Need to rebuild a bad credit history? New ‘last resort’ option.

Paolo_666

formidible wrote: »

This doesn't solve the issue. I still don't understand how anyone with a bankruptcy or CCJ history of less than six years can get another Credit or Debit Card or full bank account. As soon as you apply for one they do an automatic credit check and then discover the bad credit history, and swiftly refuse. The only way you can get any of these facilities in less than six years is to lie about who you are or use false information.

To the last poster any refused credit check is shown up on your credit history for six months I believe. The Cashplus credit building account is good if you start it five years after any bad credit history, so that when your six years is up you should have a slightly better than average credit score.

I got a bank account with Barclays which gave me a debit card within weeks of becoming bankrupt. The girl in the branch was very helpful and explained that if i applied in branch it would be rejected due to the credit search but if i applied via post it would be approved (it might have been the other way round-this was a while ago!). Worth talking to someone in branch.

formidible

I have also just updated my basic account with a new visa debit card also with Barclays. They did not do a credit check for this and Barclays new basic account should automatically include a debit card without a credit check (see this weeks email from this site).

Here is the link for this account. I believe they only do a credit check if you require an overdraft: http://www.barclays.co.uk/Currentaccounts/Keepitsimple/CashCardAccount/P1242557963900

izools

formidible wrote: »

I believe they only do a credit check if you require an overdraft

That account doesn't offer an overdraft; nor does it generate an account behaviour score or internal lending limits / credit offers.

Only the full Current Account which requires a credit check provides the option of overdrafts, chequebook, account behaviour scores, lending limits, pre-approved offers etc.

Although as long as the prior adverse has all been settled and the applicant has no outstanding defaults, CCJs, arrears, or the like and has at least some form of more recent good credit history they can be OK giving a current account. They offered me a full current account with chequebook etc eight months after I was discharged from Bankruptcy :beer:

formidible

izools wrote: »

That account doesn't offer an overdraft; nor does it generate an account behaviour score or internal lending limits / credit offers.

Only the full Current Account which requires a credit check provides the option of overdrafts, chequebook, account behaviour scores, lending limits, pre-approved offers etc.

Although as long as the prior adverse has all been settled and the applicant has no outstanding defaults, CCJs, arrears, or the like and has at least some form of more recent good credit history they can be OK giving a current account. They offered me a full current account with chequebook etc eight months after I was discharged from Bankruptcy :beer:

Well maybe you could tell us exactly how you managed that? I have no outstanding defaults or CCJ's and have never missed any bills and have been employed for the last three years. I even have savings. When I last tried to apply with a different bank to open an ordinary current account they explicitely told me they couldn't allow it due to my bankruptcy history (six years has not expired). Barclays have said the same thing.

The account I quoted above with Barclays has a link halfway down which enables you to apply for a basic account with an overdraft, which is subject to a credit check.

leroy23

I managed to rack up a heap of debt when i was younger and i didnt know what to do. My father told me to find out my credit report who i was due money to etc and pay them off..
When i went to review my report everything was to a satisfactory level accept on one account which was defaulted. I had totally forgot about this account but have now contacted the company and i have paid this debt off...
I have also got two very high intrest credit cards at the moment but i am making payments on them every month. One card has a limit of 650 and i have already started to pay this back each month. Instead of the minument payment of £11 pounds i paid £200 and i plan to pay this again for the nxt two months. The other card is sitting at 100 pound and i have jst paid off £50 and plan to pay the other 50 next month. I got told to keep using the cards as it can gain my score?
My score is sitting at a very poor level of 470 at the moment and i am wondering how long it will take to get a good score again since all my accounts are up to date and im regulary using the master cards and paying them well over the minument payment each month?? SOme people say it will take 6 months until im in the good score again but others say it will take 7 years?? Your advice would be gratefull... Cheers

KingElvis

^^ my best advice? stop wasting money on those scores, they're usless.

jen245

[QUOTE=The_account_I_quoted_above_with_Barclays_has_a_link_halfway_down_which_enables_you_to_apply_for_a_basic_account_with_an_overdraft,_which_is_subject_to_a_credit_check.[/QUOTE]

The account you are referring to is the Barclays Bank Account which is a full current account with chequebook and overdraft facilities. Its a basic account in the sense that it has no fees or extras with the account, but is still a full current account, and will be fully credit checked if you apply. I used to have this account years ago.

NorthernLights_2

I'm new here, although been reading the forums off and on & getting the newsletter for a few years, and I hope someone can help me with info about the Creditbuilder upgrade.

My question is, do Cashplus accept a benefits award letter as top-level ID, in place of a passport or driver's licence (I have neither) in the same manner the Barclay's CashCard account does?

I'm temporarily off work due to a serious illness right now and Barclays accepted the letter I got about Employment & Support Allowance just last week, and they mention this on their website, that it will substitute for a passport etc.

I tried the 0871 number from the Cashplus site but can't get to speak to customer services because it wants a 14 or 16 digit number (ie for me to already have a card) before I can speak to anyone, so I tried the 0207 number posted a while back in this topic for Cashplus and the lady I spoke to told me to hit the # key when it asked for the card number - however, this doesn't work, and at 10p a minute I'm not inclined to keep trying, on the off-chance that it finally delivers me to a real person. The lady on the 0207 number was a bit chilly, to put it mildly, and I don't want to call again because I don't think I'll get anywhere with it.

I can't find an e-mail address or contact form on their site, either...

I'm feeling really stuck - needless to say I can no longer find the info on their website about what forms of ID they take, the link posted in this thread doesn't have that info now... I found a pdf application for the Creditbuilder on the internet archive, but that's 2 years old so I'm not sure if it's still the same (that did say, passports & drivers licences only). :huh:

Obviously being off work and so on I don't want to waste £15 and then find I can't upgrade to the Creditbuilder, and buying a passport is out of the question at the moment as well. But I thought I'd use the time I'm stuck at home recovering, to get things like this sorted out...

I know it's unlikely but I have to find out, I was dead chuffed that Barclays accepted that letter in lieu of the Big Two, and to be honest I want to get the maximum mileage out of it that I can, since being ill has very few other upsides!;)

fiftyg

I am trying to re-build my credit score now that I am back to work. I do not have a regular bank account but use Cashplus. Recently in the cashplus members area they now provide short term high interest loans called iadvance.

Would this be of benefit to me if I were to take these loans over a 1/2 day period? Would it help to repair my credit faster?

Thanks in advance for any advice.

formidible

I have been told that if I apply in a few months for a contract phone with a well known mobile phone provider they are likely to approve my request, even though I am still not out of my 6 yrs credit freeze period yet. This is because I have a monthly rolling contract right now with them for call credit only. The salesperson told me that because they can see regular monthly payments coming out of my account, and that I am working, etc, that I have a high chance of being accepted despite still having a poor credit rating.

My question is, if I do get approved for a full mobile contract over 24 months with a new phone, will this boost my credit rating overall?