Credit File - Bankrupt - 10+ years later

IIKazzII

Hey guys, I owed around £10,000 and went bankrupt, when I was 28. I am now 39. Up until being 32 I couldn't even open a bank account, eventually I got one with Santander, and it took a further year for me to get a debit card with them as they initially refused. I never checked my credit rating, but applied for a car after I passed my test when I was 37, I was declined for credit, eventually I managed to get finance with a car company broker. I have kept payments. This opened up things slightly, I was able to get a Very account in my name (which I pay on time) and a mobile phone in my own name finally, which again is always paid. However on checking my credit score on experien, it's in the bottom red bar. I was always led to believe a bankruptcy was cleared eventually then you could build credit up again, but mines super low despite keeping payments on what little credit I have been allowed.

It's almost as if my credit was never cleared after going bankrupt?

[Deleted User]

It doesn't matter how super low or super high your rating is.  It's super useless either way.

Lenders only look at the data on your files so keep going with making your payments on time. Try for a credit card and clear it in full each month.

However, clear any interest bearing loans at the earliest opportunity, such as your car finance. 

Make use of credit but never pay for the honour unless absolutely necessary.

Malkytheheed

Bankrupt for £10K? How is that possible? Sorry for going off topic but I don't understand how you can go bankrupt over such a small amount? 

bradders1983

Malkytheheed said:

Bankrupt for £10K? How is that possible? Sorry for going off topic but I don't understand how you can go bankrupt over such a small amount? 

Blind panic no doubt. 

sourcrates

Malkytheheed said:

Bankrupt for £10K? How is that possible? Sorry for going off topic but I don't understand how you can go bankrupt over such a small amount? 

Was thinking the same here, ten years ago DRO`s were just coming on stream, that may have been a better option for you.

All trace of your bankrupcy will have disappeared at least 4 years ago, so it won`t be that holding you back.

IIKazzII

Malkytheheed said:

Bankrupt for £10K? How is that possible? Sorry for going off topic but I don't understand how you can go bankrupt over such a small amount? 

Was due to mental health, loss of work, a breakdown and creditors causing severe depression. Ended up in hospital. I had no assetts, it was the best option at the time. I barely had an income. Not that it's relevant to the questio lol.

Malkytheheed

IIKazzII said:

Malkytheheed said:

Bankrupt for £10K? How is that possible? Sorry for going off topic but I don't understand how you can go bankrupt over such a small amount? 

Was due to mental health, loss of work, a breakdown and creditors causing severe depression. Ended up in hospital. I had no assetts, it was the best option at the time. I barely had an income. Not that it's relevant to the questio lol.

Hope you are in a much better place now, both mentally and finnancially. Can't be an easy time to go through. Life can be ****!  

[Deleted User]

Bankruptcy stays on Credit Files for 6 years (I think) . Totally ignore credit scores, no lender uses them. Check your file for errors, if found dispute it and put a Notice of Correction on. Try looking at an affordability score, is it your income killing applications?

IIKazzII

GabiB said:

Bankruptcy stays on Credit Files for 6 years (I think) . Totally ignore credit scores, no lender uses them. Check your file for errors, if found dispute it and put a Notice of Correction on. Try looking at an affordability score, is it your income killing applications?

Whats the best method of checking my file properly, I have heard mixed things about Experian etc.

[Deleted User]

You check each of the CRAs - MSE Credit Club (Experian), Clearscore (Equifax), Credit Karma (Transunion).