Advice needed

Rosebud19_2

Hello,

I’m counting down the days until my bankruptcy ends. It’s been a horrific 12 months and I know I have another 6 years to carry the burden of bad credit rating, but just knowing I’ve got through the actual bankruptcy period will help me breathe a little easier again.

Providing all is ok and I am discharged as planned, I really want to rebuild my credit rating up again and would appreciate any guidance. Prior to bankruptcy and somewhat ironically, I had an excellent credit rating, albeit I had a high rate of borrowing. I never missed a payment in 20 years. Feel free to read my previous post if you want to know how I ended up here.

Anyway, I have an email ready to send to the Insolvency Service as soon as I am discharged asking for certificate of discharge to send to Experian, Equifax and the other credit agency I can’t quite recall just now.

Should I apply for a credit building credit card once discharged? Can anyone recommend which one I should apply for?

I had to sell my car as part of the bankruptcy and the old banger I have now is definitely on its last legs! Will I ever be able to get a half decent rate on a loan again to get something a little more roadworthy?

Thanks in advance

Rosebud

TheGardener

Sorry to hear you didn't have a good time of it - I have to say my BR year was a huge relief after years of stress and worry.

It usually take a couple of months for the credit files to update - then follow the advice on the sticky post at the top of this board about the file clean up process.

Loans - hummm - TBH you at not going to get one any time soon - well, not at a reasonable rate of interest. Is there anyone who can help you with a vehicle?

Rosebud19_2

Thanks for your reply.

Not sure I have anyone I can ask for a loan but I’ll see how long my current vehicle holds out!

I can’t wait to be discharged. Psychologically and emotionally it’s going to be a huge milestone for me!

fatbelly

Rosebud19 wrote: »

Hello,

I’m counting down the days until my bankruptcy ends. It’s been a horrific 12 months and I know I have another 6 years to carry the burden of bad credit rating, but just knowing I’ve got through the actual bankruptcy period will help me breathe a little easier again.

Providing all is ok and I am discharged as planned, I really want to rebuild my credit rating up again and would appreciate any guidance. Prior to bankruptcy and somewhat ironically, I had an excellent credit rating, albeit I had a high rate of borrowing. I never missed a payment in 20 years. Feel free to read my previous post if you want to know how I ended up here.

Anyway, I have an email ready to send to the Insolvency Service as soon as I am discharged asking for certificate of discharge to send to Experian, Equifax and the other credit agency I can’t quite recall just now.

Should I apply for a credit building credit card once discharged? Can anyone recommend which one I should apply for?

I had to sell my car as part of the bankruptcy and the old banger I have now is definitely on its last legs! Will I ever be able to get a half decent rate on a loan again to get something a little more roadworthy?

Thanks in advance

Rosebud

The third agency is Callcredit.

Yes, use an eligibility checker to get accredit card but pay it off in full each month. It'll be Capital One, Aqua or Vanquis most likely though there are a couple of other poor credit credit cards.

Finance on cars is a little easier to get as the lending is secured to some extent. However, I'd be cautious about that. If you can save monthly while you keep the old one going that is better.

Rosebud19_2

Thanks again for your advice FB! X