credit cards whilst BR

TheGardener

sourcrates wrote: »

….there should be some kind of money mangement scheme offered on a compulsary basis, to try and re-educate you in successful budgeting....

Now you see I get a bit sore about that sourcrates - you are doing that thing where there is an assumption the BR is ALWAYS the architect of their own downfall and the reality is that is not always the case. There is nothing wrong with my money management skills, in fact I'm better at it than many. However, I cannot manage the money of the other businesses in the supply chain and a perfect storm of unexpected/devastating ill health combined with businesses who take the approach the 'little man' is a sacrifice they can live with is not something my - or many other folks - money management skills stretch to.

I'm with Mr Lewis :money:- a sound financial education at school/college is where the perils of debt (acceptable and unacceptable) should be taught and may prevent some BR's but ill health, marriage breakdowns, shark business practices etc are well beyond the reach of compulsory education and there but for the grace of a god go anyone of us.

sourcrates

TheGardener wrote: »

Now you see I get a bit sore about that sourcrates - you are doing that thing where there is an assumption the BR is ALWAYS the architect of their own downfall and the reality is that is not always the case. There is nothing wrong with my money management skills, in fact I'm better at it than many. However, I cannot manage the money of the other businesses in the supply chain and a perfect storm of unexpected/devastating ill health combined with businesses who take the approach the 'little man' is a sacrifice they can live with is not something my - or many other folks - money management skills stretch to.

I'm with Mr Lewis :money:- a sound financial education at school/college is where the perils of debt (acceptable and unacceptable) should be taught and may prevent some BR's but ill health, marriage breakdowns, shark business practices etc are well beyond the reach of compulsory education and there but for the grace of a god go anyone of us.

Aggre 100%, I should of added, “if nessessary”.

Totally understand it’s not always in your hands, I never assume anything, honestly, and your right to pick me up on it.

stevelo

the point I am asking is not to keep running up debt but to keep open a line of credit that I would otherwise be refused in 5-6 years time. I wanted to ask if it would be closed down automatically or not as it was not on the BR order. I am hoping to keep them open they are both very small credit amounts but thinking long term it may help me start again credit file wise

TheGardener

stevelo wrote: »

the point I am asking is not to keep running up debt but to keep open a line of credit that I would otherwise be refused in 5-6 years time. I wanted to ask if it would be closed down automatically or not as it was not on the BR order. I am hoping to keep them open they are both very small credit amounts but thinking long term it may help me start again credit file wise

There is a risk the cards will be closed - whether they have a balance or not, if the provider finds out. It is in the T&C's of most CCs to close an account if the holder becomes insolvent. As you saw from the story I posted earlier in this thread - sometimes it slips though the net and you are fine.
I waited until I was AD before I used my old store card and then applied for a Vanquis card, I started with a £500 limit and it has gradually increased to £5K over the past 5 years though meticulous financial management across my whole budget. My 6 six year anniversary is in a few months.

A4445

TheGardener wrote: »

There is a risk the cards will be closed - whether they have a balance or not, if the provider finds out. It is in the T&C's of most CCs to close an account of the holder becomes insolvent. As you saw from the story I posted earlier in this thread - sometimes it slips though the net and you are fine.
I waited until I was AD before I used my old store card and then applied for a Vanquis card, I started with a £500 limit and it has gradually increased to £5K over the past 5 years though meticulous financial management across my whole budget. My 6 six year anniversary is in a few months.

I’m 10 years after this year....I’m not sure where the time went. It soon passes and it’s all history. When is your 6 years up. It was really nice to get a normal bank account. I couldn’t wait to ditch the Co Op cashminder account I never found them any good. They wouldn’t even give me a savings account.

TheGardener

A4445 wrote: »

I’m 10 years after this year....I’m not sure where the time went. It soon passes and it’s all history. When is your 6 years up. It was really nice to get a normal bank account. I couldn’t wait to ditch the Co Op cashminder account I never found them any good. They wouldn’t even give me a savings account.

Times have changed and to be fair, savings accounts were never a problem for me - things started to change not long after my BR so around 5 years ago. As for the bank accounts - I had a couple of Barclays Basics and they automatically made the cards contactless when they were due for renewal. I had no need for an overdraft so the 'basic' has been fine. I was glad to get the banking app back though after my year was up.

Annie35

There's plenty of threads on people getting a builder credit card (capital one types) as soon as discharged after 12m, so it's not too much of a wait anyway. Will your existing cards get closed? Maybe, who knows. Keep quiet & you may get to keep them