1 year done

debtorwithaquestion

* running a mobile contract with Vodafone *

andyfromotley

Am i the only one who thinks giving a £1000 credit limit to someone just discharged as a bankrupt is just ridiculous? (this is not a comment on the OP - who i hope will use it sensibly) It just seems that a large percentage of people are likely to go straight back to their old spending patterns and have it maxed out fairly quickly?

Lily-Rose_3

andyfromotley wrote: »

Am i the only one who thinks giving a £1000 credit limit to someone just discharged as a bankrupt is just ridiculous? (this is not a comment on the OP - who i hope will use it sensibly) It just seems that a large percentage of people are likely to go straight back to their old spending patterns and have it maxed out fairly quickly?

No it's not just you!

I find it bizarre that someone who has gone bankrupt would be waiting for that 12 months to go by so they can get more credit!

All the debt was wiped out with the bankruptcy, and they now have a clean slate with no debt, which for many people, is the best thing about bankruptcy. No more debt. So why on EARTH would someone be rushing to get another credit card? :huh: One poster here even admits that they are a bi worried about going back to their old habits.

A4445 wrote: »

I think £1000 so soon after discharge is really good.

Over the last year I've managed to pick up quite a big amount of avalible credit, I do worry sometimes about my old habits, but I never want to be in the same position again. Bankruptcy once in a lifetime is enough! I owed a huge amount in the original bankruptcy for years I thought I should never be allowed credit again. I guess I need to forgive myself and move on!

I know someone who went bankrupt in 2009, and they were discharged in 2010, and quite sensibly, decided to never ever have credit again. It's one thing to maybe have a car on finance, as that is a necessary evil, but a credit card?

Some will say it's for credit building, but we know for many, it will probably get out of control.

debtorwithaquestion

Actually, the reason people 'rush' into getting credit cards is because in order to build a good credit HISTORY in order to get a mortgage in 6/7/8/9 years time- you need to start as soon as you are able to.

I hate ignorant posts like these- which assume people firstly only became bankrupt because of 'spending habits' (often not true at all)- and who think that getting credit again means the person will be irresponsible with it.

Actually- a lot of ex bankrupts become much more sensible with money. I find your post completely detestable.:mad:

cam6278

Hi.

I am very wary of having a credit card, i will be using it only for petrol each month with the full amount being paid off each month. Essentially i still dont have any debt but it helps repair my score.

I did have a lot of debt but it wasnt just overspending or poor management....i ended up working 3 jobs for over 60hrs a week for a year to pay them, never missed a payment but was not sustainable.

I think im now obsessed with budgeting to the point that i have a plan until June next year - i know what i want to be doing/buying so have set aside money each month for it

Its all well and good having a blank slate but advice from this website states that having no credit score can be equally as problematic as poor history.

Once my 5 years are done i would hope that i will be in a good position to look at getting a mortgage.

andyfromotley

debtorwithaquestion wrote: »

Actually, the reason people 'rush' into getting credit cards is because in order to build a good credit HISTORY in order to get a mortgage in 6/7/8/9 years time- you need to start as soon as you are able to.

I hate ignorant posts like these- which assume people firstly only became bankrupt because of 'spending habits' (often not true at all)- and who think that getting credit again means the person will be irresponsible with it.

Actually- a lot of ex bankrupts become much more sensible with money. I find your post completely detestable.:mad:

Not sure if this was directed at my post? I'm sorry if you found it detestable which certainly wasnt my intent, but i still stand by my point. Whilst i accept that far from everyone goes bankrupt through personal CC type debt, plenty do. And i am worried that this rush to provide credit under the guise of 'credit building' leaves many of those at risk of repeating the same behaviour that landed them deep in debt and dire straights the first time around. I do not want that to happen to them, i think it would be a disaster for them on a personal and financial level. I send a lot of time on these forums in an effort to get myself debt free, so i am in no position to judge others and that wasnt what I was doing. But there is a sensible conversation to be had around this issue.

A4445

andyfromotley wrote: »

Not sure if this was directed at my post? I'm sorry if you found it detestable which certainly wasnt my intent, but i still stand by my point. Whilst i accept that far from everyone goes bankrupt through personal CC type debt, plenty do. And i am worried that this rush to provide credit under the guise of 'credit building' leaves many of those at risk of repeating the same behaviour that landed them deep in debt and dire straights the first time around. I do not want that to happen to them, i think it would be a disaster for them on a personal and financial level. I send a lot of time on these forums in an effort to get myself debt free, so i am in no position to judge others and that wasnt what I was doing. But there is a sensible conversation to be had around this issue.

I went bankrupt in 2009, it wasn't until 2015 did I consider even applying for any type of credit. I'm quite shocked how quickly credit becomes avalible. I've learnt a hard lesson. I won't ever put myself in the same position again. I'm very suprised that a limit of £1000 was given straight away after discharge, from what I've read limits of £250-£500 are given. Perhaps Vanquis haven't met their lending targets this month?