Credit - Will I ever get some again

[TibetanMonk]

Hey guys,

As you may or may not be aware, my partner is expecting. I joined this forum in hopes of sorting out my debt once and for all, however, this appears to be long term rather than short term. Call it naievity.

I have around £9-10k worth of debt, the majority of which were a couple of years ago. However, in the past year (May 2013 - Present) I took out credit stupidly, (PDL) and was made redundant. Luckily I'm now back in a job, and happy and excited for my imminent sons arrival.

However, with children comes cost, and although my job is well paid, I believe credit would be a good idea. I have no problems in getting basic bank accounts, as have a three with NW, Barclays and RBS. The reason for them all as some of you will probably appreciate is that when you live life in debt, you get scared and paranoid of where you put your money. So these have come from moving my money around as and when a creditor finds out my personal details.

I've applied for a Cap1 card, however was declined, also Aqua and Vanquis declined me also. It really does feel asif I ruined my life early on and now I'm beggining a new life, I wont be able to live it properly.

Any suggestions on who I'm likely to be accepted by?

Credit Score: 150ish
Electorial Roll: No (Will be done soon)

Thanks guys,

Jordan

[Sapphire]

Re: Credit - Will I ever get some again

Hiya

What I say below comes from the heart and is meant to help, I know that given my time again I would think again and I'm sure a lot of others would agree with me.

I think that for such a young man and with a baby son on the way you have the world at your feet. Yes of course you want to give the best to your partner and son, but do you want to subject them to a life of living poor because you have got yet more credit, I think that the best thing you can do for them is try to give them a life with a loving partner and father who is not stressed out trying to juggle all the financial balls in the air, its a slippery slope and you are young enough and sensible enough to dig yourselves out of it and life a lovely debt free life.

Sorry if this sounds condescending but I really think you should concentrate on clearing/sorting out your debts, then living a credit free life, if you think about it credit actually means debt, so once you are out of debt do you really want to have any more debt ?

Now if your talking about a Mortgage then great go for it but apart from that and perhaps a loan for a car I wouldn't advice anyone to go for any other form of credit.

[Never-In-Doubt]

Re: Credit - Will I ever get some again

Well thing is mate you're young so don't worry about credit for now - live day to day.

RBS & NW are one and the same (same company) so really build up a good score with one of those and use it as your main account for now. In time, say after 3yrs then you'll possibly be ok to get a full account. Forget the mortgage until all your defaults and missed payments etc are gone from your credit files as you'll struggle but that's a good thing as it allows you to save, save and save - in 6yrs you ought to have a great deposit saved.

Forget credit for now. Live life, sod fighting creditors all the time

[TibetanMonk]

Re: Credit - Will I ever get some again

Hiya

What I say below comes from the heart and is meant to help, I know that given my time again I would think again and I'm sure a lot of others would agree with me.

I think that for such a young man and with a baby son on the way you have the world at your feet. Yes of course you want to give the best to your partner and son, but do you want to subject them to a life of living poor because you have got yet more credit, I think that the best thing you can do for them is try to give them a life with a loving partner and father who is not stressed out trying to juggle all the financial balls in the air, its a slippery slope and you are young enough and sensible enough to dig yourselves out of it and life a lovely debt free life.

Sorry if this sounds condescending but I really think you should concentrate on clearing/sorting out your debts, then living a credit free life, if you think about it credit actually means debt, so once you are out of debt do you really want to have any more debt ?

Now if your talking about a Mortgage then great go for it but apart from that and perhaps a loan for a car I wouldn't advice anyone to go for any other form of credit.

Hey Sapphire,

Not condescending at all. I appreciate it a lot. I guess with being only 21 (Despite how ever old I feel) I am young and you're right, my goal and purpose is to ensure my son grows up privalidged, but not spoilt, educated, but not snobby, and have the utmost respect for others. I guess I look at my parents and see they have a credit card 'for emergencies' which I guess is why I'd want one, not only to rebuild credit, but to have it there incase of things like that.

I genuinley appreciate your comments.

Thanks

[Never-In-Doubt]

Re: Credit - Will I ever get some again

Wait till you've sorted the PDL carry on (SnV can help) and then take it from there as you might need to make settlement offers (10-40%) to get rid of them so for now forget new credit as you will not get accepted. Give it a year or so and we'll help you get a Vanquish style card utilising "How to get back on the credit ladder"....


One step at a time

[TibetanMonk]

Re: Credit - Will I ever get some again

Well thing is mate you're young so don't worry about credit for now - live day to day.

RBS & NW are one and the same (same company) so really build up a good score with one of those and use it as your main account for now. In time, say after 3yrs then you'll possibly be ok to get a full account. Forget the mortgage until all your defaults and missed payments etc are gone from your credit files as you'll struggle but that's a good thing as it allows you to save, save and save - in 6yrs you ought to have a great deposit saved.

Forget credit for now. Live life, sod fighting creditors all the time

Hey Niddy,

Yeah, Nationwide are currently where my wages are paid into. However Barclays have said they can offer an OD if I can provide Wageslips etc. However, because of the Barclaycard I had I'm reluctant to use them as a main bank because of their RoS.

