how can i improve credit but cant get any credit

mathersmarshall

hi
i would be very grateful for some advice - i am just sorting out my life since having house repossessed, loosing job/career and going bankrupt in 2011 - i cant get a credit card because of the default from hsbc bank they haven't amended the default because they haven't received the BR discharge summary - i have just followed this up with the insolvency service who dealt with my bankruptcy - but this could take a couple of months - i am tempted to apply for an aqua credit card to improve my credit rating but am worried i will be refused and the refusal will show on my credit report - i am on the electoral role - i am in full time work and would pay the credit card of in full each month - would it help to get a sim only mobile phone deal? - i cant get a contract mobile phone deal and have been using a pay as you go?

thanks

Ebe_Scrooge

Unfortunately a PAYG phone will not help your credit history since, by definition, there is no line of credit associated with it.


I think your best bet is, as you say, to apply for an Aqua or other sub-prime card ( obviously paying in full on time every month ). If your credit history is as bad as it sounds, one applcation rejection is not going to make that much of a difference, and it's going to be the best chance you've got of getting a card.

A4445

Try capital one they have an elegability checker that will tell you if your likely to be accepted without doing a full credit check. I wouldn't worry about the credit searches to much!

Also JD Williams will give you a catalog account if you are discharged bankrupt.

DCFC79

If only your credit rating was important OP.

20aday

As DCFC79 points out your credit score means nothing, it's your credit history that matters.

Sometimes it's possible to 'upgrade' from PAYG to a PAYM SIMO tariff (you'd have to contact your network provider).

Have you run the MSE "soft search" tool to see your likelihood of acceptance from the likes of Aqua?

Granted you'd have to submit a full application (and one 'hard' search won't hurt) but if they granted you a line of credit at least you'd be on the road to repairing your credit history.

betterdaysahead

I managed to get a credit card from Vanquis within a month of being discharged from BR. I was rejected by Capital One. My initial credit limit was £500 but increased to £1000 after 4 months. Think I should be good for another increase soon as I heard others say they review it every 4 months. There are scare stories out there about Vanquis but I have had zero problems. I pay my bill in full by direct debit every month so the high interest doesn't affect me. Definitely a good way to start rebuilding your credit file.

A4445

betterdaysahead wrote: »

I managed to get a credit card from Vanquis within a month of being discharged from BR. I was rejected by Capital One. My initial credit limit was £500 but increased to £1000 after 4 months. Think I should be good for another increase soon as I heard others say they review it every 4 months. There are scare stories out there about Vanquis but I have had zero problems. I pay my bill in full by direct debit every month so the high interest doesn't affect me. Definitely a good way to start rebuilding your credit file.

Was it the standard APR of 39.9% or was it more as it was so close to your BR discharge?

Capital one will give you a card eventually, I managed to get 2 with discharged bankruptcy both £1500 limits to start with.

betterdaysahead

No, just the standard APR

A4445

betterdaysahead wrote: »

No, just the standard APR

Give it a bit more time and you shouldn't have an issues with capital one.

I've no idea what you would have to have done to get a rate of 69.9% with vanquis,:rotfl::rotfl:

andyfromotley

No such thing as a 'rejection' showing on your crdit history. Only searches.

Lungboy

Why do you want to improve your credit? I'd have thought after what you'd been through with bankruptcy etc, credit would be the last thing you'd want.