Credit Card dilemma/credit rating info???

ralphy

I've been free of debt for over a year now, i did have an administration order through the court which i paid off in full Jan 2004. Since then i've not applied for any credit- no mobile phone, no loans, no credit cards - at all, the thing is i'm worried my credit rating will still be affected and i won't be able to get anything on credit, especially a mobile phone which i would like to buy on contract in August.

I also would like to get a credit card too, but only to use in small quantities and emergencies (i've learn't my lesson from being in debt when i was much younger so i won't be going back down that road!).

My dilemma is that if i apply for these i'm going to get rejected and that too will affect my credit rating, i feel like i'm in a no win situation, i'm also contemplating getting a mortgage within the next 8 months or so and i'm sure this will affect that too.

Does anyone have any advice on what i can do and if this credit rating thing will affect me??

Thanks

debtbuster2K5

Hi Ralphy,

Have you got hold of a copy of your credit report recently?
If not, order one from either Equifax or Experian and see what it tells you.

You could apply for the Capital 1 secured Credit Card, where they will guarantee the application, however you will get a small credit limit.. Say £200-£500, You may have to pay a security deposit of up to £200 and the APR is 29.9%.... But, these are great for building up credit history again. But you must make sure you pay it off monthly, as you do not want to be paying 29.9%, also after a period of good history you could move onto a mainstream card, cancel the Cap 1 and get your deposit back.

In terms of mortgages, it is a lot easier for people with poor credit history to get reasonable mortgages these days. If your problems were not so bad, it is possible you could be accepted for a mainstream mortgage with little fuss.

I would recommend using a fee free broker such as London & Country, who would best advise you in light of your recent history.

Regards