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Bank Account Question

Hello
I filed for bankruptcy in April and have been awarded sequestration. I'm starting to think about how I can rebuild my credit rating and its been suggested that I need to open a basic bank account with a different bank. Can anyone recommend a bank/account that would be suitable for this and if I can apply online or do I have to go into a branch to open. Also, does anyone have any hints on tips on how I can rebuild my credit rating and start to climb back out of this hole? Thank you so much for all your help and support on here - it really has helped me tremendously. I really want to send out my appreciation to everyone who takes the time to respond and offer support. Thanks again

Comments

  • mwarby
    mwarby Posts: 2,049 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Who you bank with won't matter much for your credit history, if your bank account does what you need you are probably as well keeping it.

    Once your discharged you should do the credit file cleanup (make sure debts are marked as settled, and with the right default date.

    You will probably be able to get a poor credit credit card after about 6 months or a year, although the interest rates offered will be high. you should be able to get a sim only mobile contract at the same time, but will struggle to get a phone with a network you have no history with.

    The best healer for credit history is time, in six years you should have a clean credit file, but until then regardless of score shown you will have limited access to credit

    One of the big lessons I learnt from my IVA was living without credit, while credit can be useful learning not to rely on it and clearing balances every month will allow you to reap the rewards of credit, while avoiding the pain of persistent debt
  • The basic Barclays account is fine.

    No overdraft or cheque book but get a debit card and can do direct debits / standing orders still.
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