Discharged! Now to rebuild

Justdoit18

Hi all,

We're both discharged!!!! Now, time to rebuild. I'd like to open a credit card to use and pay off in full, monthly. I'm still under BRU, so I think the limit of 500 pounds credit without informing the creditor still stands. My question is, a lot of the online applications just tell you the credit limit, you can't request a 500 quid limit. So if I do an online application and it comes back with a limit of 1000, I've committed an offence. Is that correct? Do I need to actually call one of these companies up and explain to them?

Cheers!

Grassy_Knollington

Do you think discharge means you are now credit worthy?

mwarby

You could always apply on phone, probably best to be upfront about BRU. Time is the great healer for rebuilding your credit worthiness. I would leave it a year or so, then see how you get on, IIRC it was 6 months post my IVA discharge(with no futher restrictions) before I got a credit card, I'd suggest with BRU you'll find it somewhat harder. Use the year with no credit to both save and demonstrate you can live without credit

thevdm

I didn't have a BRU, but at 1 week discharged I applied for a ThinkMoney credit builder card, you can do a pre-approved soft check so you can find out if you could get it without doing a hard check. I was approved, at the end of the actual application form it tells you the credit limit you could get and has an option to set the limit to something different (between £200 and £1,500) if you'd prefer a lower limit, obviously the limit you set has to be less than what they offer.

I don't know if the BRU will make a difference, but it's one place to try.

Justdoit18

Thanks all! Re credit worthiness, I don't know TBH. Was just looking at the pre-approved cards sent to me by ClearScore.

Justdoit18

@thevdm thanks for that, have applied for ThinkMoney credit builder and it's gone through so that's brill!