I completed my IVA in Sept 2011 and have my C of C.
My question is would I be accepted for a vanquis card
even though my five years in not up until April this year and the six years until the IVA drops off my credit file next year 2013. I dont want to apply and make a fool of my self.The reason for the card is to repay in full each month to improve my credit score.
You can try, a lot of people have been accepted but of course there is no guarantee.
It may be as well to hang on for a while?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Realistically if the IVA is showing as complete then you would do no harm in applying but any good it will do prior to the IVA dropping off completely will be very limited(think of vanquis card as very small green tick,overshadowed by a massive red cross from the IVA!!)
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Those red crosses will go though eventually and be replaced by green ticks from the card.
I'd wait though, that's just me, and go with my bank. I'm in no hurry and spent the last year saving towards a deposit for a house. I'm thinking I'm going to continue saving for a few years and get a really nice deposit together before I buy.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Some people have been refused, even when completed. We've had posters who have been refused and others who have been accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have always said i wouldn't have or use a credit card again, i have read all the posts on the subject on this and other threads recently, i got to thinking, could i meet the criteria to receive a Vanquis Credit Card, hopefuly not to use it, but to see if i could get one.
Guess what today i applied for one and received a Congratulations!!! on successfuly submiting the application form, so passed the initial decision, they are going to phone next week to complete the application.
I will let you all know what happens.
I have completed my IVA but havn't received my CC yet.
I guess if Vanquis customers are mainly using the card to repair or improve there credit rating by all who have one for that reason to pay back what they owe on the card every month then Vanquis are not going to make a great deal of money out of those people. So they are going to have to take on a lot more customers to make it viable for them.
I'm sure your right as there isn't any other way they can make money, apart from the lower rates offered the longer your with them, assuming rates are lowered as with other credit cards.
Its a hefty price to pay for borrowing if the balance isn't paid in full.
Well done on the initial acceptance David - let us know what happens next week.
Hopefully you will be able to resist the temptation to spend!!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think a lot of people who are in dire financial straits use lenders like Vanquis to get additional credit to try to get them out of a hole, and these are the ones who end up paying the interest as they're unlikely to pay back in full every month.
Thankfully we never went down that road prior to our IVA but will probably have a look at it for credit rebuild following completion, if they're still around!
Vanquis are part of the provident group who door step loansharks,er I mean lenders have been around for years. They do seem to have cleaned up their act and are even winning credit industry awards so they will be around for a long while yet!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I just wanted to update the thread on the Vanquis CC.
I phoned back the missed call i had earlier this morning, i spent about 10 minutes confirming details, i was then told i had been approved.
They said i will receive my card within the next 14 days and my pin 7 days later.
I can't believe how easy that was, all i have to do then, is if i decide to spend upon it to repay the balance in full each month, or not spend on it at all.
