or want it for anything else. Is it wise to apply for this so early on too?

Thanks again everyone. Looking forward to tomorrow already 👍🏼

Chasingdreams

owlet

Congratulations on your discharge!

I applied for my cards in the first week of discharge & got Vanquis & Cap one. I was a bit gung ho about it though and did it to test the water, without looking at my credit file.

The general consensus is to wait a couple of months before clean up so that the CRAs can update. It can mean less work for you if some creditors update as they should. I found that none of mine changed status after discharge & I'm slowly working through them as time allows.

owlet

Just to add that I've found both Vanquis & Cap One helpful. Vanquis have just doubled my credit limit after 6 months but Cap One haven't. Everyone's experiences differ though.

Chasingdreams

Cheers Owlet!

If you've waited a little while and not had any of the accounts correct themselves on your file I guess I'll get straight to it on Friday as well as getting in touch with Vanquis.

Thanks for taking the time to reply. Still keen to hear others experiences too......

luvchocolate

Leave it 2-3 months for them to update, just relax until then and enjoy the feeling!!!

CMalone

Sorry to jump on this but I dont know how to start my own.

I have been accepted for a Vanquis credit card with a limit of £500 at 39.9% APR (not that I understand what that actually is)

The reason I took this out is that I want to build my credit rating up. say spend £50 a month on the card and pay it back the date I get paid.

Is this the best way to do it ? Will I be charged for every time I use the card. Quite out of my depth to be honest.

owlet

CMalone wrote: »

Sorry to jump on this but I dont know how to start my own.

I have been accepted for a Vanquis credit card with a limit of £500 at 39.9% APR (not that I understand what that actually is)

The reason I took this out is that I want to build my credit rating up. say spend £50 a month on the card and pay it back the date I get paid.

Is this the best way to do it ? Will I be charged for every time I use the card. Quite out of my depth to be honest.

If you pay in full every month then you won't pay any interest or fees. You will be sent a statement every month & on the statement you will see the date you need to pay by. You will need to allow a few days for the payment to reach your credit card account.

Set up a direct debit to pay in full then you won't risk missing payments.
It's important that the card is paid between the day the statement is generated and the due day.