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Topic starter
03/03/2021 5:22 pm
I was discharged last year and looking to rebuild my credit rating, some of the advice is a credit card however the only card i can get is with a company i defaulted on. I know it is quite hypocritical to take a card from but are there any other issues with taking the card, i am keen to get credit score back on track.
j.mclean
03/03/2021 6:01 pm
Hi jimbob,
A credit card might be one way to demonstrate some positive use of credit, which over time may help you to improve your credit status.
Equally it could also work negatively if the balance owing builds up or your payment record isn't perfect.
I guess for these reasons getting a credit card after discharge could be a good move for some people and a really bad move for others.
One thing to bear in mind is that the credit cards you can access now are likely to be of the high-interest variety. Using one of these cards might be a red flag to other lenders who view your credit file in the future. For this reason it would be a good idea to get rid of this type of card whenever you're able to replace it with something a little more mainstream in the future.
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