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Steps after Bankruptcy Discharge


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In the next week or so i'll be discharged from my bankruptcy. Despite having to pay contributions for the next two years i am looking for some advice to move forward. Firstly, what can and can't i do following discharge? Secondly, i obviously want to improve my credit rating now and wondered how best to do this? Finally, any do's or don'ts/general advice following discharge would be greatly appreciated.

 

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Serioulsy - live within your means. Already looking to get credit is a bad sign - I learned from mine and wuld never go back that way - if i don't have the money then i don't buy it.

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Hi

 

Totally agree Ida happened to me also and learned my lesson if you cant afforded it dont buy it or save up then get it.

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Thanks, but i'm not looking for credit and don't have any plans to get credit cards etc in the furture. However, i do want to find out the best ways to improve my credit rating. This is primarily so i can get a mortgage/phone contract etc in the future. Do i need to write to creditors and credit agencies (Equifax etc) to make them aware? Is there also a prepay card i can get to start mending some of the damage bankruptcy brought?

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  • 2 months later...

Phone contract might be a problem - you're probably best getting a PAYG.

You won't get a mortgage for 6 years - regardless of what else you do.

If you *really* want to get some credit - start with with one of the "sub-prime" credit cards, use a *little* bit, pay it off *IN FULL* every month (and watch out for extra interest charges the following month - yes VANQIS, I DO mean you!)

that will bump your credit score from -10000 to maybe -500

 

if you get rejected, try again in six months or so.

don't overdo it! softly, softly catchy monkey

Carpe Jugulum

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Cheers. I had noticed the Vanquis card but decided against it. However, i may consider buying my months petrol (£30) on it and pay it off in full each month.

 

Just out of interest does anybody know what my credit score should look like? I was on recently and had a 'fair' score of 765....

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Cheers for the advice but been onto experian and they state i have a 'fair' credit score of 765. I would of thought it would have been 'very poor' or 'poor' at best. However, i'm not going to complain. Does anyone know whether this scoring is correct or have i been lucky?

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+1 vote for noddle.co.uk

 

it will give you a second opinion.

 

depending on how long since your bankrupcy (i'm assuming 12 months? but it can be shorter I believe), it is possible that experian hasn't been updated.

Carpe Jugulum

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