- Jordan

[TibetanMonk]

Re: Credit - Will I ever get some again

Wait till you've sorted the PDL carry on (SnV can help) and then take it from there as you might need to make settlement offers (10-40%) to get rid of them so for now forget new credit as you will not get accepted. Give it a year or so and we'll help you get a Vanquish style card utilising "How to get back on the credit ladder"....


One step at a time

Also, Niddy, with my Barclaycard, the decision was a decline, but they still sent me the card in the post and thus set-up my account, does that mean that no Credit Agreement was signed?

[Never-In-Doubt]

Re: Credit - Will I ever get some again

Hey Niddy,

Yeah, Nationwide are currently where my wages are paid into. However Barclays have said they can offer an OD if I can provide Wageslips etc. However, because of the Barclaycard I had I'm reluctant to use them as a main bank because of their RoS.

- Jordan

Spot on, they will utilise ROSo - you'd be best closing Barclays and using RBS/NW or Nationwide (??).

I was was presuming you meant NW as Natwest, not NationWide

So you have Nationwide, RBS and Barclays? Is Nationwide a flex account or a basic account or is it a semi-flex (ie pink / purple debit card)...?

[Never-In-Doubt]

Re: Credit - Will I ever get some again

Also, Niddy, with my Barclaycard, the decision was a decline, but they still sent me the card in the post and thus set-up my account, does that mean that no Credit Agreement was signed?

Aaaah that doesn't mean your account is live - can you see it online banking, ie is it live there? I've seen this before and the card etc doesn't work but tbh as you have a debt with them you'd be best getting rid of the Barclays Bank account totally.

Keep nationwide and RBS as both are pretty good (I have a back up Nationwide Flex account)

[Sapphire]

Re: Credit - Will I ever get some again

Apart from our business accounts, we have a Nationwide Flex account for our household bills, we have a savings account each where we squirrel away a bit of money and I have an Aqua card that is purely for emergencies only, if ever we use it then it gets paid off straight away to avoid paying their extortionate credit rates.
Oh and I have a secret account that my hubby knows nothing about that I have a bit stashed away in, just in case of course

[TibetanMonk]

Re: Credit - Will I ever get some again

Aaaah that doesn't mean your account is live - can you see it online banking, ie is it live there? I've seen this before and the card etc doesn't work but tbh as you have a debt with them you'd be best getting rid of the Barclays Bank account totally.

Keep nationwide and RBS as both are pretty good (I have a back up Nationwide Flex account)

Hey Niddy,

Ah' Sorry, my fault, I assumed NW meant Nationwide not Natwest haha, makes sense now :P

Yes, Nationwide is a basic account (Red debit card) I like using them, despite their customer service on the phone :P

Nono, sorry, when I took out my Barclaycard (CC) a couple of years ago, I applied online and it declined, however, two weeks later my card arrived with a £800 Credit Limit. The online account was active and I could have made payments, however now it's been sold off (despite the fact it shows as settled on my CRA file). So now my thought it, because it was an initial decline and no subsequent application was made (even if there was, it should have declined because it would have been within the 6 month period?), surely theres no credit agreement, because if it was a decline I wouldn't have been able to sign anything (electronically). Any ideas?

The Barclays debit account card works, as I've tested it with a £5 transaction, however, I will be closing it as you suggested. I can't take the risk of them taking money I'll never see again.

Thanks

Jordan

[Never-In-Doubt]

Re: Credit - Will I ever get some again

You don't wanna know how many bank accounts I have - but I test the processes for you guys

(all full accounts with possible overdrafts);

3 x HBOS current accounts
1 x HBOS reward account
2 x Santander Everyday current accounts
1 x Santander 123 current account
1 x Bank of Cyprus current account
1 x Bank of America current account
1 x Nationwide current account
2 x Coventry current accounts
and I only have a capital one card and a bank of Ireland gold credit card. No loans, no credit, nothing.

[Never-In-Doubt]

Re: Credit - Will I ever get some again

Ok you mean your credit card was a decline lol - confuse matters more.

Ok the sole fact you applied would mean you did agree to the terms, if rejected initially they probably then referred it and accepted you - point is the bank will provide a signed copy of the agreement if you push - as it's easy to remedy a tick in the box, they'll just provide a recon.

Close Barclays and get rid mate - not worth the hassle.

Ok so we've established NW is a basic account, your RBS card then, I presume it is the normal card that comes with a basic account? How long have you held that account?

Im asking these questions because RBS is easier to upgrade than Nationwide....

[PlanB]

Re: Credit - Will I ever get some again

Any suggestions on who I'm likely to be accepted by? Credit Score: 150ish Electorial Roll: No (Will be done soon)

You'll find it hard to get credit if you're not on the Electoral Roll. You should sort that asap. The longer you are on it the better your chances in future. Have you just moved and were you on the Electoral Roll at your previous address? Credit applications ask for your current address and previous address if you've lived at your current address for less than three years.

[Never-In-Doubt]

Re: Credit - Will I ever get some again

However the above said DO NOT rush to get added to it as it's an open invite for creditors to trace you. Take a year or two off