Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By enty999
#306313 I see that Capital One are now offering their secured credit card on their main homepage - rather than by invitation only.

http://www.capitalone.co.uk/creditcards ... t-card.jsf

This would be good for someone like myself who has been discharged from bankruptcy and would like to build a good payment profile in readiness for my bankruptcy etc. 'falling off' my credit files.

I should add that I am in full time employment, earning a decent salary & wouldn't have a problem with the monthly payments, or even paying off in full each month - it isn't something I would apply for just for the sake of having a credit card; I am meeting my monthly commitments with no issues & would just like to feel half 'normal' again!
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By TalbotWoods
#306323 The problem comes if they as for the £200 surety, as the card only gives £200 limit, effectively you wont have a credit balance to report to the Credit Reference Files, and they DONT report it to the CRFs.

After you have been with them a period of time, they consider you for a proper credit card that reports to the CRFs, but in the meant time if you exceed your limit, miss a payment or infringe in any way, they delay that chance by several months.

OK I'm not saying they are not a way of learning to control your credit, but they are exactly the same as any pre-pay credit card, in as much as they dont report to the CRFs, but benefit form your money that they hold!

I would suggest that at about the 3 year point suggest going for their normal low value credit card (£200 credit) which DOES report to the CRFs.

Tim
By enty999
#306383 Please see the information shown when going to the link given in my original post

"Designed to give you a fresh start to credit

Your refundable security sum of £49 or £200 secures your £200 credit limit

Builds your credit as we report to all three credit reference agencies"
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By TalbotWoods
#306393 What they say and what they do are two different things, take that from someone who has had their secured card, and knows damned well that they dont report to the CRF!

Once and if it is converted to a full credit card, they will report, until then it is just a prepaid card, and no credit is involved.

Tim
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By JaneClack
#306413 er - why would one want to pay £200 for a security on a card which gives you a £200 credit limit? If they say £49 or £200 you can bet your bottom dollar it is the £200 you will be asked for.

If someone really wants a credit card and is always going to repay it in full to try and build a credit score whilst in the six year bankruptcy period on the credit file, there are others out there which do not ask for this.

It also says this: We're not likely to accept you if:
You have been declared bankrupt in the last 12 months
By chandjay
#307433 I was discharged from bankruptcy in May, and got a VANQUIS credit card in July. The credit limit is only £250 but it's a start.
I'm using it all the time(and paying it back) to try to get my file up and running onto the positive side, and also so that VANQUIS can have confidence in me and start to up my credit limit (only because the £250 limit isn't worth a monkeys).