Hi
I completed my iva in 2011, completion cert received 2013... Delayed due to ppi. Anyway I need a credit card as am hiring a car for a summer holiday and need a credit card to secure deposit on the excess insurance. I have checked with experian and they say my credit score is excellent. Maybe a daft question but can I assume that I can approach a mainstream lender or do I need to apply for a credit card specifically aimed at people with a history of bad credit? I have not had any credit since my iva began except mobile phone contract.
If the IVA is no longer mentioned on your credit reports ( from any of the three agencies) and there are no notices of correction there, you stand a fair chance of getting a mainstream card.
Even with the likes of Vanquis we have discovered it is still a bit of a lottery regardless and you want to avoid too many searches.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would STRONGLY recommend trying the credit card eligibility calculator on moneysavingexpert.com - it will give you a fairly accurate idea of which credit cards you may/may not be accepted for, but DOESN'T leave a visible stain on your credit record.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
I completed in December and came off the register in March although my IVA will be on my report until 2017.
Two weeks ago I applied online for a Capital One card and surprisingly I was accepted.
It has a £1000 limit. It's merely a tool to help build up my credit and will always be paid off when I use it.
As has been said, they are necessary for hiring etc but another reason I wanted it was because I bought some furniture via the internet which failed to arrive and the firm really messed me about. I'd paid on my debit card but credit cards are a much better weapon in those situations.
When I applied for mine I just thought to myself, my report won't really change for another 2 years so even if my application fails the search would be well behind me by the time things drop off. Good luck.
