Credit score while bankrupt

Jack_BaUer_4

Hello everyone

I have read the sticky at the top of the board but i was wondering if there is anything i can do to rebuild my credit score and check files while bankrupt?

Auto discharge for me is on July 19th 2008.

Is there anything i can do to prepare for the rebuild process?

Many thanks for your reply:money:

fermi

Your could check your CRF's before your AD, but you would need to recheck them afterwards again to check how they have been updated afterwards. I would wait myself, but it's up to you.

You can obviously prepare by making sure you have the correct address for your creditors.

Apart from that, it's mostly a waiting game as your BR slowly becomes history.

Bosie

Hi there
My experience has been, once discharged I could get a better account than Nationwide's very basic flex account. I got a Yorkshire Bank account called the Readycash; which comes with a Maestro card, I even got a cheque book too.
But to be honest, even though you are discharged ''Bankruptcy'' is on your file for 6 years from the date you went bankrupt.
However Nationwide and also the Co-op bank's Cashminder do report to the credit agencies, so if you keep your account in order that is a positive for later on.
I've also read on the forum that if you get a 'Cashplus' pre-paid Mastercard, if you pay the monthly fee of £4.95 they will lend you the 12 month's subscription and then pay it back with their credit builder product!

Don't want to sound negative, it's best to get saving and after 6 years you have a clean slate again. Oh yes, do check your credit files to make sure all your default dates are the same date or earlier than your bankruptcy date. One of my creditor's put the default date 6 months later than the bankruptcy date. I did get them to amend it.

Good Luck

Bo

jono_1uk

after the 6 years , how long does it take to build up again and i take it the record of BR is gone ?
also, do your old creditors still have records of it if u apply to them after 6 years ?

magicgirl

I think after the six years, it is as starting a new and therefore depends on how you use and manage your credit..

you can get more info here about credit post br..
http://experian.metafaq.com/resources/experian/Downloads/CRB_Bankruptcy

the specific info you were after...

For how long will bankruptcy affect my
creditworthiness?

In England and Wales, most bankrupts
receive their discharge within one year,
but the fact that you were bankrupt
will stay on your credit report for at
least six years. Although it will show
when your bankruptcy is discharged,
the discharge will not wipe your credit
report clean. Your report may also
separately show details of any debts
that were included in your bankruptcy
and these will stay on your credit
report for six years, although you can
add a note to your report to explain
that all the debts were included in your
bankruptcy.
Even though the details of your
bankruptcy will usually be removed
from your credit report after six years
(as long as your bankruptcy has been
discharged and you have not been
reckless – see next section) some
mortgage lenders will ask if you have
ever been bankrupt, so your bankruptcy
could affect your creditworthiness
forever. If your bankruptcy is never
discharged, it can remain on your
credit report indefinitely.