I've been out of my full and final for a year now (creditors meeting was 2 years ago but had to wait for the revenue). I wonder if you could offer advice in 2 areas?
1) Is the Vanquis credit card a good idea. I want to build up by credit score but if I have a Vanquis card on my file after the IVA drops off in 4 years, will a credit check person assume I have had a bad history due to Vanquis only giving cards to people like me?
2) Being a F&F, my IVA will be on my records as closed for 4 further years. Will credit companies look on that differently from a normal IVA. For example, would I be more likely to get finance in 2 years time or is it the case that they won't touch me until the IVA has gone from my records?
Hi Andy. I don't think you will be able to get any credit for 6 years from the IVA acceptance. It doesn't matter if you paid off early or go the full distance I'm afraid.
Do you have a contract phone? This will go towards repairing your credit rating as will a normal bank account kept in credit.
Not sure about the Vanquis card - maybe someone can help later.
You can try Vanquis - they are usually quite amenable but some posters have been turned down for them.
Make sure your bank account/mortgage/mobile phone accounts are up to date - this also helps.
Don't forget to check your credit record to make sure any defaults after the date of IVA approval have been removed.
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
my wife applied and was accepted for a card and was given a £500 limit.
she uses it for petrol and pays it off every month.
it works out no intrest that way and builds up your credit standing.
cc received 6th January 2014 now upwards and onwards
Credit scoring makes little distinction between an active IVA and a completed IVA. while the IVA shows up you will have little chance of getting mainstream credit. Applying for credit too many times can also lower your score so it's best to only go for products you will be accepted for.
Lenders shouldn't look at the Vanquis
"Just when you think that you can make ends meet, somebody moves the ends."
