Just had confirmation via email that my IVA is now closed and my CC will be sent shortly,
So thinking of rebuilding my credit score(with the ultimate goal being obtaining a remortgage to get a better deal) I know I have to wait the full 6 year before the IVA drops off, but can I now apply for a credit card(like Vanquis or Aqua)?
cheers and thanks for reading! its been a long road but finally there!!
When our CC arrived we applied for a vanquis card each, and have been using these wisely to rebuild our ratings.
Our IVA's don't drop off until 2018, but we have seen an increase in our rating on the credit reference sites already through using these, so I would say it doesn't hurt.
Good luck
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
We also have Vanquis and I have seen my rating rise each month. Settled mine as F&F mid November, CC the week after. Everything is done and it's good seeing the results and changes. I complained that Lloyds hadn't marked something as satisfied, and I got £100 compensation for it which was great as ours not 6 years until 2020
I got myself a Vanquis post IVA and paid it off each month as then the APR is negligible - I now have a bank credit card but keep the Vanquis (just in case)
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I personally don't think there is anything wrong with them. People just starting out on the credit ladder might consider one - doesn't mean to say they are not credit worthy in future.
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
even if they have a negative reputation it sounds like they are doing the trick for people - they could always look to get a different card once they have used it to rebuild their credit rating.
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
The likes of Vanquis are useful for anyone building a credit history, as well as RE building one. But, to be honest, many have gone straight to high street providers once the credit report is clear of the IVA.
Personally I am not bothered as I don't intend to get credit again and my Vanquis limit of £1000 is more than enough to cope with an emergency, should it arise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
