Real Credit Card for Disharged BR??

NewClanger

I declared myself BR over 3 years ago and have now been discharged for over 2 years.

I have applied to the only 4 UK banks that appear to encourage people in my position for a credit card but have been declined on each occasion.

Catch 22 now as these declined applications will also reflect negatively on my credit record!

I do not want a prepaid card (and yes, there are some good ones out there) as I would prefer a 'real' credit card to really boost up my rating.

All I'm after is a card with a £200 limit to use on everyday necessities that can then be paid off in full each month instead of handing over cash all the time.

Are there any other options for DBR's in my position to rebuild a reasonable credit record???

Thanks

susieh_2

My oh & i went BR in June 2004 & were discharged in Dec 2004, I succesfully managed to get a "normal" cc with Vanquis in Nov last year. The credit limit was set at £250, the interest charges are high, but if you use it wisely & pay it off in full each month there very little charge. We wanted one for the same reasons as yourself..... to be able to start to improve our credit rating & be able to move on.

Just a note though I did recommend them to a family member who'd gone br a few years before me & she was declined, so I don't know if they look at the reasons for br (or even if they can).

Hope this helps, good luck.

susieh

tigerfeet2006

The Vanquis card seems to be the one most people manage to get. Though as pointed out the intrest rate is very high and it needs to be paid off each month, but this is no bad thing anyway and will get you into good habits.

Have you checked all 3 of the major credit check companies to make sure all your debts have been marked as satisfied from the BR. It probably is a good idea to make sure everything is sorted first.

rog2

I have received three offers of cards, from VANQUIS, who are, after all, only the 'plastic' arm of the dreaded PROVIDENT.
Each and every letter that they send me goes into the bin - other than the non-personalised offers, which I fill out in the name of Mackenzie Hall.
I do not see how having a credit card can go any way to 'repairing credit rating'.
However, I appreciate that people have real needs for a GENUINE credit card - there are circumstances where the 'pre-paid' cards are not usually accepted, for example for car hire 'deposit' guarantees.
I do believe that 'Capital One' Bank will accept discharged bankrupts, after 6 months, although their card will have a low (£250) credit limit and interest rates in the mid 20% - but it still beats the 60+% apr offered by VANQUIS.
Why is it that these companies see discharged bankrupts as easy prey for the highest and most punitive rates? Surely a discharged bankrupt is no more of a risk than anybody - all his cards are already on the table, so to speak. His affairs have been open to the highest level of scrutiny that the law can prescribe and, due to his circumstances, he is less likely to 'do a runner' than your average credit card holder.
If you MUST have a Credit Card - try and avoid VANQUIS.

stubie

If you believe a credit card will help boost your credit rating, then spend £1 on it every month and pay the full amount back via direct debit, every month.

Then after 12 months you will show 0 0 0 0 0 0 0 0 0 0 0 0 with Equifax or Experian. i.e You have never missed a payment.

user55

Does this really work though? I mean, for the 6 years the BR appears on there, nothing is going to help is it? I had 1 D on my record for 6 years a whileago. Just the one, and in fact it was pretty unfair because we were paying an agreed reduced amount, but that's by and by the way. That one D in a sea of 0s meant that inevitably the computer said no!

stubie

Not sure if it would work but it would be recorded on file, as settled ever month.

Can't really get over someone wanting to pay on CC and settling it every month, rather than paying by cash? If you have the money to pay it in cash at the end of the month, why the credit card?

Maybe I'm slowly converting myself to be more aware of my money

backontheup

Even though the BR is on your file for 6 years - if you can improve your credit rating by doing the 'spend £1 on it - pay it in full every month' then during that six years, its looks better if you are say, you anticipate getting a mortgage during this time