Life after IVA - IVA completed Jan 2014, completion certificate received 12 months later. We now need to build up our credit rating. I have read that a credit card is the best way to do this, but who excepts you? I did a soft search and applied for one that was recommended and this was declined. Is there any recommended ones?
Hi I used the Vanquis card very soon after my completion of the IVA and still use it to this day as it suits my needs. Some go for High Street Cards and it's personal preference. I maybe could now apply for a High Street card but am happy with Vanquis as the interest rate is irrelevant assuming you're paying it off in full each month.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Vanquis worked for my husband wheteas I used a pre-paid credit card first, then once iva cleared totally from record moved to Barclaycard. As Lesley says if you pay the balance off each month its fine.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I have a Vanquis with the IVA still on record. As said the interest is not a factor as it is paid off every month ( I only use it for stuff I would be buying anyway -- like petrol). I was vain enough to choose the card design that does not have the word "Vanquis" emblazoned across the front !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I recently completed my IVA and have now been taken off the insolvency register etc
I've looked at the Vanquis website and am not sure what option to apply for, a credit card with a small balance circa £500 would be ideal for me as I travel a lot with work and I use my current account when out and about and think a small credit balance will also help build my credit rating. I have my expenses reimbursed monthly so would clear the balance in full on a monthly basis.
Any advice on what to look at would be much appreciated or if there are any other options available.
Hi Matt, sounds like a Vanquis would do the job. After three months they will increase the limit, providing you have been using the card wisely, but you can decline.
They also allow you to manage the card and account online, which makes life a bit easier.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Capital one took someone on that I know after competing a DMP. They only got a small limit though but at least it helps get the foot on the credit ladder again.
I have a Capital one card which I pay off each month. this week got a call from my bank asking to go in for a talk. Thinking there have seen i had been in a iva.
it would be bad news. Well went into today and come out with there best deal on a c/card @ 6.9%. [:)]
IVA now over with and it was worth it.
now starting my life again,
