Building Credit Post Bankruptcy

davidm29

Hi all, sorry, this will be long and to be honest I can't decide if this is the best thread for it.

I was made Bankrupt in 2012, kept my house because there was no equity. It has taken me the best part of 10 years to recover but we are on the tight path now.

Years of late payments to the mortgage (and other things) as we clung on for dear life to our home absolutely hammered mine and my wife's credit scores (obviously the bankruptcy gave mine a good hiding). Experian has my credit score as 257 out of 999 (ouch). Other than my mortgage and virgin media I don't any other credit as it stands.

My wife's is 557, she has klarna, our mortgage and has just applied for a credit card (£200 balance) which we'll use to build her credit hopefully.


My question is, what is the best way to build the credit score post bankruptcy, I can;t get a credit card or a phone contract or anything like that, so where do I start?

Thanks in advance everyone!!

fatbelly

Maybe loqbox

https://www.loqbox.com/en-gb/how-it-works

cymruchris

fatbelly said:

Maybe loqbox

https://www.loqbox.com/en-gb/how-it-works

I'd agree with that based on where you are. If you can afford to put in a higher sum per month - even better. Whatever you do though, don't miss a payment - otherwise it'll hit you negatively.

Do you have a contract telephone or on payg? Could be worth considering getting a pay monthly sim-only deal on a 12 month contract?

Don't focus on scores - focus on history. (Only you see the score).

How recent are all the missed payments you talked about?

When was the last time your history showed negative pointers?

davidm29

Hi, thanks for the reply (and the tip on the score!)

the last late payment was last month sadly, I pay virgin media manually and have only just realised it is a few days late every month, it's now set up on a d/d so that should take care of that going forward. My mortgage has been on time now for the last 6 months.

I wasn't aware a sim only deal on a 12 month contract was an option, I presumed that would be a no no for me, i'll look in to this now!

The aim is to have my credit tidied up in 12 months.

Sorry, not sure what you mean by 'when was last time your history showed negative pointers'?

Loqbox set up for me and my wife, i've gone with £20 each for now.

Thanks again for any help or advice you can give!