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Vanquis Bank - How to rebuild credit after becoming bankrupt - YouTube
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[7]
facing up to severe debt problems can be
[9]
difficult and feel overwhelming
[11]
although at times it may feel like you
[12]
will never recover with patience and
[14]
perseverance you can rebuild your credit
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follow these 10 simple principles to
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begin rebuilding your credit score
[24]
after your bankruptcy has been
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discharged or you have completed your
[27]
insolvency arrangement
[28]
whatever form it is taken number one
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during the period of your bankruptcy or
[33]
other scheme
[34]
ensure you follow the terms of the
[36]
agreement or order
[37]
if you are having difficulties speak to
[39]
your advisor about it immediately
[41]
avoiding the facts will only cause more
[43]
difficulties in the future
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the sooner you face up to the problem
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the easier it will be to resolve it
[50]
number two keep up payments on any debts
[53]
or credit obligations that are not
[55]
covered by your bankruptcy or other
[56]
scheme
[57]
if you have any other debts that were
[59]
not included in your arrangement
[60]
ensure you keep up regular payments on
[62]
these accounts
[64]
if you have any difficulties with these
[65]
accounts make sure you speak to your
[67]
advisor about it as soon as possible
[69]
so they can help you take appropriate
[71]
action
[72]
number three keep track of your monthly
[75]
income and outgoings on a budget planner
[77]
whichever type of arrangement you have
[79]
opted for
[80]
it's likely you will have had to produce
[81]
a detailed monthly budget to follow as
[83]
part of the planning process
[85]
make sure you keep track of your monthly
[87]
income and outgoings on a budget plan
[89]
in the future even after the end of your
[91]
bankruptcy or other scheme
[92]
this will help you to keep a watchful
[94]
eye on your finances
[95]
and may help you spot warning signs in
[97]
time to deal with them before they
[99]
become dangerous
[101]
number four do not apply for any credit
[104]
during the period of your bankruptcy or
[105]
other insolvency arrangement
[107]
wait at least six months after you have
[109]
been discharged from your bankruptcy or
[111]
other insolvency arrangement
[112]
you are very unlikely to be accepted for
[114]
credit during this period
[116]
and the application will leave a
[117]
footprint on your credit file further
[119]
damaging your rating
[121]
number five check your credit reference
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file
[125]
make sure the facts on your file are
[126]
correct remember
[128]
the record of your bankruptcy iva d oro
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or administration order will remain on
[133]
your file for six years
[135]
so be sure to amend any errors or
[137]
inaccuracies
[138]
if you wish you can add a note to your
[140]
file to explain the circumstances that
[142]
led to your financial issues originally
[146]
number six apply for credit responsibly
[149]
it might surprise you to learn that one
[150]
of the best ways to rebuild your credit
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rating after being discharged from
[153]
bankruptcy
[154]
is to start to use credit again within
[157]
sensible limits
[159]
number seven time it right it can be a
[162]
good idea to wait around
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six months after you have completed your
[165]
bankruptcy or other arrangement
[167]
before considering making any credit
[169]
applications
[170]
after six months consider applying for a
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credit card from a specialist credit
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card provider
[175]
a specialist provider is much more
[177]
likely to approve your application than
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a mainstream one so it makes sense not
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to waste time
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or leave damaging footprints on your
[183]
credit reference file by applying for
[185]
mainstream credit cards you are unlikely
[187]
to be approved for
[188]
if your application is not approved wait
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at least two months before applying
[192]
again
[193]
each application leaves a footprint on
[195]
your credit file and making multiple
[197]
applications may give the appearance
[198]
that you are desperate for credit
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as a person with a history of debt
[202]
problems you need to avoid giving this
[204]
kind of impression
[206]
number eight provide full accurate
[209]
information
[210]
when applying be sure to provide full
[212]
accurate information
[214]
bankruptcy ivas dros and administration
[217]
orders are all matters of public record
[219]
and will appear on your credit reference
[221]
file
[222]
the credit card provider will be able to
[223]
see this information on your credit file
[225]
and will make the decision
[226]
based on your individual circumstances
[228]
and their own lending criteria
[230]
but if you omit information or provide
[233]
untrue answers in your application you
[234]
will certainly not be approved for
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credit
[238]
number nine use your new credit sensibly
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and sparingly
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once you have been approved use your
[245]
credit card sensibly and responsibly
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do use it to make purchases but be sure
[250]
to stay within your credit limit
[252]
pay your credit card deals on time every
[255]
time
[256]
by using credit sensibly keeping within
[258]
your credit limit and paying your bills
[260]
on time
[260]
you will begin to show evidence that you
[262]
can manage your credit obligations
[263]
responsibly
[265]
over time this evidence builds up on
[267]
your credit file
[269]
it won't happen overnight but don't
[272]
panic
[272]
be patient and eventually your history
[275]
of bad credit will be balanced by and
[277]
eventually outweighed and replaced by
[279]
your more recent history of responsible
[281]
credit management
[282]
it's unlikely that the circumstances
[284]
that led to your bankruptcy or other
[286]
debt problems happened overnight
[288]
and it takes longer to rebuild bad
[290]
credit than it did to develop it in the
[292]
first place
[293]
but it is possible to rebuild your
[295]
credit rating
[298]
if you are discharged bankrupt or have
[300]
completed another form of insolvency
[301]
arrangement
[302]
vanquis may be able to approve your
[304]
application for a credit card
[306]
there are no guarantees but we will
[308]
consider all applications based
[310]
on individual circumstances for more
[312]
information or to apply
[313]
visit vanquis dot co dot uk forward
[316]
slash apply
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