Advice needed to repair credit! (trust deed)

BlackBeltBanter

Im into the final year of my protected scottish trust deed. I checked my clearscore credit report and i was 208/700 which i knew i was going to be poor after starting the journey to repair my credit through trust deed. I recently got accepted for a Vanquis creditcard with £500 limit which i spent around £215 and paid it all off right away a few days ago sto stop interest. My credit report now shows bankrupty on it which i was told a trust deed wasnt bankruptcy and also shows the default debtors i owed too.


How can i improve my credit rating going forward, im on electoral roll, dont ever apply for credit due to my current trust deed. I got the credit card to try improve it slightly but really i know it wont improve most likely til trust deed is done. Any advice on this going forward and when trust deed is done also as i dont know much about it all?

Thrugelmir

What are your longer term objectives? Acting normally will heal your credit record over time. Not falling into the same trap again requires a change of attitude. Rather than buy now pay later. A switch to save now buy later. Not paying interest and earning it instead changes ones finances considerably.

BlackBeltBanter

Got myself into a mess when lost driving licence and had to give up car and debts for other people so now its about me and not getting finance for others when back on the right level. Long term goals are to most likely want to be able to get a car in nxt few years and possibly look at getting a mortgage in the nxt 3-5 years. Also dont know what happens when trust deed is finished do i need to contact all the old companies to get them to mark on credit file or does this get done by company dealing with trust deed. Really looking to get back on an even keel but be able to get finance if i really need it, im really bad at saving

TheDebtinator

BTW, the credit score you get from the CRA's is meaningless so do not get hung up on it.

Thrugelmir

If you are a first time property buyer then look at the Help to Buy ISA. Halifax currently offers 4%. Squirrelling away small sums is the way to start.

MallyGirl

BlackBeltBanter wrote: »

I recently got accepted for a Vanquis creditcard with £500 limit which i spent around £215 and paid it all off right away a few days ago sto stop interest.

Did you pay in full once the statement came, or truly pay it off right away? If the balance on the statement is zero then there will be no activity reported to the CRAs and this will not help you. You must wait for the statement and pay in full then - there will be no interest incurred if you pay before the date given as the deadline on the statement

BlackBeltBanter

I got the online statement saying i had to pay the mininum payment then i called up and made the full payment right away