I've completed but can't rebuild my credit rating. I completed my 8th 10th May 2014. It was a lump sum iva. I really wanted to get a building credit card so i could start to get a credit rating as i yet to have a mortgage and really need to build it back up. So i applied for a vanquish card and got rejected. Credit score was poor at 290 but surely that's what they are expecting? Please can any one help?
I assume that your IVA still shows on your credit files and is is a waste of time applying for cards while that is on there -- it will also leave a stain which will take a little longer to clear up.
Some have got these cards with the IVA still on file, but, from a credit re-building point of view, wait until you have a clean record before trying to build it up.
It might also be worth considering that some have got "normal" cards once the file has cleared.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Even if your IVA concluded as a full and final your credit record will be affected for six years from the start date of the IVA. Therefore trying to rebuild your credit rating during this time will be impossible in some respect. You can continue to administer a bank account without using overdrafts; have a mobile phone contract; manage your utility bills without running up debts and being logged onto the electoral role - all these will go some way to building a positive score over time.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Too soon to apply...no no...once the defaults are cleared etc you ought to wait a bit.
Credit builders cards are waste of space.Get a normal C card with perks with your bank.
And delay the mortgage as long as possible, as time heals your credit standanding.....
Once you get your c card and/or mortgage then the real credit building process begins.Must build a New lending history that the iva destroys.
Last edited by TzeKin on Tue Jul 15, 2014 11:50 pm, edited 1 time in total.
Just to add that it is possible to get a Vanquis card with the IVA on file, and I can speak from personal experience. My IVA doesnt drop off my file until next year, but I have had a Vanquis card for over a year now. I need one for work expenses as they are too much to pay out of my own pocket, so I applied for one and was successful. Started off with £500 limit, and because I've been such a good boy paying it off every month once I have claimed my expenses back, they have increased my limit 3 times to its current level of £1750. I guess they go through cycles when their criteria is less strict than at other times and you have been unlucky Mike - as Andy says leave it a while and try again but bear in mind that if it fails again, consistent rejection for credit applications does more harm than good. Best of luck.
Last edited by UpToMyNeck on Wed Jul 16, 2014 9:33 am, edited 1 time in total.
whilst IVA on record no regular lender will touch you, no matter what you do! But left alone till just past that six year point your credit score can go into the 900+ that's just the post IVA effect..strange but true! As I've pointed out, history is good, credit history that's another matter.
I have got a thing about wongers,aqua,vanquish....for CC you can reallyget a prime top notch card. 4 months after my iva certificate issued I got a 12 months 0 percent interest free card with cashback from NW..It can be done.Now they want to offer me loan.I signed up for o/d facility.But not to touch it.
Getting back to 'how it was' before iva.
Avoid the aqua and vanquish brands if possible.Think mainstream
I think all ex iva'ers approach to taking further credit differs ... I know for months I would not use my barclaycard ... But now I use every month and pay it off .... Hubby does it too and over the months our credit rating has improved ... Simply by using it and clearing it!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I am hoping to get rid of my vanquis card soon as I have just opened a new current account having swapped my co op cashminder for a nationwide flexplus account. My hope is that nationwide offer me a credit card at some point.
vanquis has served a purpose and shows a nice green tick on my files!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Last payment made 16 days ago and came home today to credit card mail from Vanquis and Capital One. Both straight in the bin unread. Does not take them long!!
Best credit card out there now are from virgin,halifax,nationwide.Did the credit matched thing.
15 months interest free so you could use to put some debt there for short time.Cash back...etc.
1 fifth credit of your salary to start off.Good start from NW.
Last edited by TzeKin on Thu Jul 17, 2014 7:19 pm, edited 1 time in total.
