Some people seem to have success with this with the Vanquis card seeming to be a popular one. I tried, unsuccessfully, to get one as I only have a few months to go on my TD so that I could use it to fill the car up once a month and pay it off in full straight away. It'll all help with building your credit rating but just remember to keep it under control as there has been a poster on here recently who has managed to let it spiral out of control again post TD.

Welcome to the forum MostlyFine.

Congratulations on reaching the final stages of your trust deed.

In general terms you're probably more likely to be accepted for a credit card once you have been discharged.

Should you get one? It depends upon what's most important to you.

It could play a part in improving your credit history without costing you anything if it's used carefully and responsibly.

It could also put you right back in trouble if the balance were to build up and the repayments become unaffordable for any reason. Sadly there was a thread here in the forum very recently where using credit soon after completing a trust deed has created an entirely new debt problem.

So what should you do? You'll have to be the judge of that I guess.

Thank you for that - I hope I won't end up in the same situation again. I feel that my fiscal intelligence has improved so much this past three years and feel like I 'get it' much more than I used to. Am thinking about going abroad (to visit family) later in the year and am particularly conscious of the extra protection gained by paying for flights on a credit card as I previously lost the cost of flights when a company went bust.

So, it definitely is ok to apply while in a TD?

There's no rule saying that you cannot MostlyFine.

If you get rejected now you might be shutting doors that would have been open to you after discharge.

That is a very good point and, as the issue isn't urgent, I think it probably is for the best to wait until after I received my fabled Form 5. It's amazing how it creeps up on you. Thanks for your help 🙂

Hi Mostlyfine

Keep on their backs re the Form 5. Regarding the the credit card,it will certainly be easier when the discharge is registered and if nothing else, I think having one helps with everyday living and credit building and as you say, any use will be controlled.

Mark

Thanks Mark - I only emailed this morning (because I only realised today that it was so soon - had been labouring under the illusion that it was April for some reason) and I imagine the Monday morning inbox for one of you guys is a nightmare.

So, just waiting to hear back and hoping that I do not find myself in the same position as some people dealing with extensions or other issues. To be fair though, my IP has been great so fingers crossed for a straightforward discharge.

Hi Mostlyfine

If all the contributions have been dealt with and there are no other issues, then Form 5 should be fairly straightforward. The 2008 regulations allows for the individual to be discharged, however the Trustee can remain in office until matters are finalised.

Fingers crossed.

Mark

Hi MostlyFine

My form 5 came one year after my final payment.

I have since spent four months trying to get the creditors to change my credit reference to the correct dates and saying Satisfied. I have managed to change some although still trying to get the remaining two corrected. The Trust Deed will 'fall off' around
September 2015.

I decided to wait until my credit records were at least corrected so that any application was more likely to be considered favourably.

I understand completely about using a card to have more 'insruance'. I have just paid for my daughter's wedding dress with debit card since I don't have a credit card and I am aware the protection is less.

In the meantime, I found out I must have had a dormant Next card so I order anything I need online and pay it off or pay a large chunk at the end of the month so show good management of that at least.

I am guessing you will probably ask if our records should automatically be updated. Whether they should or not, they have not automatically been with me (and with others on here), so it is my aim to have them corrected so they disappear from my account at the right time. I got the initial letter template from this site and have taken it from there. In the case of the remaining 2 accounts, I have sent 3 letters. The next stage is to involve the Credit Reference Agency or the Information Commissioner.

So, perhaps you may like to see what your credit file says and as TDA says, set it up as much as possible to ensure it is a successful application. Good luck.

Thank you for that Firewalker... I will be sure to follow up quickly with Credit Reference agencies. The idea of being finished is almost scary in itself - navigating through the difficult, and dangerous, world of credit. I shall be like you though and make 'good management' of anything I take out an absolute priority.

MF

Vanquis scoring policy is not worth trying to figure out. Only thing I would say, is that more folk seem to have had success than not and that's whether in a Trust Deed or not. Personally I got mine whilst still in my TD. Knocked back for LUMA though.

It could simply be a case of income. I'm fortunate in that I earn a bit more than the average wage and have no real responsibilities such as kids. My guess is that they simply look at affordability irrespective of TD status or not. I'm sure I seen one poster on here getting theirs only six months into a TD so being in a TD unlikely to be a factor with them. They report back to all three Credit Reference Agencies so that leaves no room for discrepancies between any of the Agencies.

Personally I would wait till you are discharge to maximise your chances. I was in a situation where I had to apply before discharge and had to chance it.

The Credit Reference Agencies appear to be updated without too much delay. I got my Form 5 in on Saturday (official discharge date 20/1). I checked my file with Equifax and Call Credit this morning and it was already updated.

Oh and well done for getting to this stage - it's a great feeling isn't it?[8D]

thanks CIF - it really is. Part of me is still thinking it can't be true and something will go terribly wrong so am trying not to get too excited about it LOL.

oh - and congrats to you! Can't wait til to have the Form 5 in my grubby mitts 🙂

Thanks Mostlyfine - I was the same. Was still a wee bit edgy until the Form came through. Wee tip - register for The Accountant In Bankruptcy website and monitor that after you have made your last payment. I got the reassurance that way, as the date of Discharge was put on there before I got the Form 5.

As for the credit card, let us know how you get on when you decide to apply. Loads of us in the same boat on here, trying to repair our credit rating. The more success/fail stories we exchange, the more we help each other along.

My next one to try is Aqua but going to leave it a couple of months first.