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flowerpot
- Posts: 143
- Joined: Fri Feb 22, 2008 11:27 am
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Just wondering if anyone can out light on this ...
Post iva when wanting to improve credit file, if you successfully apply for likes of vanquis card and then make regular repayments on time etc, does it not look obvious when other future searches are carried out that ur high risk just because you are now showing vanquis etc on file even though iva public record has dropped off?
Or is the point of the sub prime cards to simply show good repayment history and reliable etc?
Xx
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
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Hi
I first started with a Vanquis card and it didn't stop me getting back into High St Bank lending
They are a good starting point with excellent customer service
Just a note that Provident [the company behind Vanquis] have just acquired Moneybarn [car finance company]
Regards
Andam Davies
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Sensible77
- Posts: 625
- Joined: Wed Apr 18, 2007 11:38 pm
- Location: United Kingdom
You could also try your bank for a credit card. I did after my IVA finished and got a standard credit card from the Co-Op at 12.9% interest.
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flowerpot
- Posts: 143
- Joined: Fri Feb 22, 2008 11:27 am
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Ah might try the co-op then as also with them and they've been very good over the years.
Many thanks
Xx
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back on track
- Posts: 1085
- Joined: Mon Mar 16, 2009 5:05 pm
- Location: United Kingdom
pay your balance off everymonth and the intrest rate does not matter.if its 12% or 40% does not make any difference.we been using vanquish now for nigh on 2 years and not paid any intrest at all as we pay it off in full every month.
cc received 6th January 2014 now upwards and onwards
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TzeKin
- Posts: 157
- Joined: Mon Jan 20, 2014 12:03 pm
No reason after an iva why you would want a 'bad credit' credit card that gives you no perks for your spending.That is what they are in essence.
If you are still in an iva then it is handy,when there is no other choice.
Credit card card firms are now slogging their guts out in been competitive,so it is back to the prevailing, prebanking crises antics again with cheap card deals.
So you have choice now after your iva to have a great card deal.
Going to your bank for one that holds your current account helps if your account is well maintained.They know you finances too.
Tescos,Sainsbury,Halifax,Nationwide,Virgin Banks are my top picks as seen in supermarket.com searches.
Vanquish have rejected people as reported so they don't guarantee 100% acceptance.
Last edited by
TzeKin on Fri Aug 15, 2014 6:07 pm, edited 1 time in total.
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sponge
- Posts: 1094
- Joined: Wed Sep 07, 2011 4:25 pm
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Andy
There was an article in the Sunday Times a few months ago that suggested, that type of credit may no longer do you much good. If flowerpot can hang on till post the six year mark and all trace of the IVA has gone, might have a good chance of a regular credit card on a good deal
I think and it is just that, we've been sold down the river with having credit history, rather than good history.
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UpToMyNeckInIt
- Posts: 607
- Joined: Fri Aug 03, 2012 3:25 pm
- Location: United Kingdom
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by flowerpot
Just wondering if anyone can out light on this ...
Post iva when wanting to improve credit file, if you successfully apply for likes of vanquis card and then make regular repayments on time etc, does it not look obvious when other future searches are carried out that ur high risk just because you are now showing vanquis etc on file even though iva public record has dropped off?
Or is the point of the sub prime cards to simply show good repayment history and reliable etc?
Xx
It looks good - a nice neat row of green ticks on your credit file (assuming you repay it on time etc).
Thus when your credit file properly recovers, it does do showing a good credit history, rather than 'no' history.
Even if you don't agree that it makes any real difference, it certainly does not hurt.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
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Post IVA I started with a Vanquis card and to this day still use it, pay it off each month in full so the APR is irrelevant to me. Nothing wrong with this and have secured a bank loan for a car with a high street bank alongside this too so did me no harm.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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back on track
- Posts: 1085
- Joined: Mon Mar 16, 2009 5:05 pm
- Location: United Kingdom
no credit card will do you any harm if you use it correctly.the name vanquish has now been removed from the card itself.mine just says gold card and the visa symbol in the bottom right hand corner.think they have listned and taken away any stigma that may have been attached to the name.excellent card in my opinion.
cc received 6th January 2014 now upwards and onwards
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back on track
- Posts: 1085
- Joined: Mon Mar 16, 2009 5:05 pm
- Location: United Kingdom
vanquish that should have read.
cc received 6th January 2014 now upwards and onwards
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back on track
- Posts: 1085
- Joined: Mon Mar 16, 2009 5:05 pm
- Location: United Kingdom
vanquis
cc received 6th January 2014 now upwards and onwards
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
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lol back on track, you got there in the end. Mine also says Gold with no indication of Vanquis.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
