Regaining credit

[symski911]

I have recently been discharged from my bankruptcy, and would like to know the quickest way of regaining a decent credit rating. I have just changed my job and I am earning more money and would like to look at buying a house in the future. Does anybody know if this is possible to do in the next 5 years ?

[ann_h]

I'm not a professional, but this ow I

 

Banks like to see a good cashflow, so put all your money through the banking system - ie, if you get any cash, girocheques etc, bank them first then take the money out when you need it, rather than spending cash direct and making it "invisible" to your potential lender.

Take out small amounts of credit with catalogues, higher risk credit cards (Capital One has different cards available, for example). They'll start you with 400 pounds or something. Although the interest is higher, you won't be paying it, as you'll be clearing your balance regularly, WON'T YOU! They'll gradually increase your limit in the hope of getting you to spend more and thus start making monthly repayments with interest.

You will gradually be able to move on to "normal" cards, apply for the interest-free credit on all your consumer purchases etc. So long as you are careful to keep all your payments up to date, it won't cost you anything much, and should have your rating reasonable in a couple of years.

[ladram10]

My ex husband went bankrupt and we did get a mortgage together before his discharge but it was at a higher than normal interest rate.  Once the discharge had happened, he did not have any problems getting credit again, which is good news for you.  Only thing is, he is now in financial trouble again, but this time without me on his side!  I hope things go better for you.

[Sammy Snake]

Some lenders will not agree to a mortgage unless you have been discharged from bankruptcy for a minimum of 2 years and have a certificate to confirm you have been discharged, but as previously said some lenders will but you will pay a higher interest rate with a lot of clauses and conditions on there so be careful!!