Struggling to get credit 3 years on

ab07ash_2

Hi all I was discharged in May 2017.  Since then I have had 2 pre approved cc vanquis and capital one both are used frequently and cleared each month to try and boost my credit score which is raising.  However when I try and open an account with say very, studio, jacamo with an order of under £150 I'm rejected.  Has anyone else had this issue and is it 6 years before I can start getting these? 

MABLE

Not really sure test 

[Deleted User]

Lenders don't see your rising credit score but the data on your files.

Check all three files to see if anything worrying has appeared.  If not, it's just a matter of managing your existing credit and allowing time to build better history.

[Deleted User]

Were Jacamo etc creditors caught up in your bankruptcy? 

ab07ash_2

Lover_of_Lycra said:

Were Jacamo etc creditors caught up in your bankruptcy? 

None of these were original creditors 

Galloglass

very, studio, jacamo

These are some of the worst companies to deal with. Check their APR and charges. You've dodge a bullet.

mwarby

Having difficulty getting credit is quite normal, in some ways the likes of vanquis, capital one, aqua etc are quite unusual in lending. Most companies application processes will pull your credit file see bankruptcy and straight up decline, or only grant tiny facilities where those are low risk (eg sim only phone contracts).

If you want accouts with catalogs, and they are being offered with poor limits, take them and use them. The positive internal history you build up will likely allow them to up your limit over time

thegazbaz

It took me 8-9yrs post discharge to get to a point where my credit was good again. The only two things I was approved fro was a phone contract and a Next account. Credit Cards, Mortgages, Car Loans etc were all declined. On the plus side, it allowed me to re-adjust to life and get used to living within my means. A worthy lesson and one which I remember well every day!! Insolvency was strangely one of the best thing that's happened to me. Living with debt which you can't afford pay back is a crippling feeling, and one of immense pressure and stress - I certainly won't be putting myself through that ever again!
Good Luck to all of you living with it, but I promise it can get better in time, just do what you can to build your credit score and my top tip... if you can't pay for it, don't buy it!! Credit in terms of mortgages or car payments, ok, but try and avoid borrowing to subsidise your wage - you may not be able to pay it back! Save up for things, or do without. Just my opinion.

fatbelly

Your bankruptcy date was presumably May 2016. It will show on your credit file till May 2022.

You can't expect that not to have an effect (sorry for double negative). Don't fret about your score as it's meaningless when applying for credit - as you've discovered.
As long as you are on the electoral roll and are handling those two credit cards well - you are doing all you can

[Deleted User]

Bear in mind your income etc. will also have an effect. If you haven't already, make sure you follow https://forums.moneysavingexpert.com/discussion/677875/credit-reference-file-clean-up-post-bankruptcy - how the data is presented can have a significant effect (e.g. 'outstanding' defaults (even though they are technically settled by BR) + a BR will likely kill any apps, but showing as settled/part settled won't)

I'm surprised at Jacamo, as that lot gave me decent limits after less than 2 years discharged. Studio and Very both seem pretty much impossible so I wouldn't even bother with them.

Credit cards will likely help your cause more than a mail order anyway, especially as limits tend to be increased fairly regularly for sub-prime cards.

If you aren't paying in full, your card APR may actually be cheaper than using the mail order account facility!

But ultimately, time will help heal it. I'm very shocked at what I've been able to get, but I guess my salary and industry help massively (they all would know I'm sacked if I have any more adverse!!).. maybe it's just luck.

There's still many that won't touch me through (understandably) - despite the fact that in a few weeks these same companies will never know I was subject to bankruptcy (unless they do some serious (manual) digging). It's all a bit crazy really as just 1 one day is going to make significant difference, between instant declines and instant accept! But the date it drops off your credit files will become the key date! 

Fighter1986

Endlessly adding further credit facilities to your credit file won't increase your credit worthiness.
I'd suggest you leave well alone, stop leaving credit application footprints on your credit files, and maintain a small number of flawlessly maintained accounts for a long time, e.g. bank account, mobile phone, credit card.
The longevity of your accounts is important. Accumulating lots of credit facilities isn't 👍