Life after a debt relief order

Olivertwist204

Hi there.I finished my 1 year debt relief order in July this year and was wondering if anyone has any tips or help on how to boost my credit rating.am currently not eligible for anything.I still have my bank account but no overdraft.am renting but wish to move in the future.this means a guarantor.I wish to stand on my own two feet so I need to boost my credit score.I have tried the bed credit rating credit cards but no luck
any advice please 

MEM62

Well done for clearing your DRO.  Time will improve your credit standing. 
As for you your 'score' you don't have one and any randomly generated number that a CRA tells you is a score will not be seen by your landlord - or anyone else for that matter.  Once you generate some history with no negatives on it then you will eventually be accepted by a landlord.      

[Deleted User]

Maybe wait a bit before running up credit again after a DRO - lenders won't like the idea of someone so newly out of a plan that resulted in previous lenders not getting all their money back. Maybe try a basic card from people who deal with bad credit histories, SIM only mobile deal, that sort of thing

MalMonroe

Olivertwist204 said:

Hi there.I finished my 1 year debt relief order in July this year and was wondering if anyone has any tips or help on how to boost my credit rating.am currently not eligible for anything.I still have my bank account but no overdraft.am renting but wish to move in the future.this means a guarantor.I wish to stand on my own two feet so I need to boost my credit score.I have tried the bed credit rating credit cards but no luck
any advice please 

Hi, following a marriage breakdown my finances really went downhill and I had a DRO which started in 2013, so all clear now and almost quite respectable, finance-wise. The thing is that even when the first year is over, there are another five years where the DRO remains on your credit file. However, once my first year was over I waited three months until my name dropped off the Insolvency Service's register and then applied for an Ocean Credit card (owned by Capital One for people with bad credit). First I did a soft search and it said I would be eligible to apply so I did and got one, no problem. Everything I spent on it I made sure I paid off, in full, when the statement was ready. (Online.) Six months later I applied for a 'proper' Capital One card and got that too. (Quite a surprise because I was allowed to have two cards from the same provider.) When I paid off both, I was finally considered respectable enough to have a Virgin credit card. Your credit worthiness will build up in time. I never thought mine would but it did. You just have to build up slowly and prove that you are a responsible borrower. Your name will have dropped off the register by now so things will start to get better.

Since I was granted the DRO I have never had a bank account with an overdraft. I just think that for me, that way disaster lies. In the past I always had a current account with an approved overdraft and it's so easy to slip into that way of 'budgeting'. But it's not helpful.

Of course, in the first instance with a DRO you're not allowed to have a bank account with an overdraft but now I choose to have no overdraft and I've changed banks so I no longer have a basic current account but a 'proper' one. 

Having to have a DRO was a big shock for me but my financial position had changed so drastically and I couldn't manage financially. I have learned how to budget and live within my means and feel so grateful that I was allowed to have that opportunity.

Things will definitely improve for you now, the only way is up! 

liggerz87

I've just finished my monotorium period on 4th November, also make sure you do a credit clean up, im half way sorted to doing it lol