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Rebuilding finances after DMP without credit card
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ChampagneSupernova36
Posts: 80 Forumite

Evening all,
I’m new to this category of the forum , I’ve mostly been over on debt free wannabe areas of the site.
i have just finished my second DMP , my first was 2017 to 2021 and my second 2022 until 2024 (last week). Of course , I’ve had a few defaults, the ones from my first DMP have dropped off my file now but I have 3 accounts that defaulted in 2022. I did have one more but won an unaffordable lending claim.
Now, my credit file is stable, it’s obviously not going to be particularly strong due to my situation but now I am clear of debts , I want to save and rebuild my finances.
I am going to stay away from credit cards for now, even small , credit builder ones. I have been reading about loqbox, does anyone have any experiences or reviews of this system and is it worth my time ? I wonder if there are any other ways , aside from credit cards to improve my file.
i know time is a healer in terms of my defaults but i want to put my best foot forward and rebuild what i (quite frankly) burnt down to the ground!
If anyone has experience of rebuilding after clearing debt , I’d love to hear and tips and tricks!!
Regards
E
ps. I do go into more depth about my situation in my diary linked in signature for some more background. I know it sounds mad being on back to back DMPs but I have learnt my lesson trust me xxxx
I’m new to this category of the forum , I’ve mostly been over on debt free wannabe areas of the site.
i have just finished my second DMP , my first was 2017 to 2021 and my second 2022 until 2024 (last week). Of course , I’ve had a few defaults, the ones from my first DMP have dropped off my file now but I have 3 accounts that defaulted in 2022. I did have one more but won an unaffordable lending claim.
Now, my credit file is stable, it’s obviously not going to be particularly strong due to my situation but now I am clear of debts , I want to save and rebuild my finances.
I am going to stay away from credit cards for now, even small , credit builder ones. I have been reading about loqbox, does anyone have any experiences or reviews of this system and is it worth my time ? I wonder if there are any other ways , aside from credit cards to improve my file.
i know time is a healer in terms of my defaults but i want to put my best foot forward and rebuild what i (quite frankly) burnt down to the ground!
If anyone has experience of rebuilding after clearing debt , I’d love to hear and tips and tricks!!
Regards
E
ps. I do go into more depth about my situation in my diary linked in signature for some more background. I know it sounds mad being on back to back DMPs but I have learnt my lesson trust me xxxx
Debt free April 2024 !!
dfd:https://forums.moneysavingexpert.com/discussion/6510394/champagne-supernova-s-debt-free-to-savaholic-diary/p
2025 savings goals:
£1000/£1000 emergency fund
£0/£1000 Rainy Day
dfd:https://forums.moneysavingexpert.com/discussion/6510394/champagne-supernova-s-debt-free-to-savaholic-diary/p
2025 savings goals:
£1000/£1000 emergency fund
£0/£1000 Rainy Day
0
Comments
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If you don't want CC then anything credit contract would be ideal e.g. SIM only mobile phone deal
A CC is no bad thing though, a credit builder card will often have a low limit of say £200-£300 and can be locked for credit limit increases, spending a small amount per month and paying off in full by DD is the simplest way to rebuild credit historySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Nasqueron said:If you don't want CC then anything credit contract would be ideal e.g. SIM only mobile phone deal
A CC is no bad thing though, a credit builder card will often have a low limit of say £200-£300 and can be locked for credit limit increases, spending a small amount per month and paying off in full by DD is the simplest way to rebuild credit history
cheers
EDebt free April 2024 !!
dfd:https://forums.moneysavingexpert.com/discussion/6510394/champagne-supernova-s-debt-free-to-savaholic-diary/p
2025 savings goals:
£1000/£1000 emergency fund
£0/£1000 Rainy Day0 -
I think it's time and stability that's the main healer. I had a DRO in 2020, so my credit file was, and still is, shot to hell. For three years the only things credit-wise that was reported on there was bank account, my mobile account and water utiities. Last year I did a few eligibility checks with the likes of Capital One, Vanquis, etc, and they didn't want to know which to be honest I wasn't surprised about. Then about three months later Capital One emailed me inviting me to try again, so I gave it ago and this time I was successful. I was only expecting a couple of hundred quid limit at best but after the full credit check they gave me £1000 limit! And my DRO entry still has another 2 and a half years before it drops off.
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JonVarnas said:I think it's time and stability that's the main healer. I had a DRO in 2020, so my credit file was, and still is, shot to hell. For three years the only things credit-wise that was reported on there was bank account, my mobile account and water utiities. Last year I did a few eligibility checks with the likes of Capital One, Vanquis, etc, and they didn't want to know which to be honest I wasn't surprised about. Then about three months later Capital One emailed me inviting me to try again, so I gave it ago and this time I was successful. I was only expecting a couple of hundred quid limit at best but after the full credit check they gave me £1000 limit! And my DRO entry still has another 2 and a half years before it drops off.
when I finished my DMP in 2020 I was very quickly offered credit again ( one was capital one with a £1200 limit) and was right back on a DMP at the end of 2021 with 6 cards and one high interest loan eeek so I am a bit worried about cards as it’s been a slippery slope for me in the past
youre right tough , I guess time is the healer nowDebt free April 2024 !!
dfd:https://forums.moneysavingexpert.com/discussion/6510394/champagne-supernova-s-debt-free-to-savaholic-diary/p
2025 savings goals:
£1000/£1000 emergency fund
£0/£1000 Rainy Day0
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