Rebuidling Credit Rating/File

welshfool02

Hi To All

Sorry if this isnt the right place to post

Being a newcomer to this site I have a few questions about how to rebuild my credit score. Basically I was made to take voluntery banckruptcy about 3 years ago. I am in my final year of payments and was discharged after 12 months.

However, I still cannot get a curent account (stuck with a basic bank account with Barclays), nor can I get any form of credit.

Does anyone have any suggestions? I am not looking to get into the situation I was in previous, but I now travel abroad on business and need a way to cover the expenses should they occur.

Thanks In Advance

mummytofour

start with a catalogue and pay it off in full every month. Also a cc like vanquish but make VERY sure you pay if off every month in FULL.

welshfool02

Hi

Tried a vanquish card and keep getting refused, hence my confusion as they say they support people in my kind of situation.

fermi

There are plenty of pre-paid Mastercard/Visa cards available now.
One of their selling points is that they are useful when travelling, and obviously they are not credit checked as they are pre-paid.
There are plenty of threads on these forums discussing the pros/cons of the various ones available.

Have you tried applying for the Co-op Cashminder account? That is still a basic one, but it comes with a Visa/Electron card and is OK even for current BRs. I've also heard of ex BRs having some luck with the Halifax as well.

But until the BR drops off the credit references you may still struggle to get a regular account/credit.

welshfool02

fermi wrote: »

There are plenty of pre-paid Mastercard/Visa cards available now.
One of their selling points is that they are useful when travelling, and obviously they are not credit checked as they are pre-paid.
There are plenty of threads on these forums discussing the pros/cons of the various ones available.

Have you tried applying for the Co-op Cashminder account? That is still a basic one, but it comes with a Visa/Electron card and in ok even for current BRs. I've also heard of ex BRs having some luck with the Halifax as well.

But until the BR drops off the credit references you may still struggle to get a regular account.

Hi Fermi, thanks for the tip... how long does it take then for the BR to drop off of the credit ref files?

fermi

welshfool02 wrote: »

Hi Fermi, thanks for the tip... how long does it take then for the BR to drop off of the credit ref files?

6 years from the date of the bankruptcy.

Have you checked that your Credit Reference Files were updated correctly by your creditors after the BR?

They often don't do it properly which means your CRF looks even worse than it should, and will take longer to clear.

If not have a look at:

CREDIT REFERENCE FILE CLEAN UP – POST BANKRUPTCY

and

Letter to former Lenders post Bankruptcy

welshfool02

fermi wrote: »

6 years from the date of the bankruptcy.

Have you checked that your Credit Reference Files were updated correctly by your creditors after the BR?

They often don't do it properly which means your CRF looks even worse than it should, and will take longer to clear.

If not have a look at:

CREDIT REFERENCE FILE CLEAN UP – POST BANKRUPTCY

and

Letter to former Lenders post Bankruptcy

Thanks Fermi

Those links make interesting reading