Information to help you deal with your CRF's

Moderators: TalbotWoods, JaneClack

By no hoper
#462783 Hello

My BR & defaults are due to drop off my CRA files in early March. About 6 months after going BR in 2008 i got a Vanquis card & Cashplus card with Credit Builder. About a yr later the Vanquis card was upgraded to a gold card & a year ago i got an Aquacard. All this was done to re-build my credit record.

I have also got my various insurances etc on monthly DD. I have never missed a payment on anything & managed my new credit responsibly

Due to some emergencies last year i do have a balance on the Vanquis & Aqua cards but i am paying them down with payments well above the minimum payment.

I was thinking when all the bad stuff falls off my files in March about applying for a mainstream cr card offering zeo % balance transfers. However, should i avoid applying to providers who are former creditors or providers linked to them as i believe they can still legally hold blacklists after the BR & defaults have dropped off CRA files. I don't want to chance un-successful cr searches on my files.

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By TalbotWoods
#462803 Oddly what will happen when your Bankruptcy falls off, and the accounts drop off, is that you will have a clean CRF.

There lies the problem, main line lenders dont like clean CRFS, with no lending, etc.

The Vanquish may well help, it will depend on the lending criteria in place in the next few months. The requirements are a LOT tougher and different from a few years ago.
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By TalbotWoods
#463013 No

Even though your records are held for 6 years on the CRFs, by law finance houses have to hold your account records for a minimum of 7 years (Money Laundering laws)

It is suggested that you dont apply to a former creditor until 7 years has passed from the bankruptcy date, though some only bother to look back 3-5 years.

I know not much help, If you apply to use the builder cards such as Cap One, Vanquish (Oh you already got that one) to rebuild the CRD scores!