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

neverheadgirl

Hi
I currently have 2 CCJs and wonder if it is worth getting one of these creditbuilder cards.

Since a CCJ stays on your credit score for 6 years after you have cleared the debt, am I not wasting £4.95 a month on something whose benefits will be offset by the fact that i have CCJs?

Does this make sense? Or am I being dense here?
Thanks for anyone's help.

formidible

I am a discharged bankrupt and know that credit will be difficult to get, not that I need it right now. Would it be a waste of time applying for an ordinary credit card after two years? I am currently employed. I have been told that after 6 years my credit record should be normal again. Is this true?

benfilan

I signed up for this card this afternoon, It asked for £14.96 upfront - is that normal? - a 10quid activation fee and a charge of £4.96 for the first month?:o

jimbo26

neverheadgirl wrote: »

Hi
Since a CCJ stays on your credit score for 6 years after you have cleared the debt,

The CCJ remains for six years from when it started not when the money is paid off.

formidible

benfilan wrote: »

I signed up for this card this afternoon, It asked for £14.96 upfront - is that normal? - a 10quid activation fee and a charge of £4.96 for the first month?:o

Sounds like you've paid through the nose. If you go to any MoneyShop they charge £9.95 over the counter for a new titanium card which you can activate straight away. As far as I know that's all you pay up front.

benfilan

formidible wrote: »

Sounds like you've paid through the nose. If you go to any MoneyShop they charge £9.95 over the counter for a new titanium card which you can activate straight away. As far as I know that's all you pay up front.

but will that repair my credit history?

(btw- i haven't paid for the card yet)

Wutang_2

to anyone wondering whether seeing this on your credit report with lots of green circles is good or not - it is good (you cannot remove a ccj or bankruptcy but you can improve your score)....

and more importantly does anyone have any experience so far of this actually showing on ones credit report yet??

formidible

benfilan wrote: »

but will that repair my credit history?

(btw- i haven't paid for the card yet)

I believe so, after the year is up, judging by what others have posted here. To Wujang - CCJ's and Bankruptcy notices are automatically removed from your credit record after 6 years.

neverheadgirl

jimbo26 wrote: »

The CCJ remains for six years from when it started not when the money is paid off.

Thanks. I didn't know that. I always assumed it was from the date the debt was paid off.

I have been accepted for this card and we will see how it goes. At the very least it will help with budgeting.

xtastynuggetsx

After years of my sticking head in the sand, i took an iva and started paying back what i could. Having looked at my experian rating for the first time today there are few red marks/defaults etc.

I'm not sure if should starting paying for one of these card or would i be wasting my time and money at such an early stage in my IVA (1st year) ?

I am newbie here so correct me if im in the wrong place.

Thanks