Well. 18 months-ish since my last payment and 9 months-ish since my completion certificate and I am getting loads of "do you want a credit card" mail.
So, this morning, despite my reservations about a) getting a credit card and b) the possible red flag on my credit files, I decided to apply.
I do not want a credit card, but do admit they can be useful if used properly, and handy for hotel check ins and the like. Not worried about the inference that I have bad credit history as I don't want other cards or other credit, come to that.
Anyway -- I was accepted ! Credit limit to be advised.
One worrying aspect was that they included tax credits and child benefit in my annual income figure. More to follow when I get the limit ......
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have one - mainly due to my fear when filling up with fuel that my cash minder account won't work!
They do tend to increase the limits on a regular basis but I set up a direct debit to clear the balance each month to stop falling into bad habits
I shall set up transfers online and put anything I spend on it right back the same day. As far as I am concerned, it is not to be used as a line of credit, merely a method of payment --- once I can bring myself to actually use it !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have had a vanquis card for a while now and pay it off in full each month and they have recently upgraded it to a Gold card so that looks a bit better in the purse...this months purchase will be a tooth extraction as I only tend to use it once a month!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
What a lovely thing to buy yourself!!! I have used my vanquis a few times without paying it in full but still feel well in control. I intend getting rid of the vanquis soon for a mainstream card though. Vanquis is good but I should have a good enough rating for a better card. Vanquis should reduce your interest rate every few months rather than up your credit limit (£3500 on mine now).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Only use the card once a month Foggy lol and the extraction is a big purchase as I'm such a wimp I need sedating to have the extraction (yeah I know...)
Agree totally should reduce the interest rate instead of increasing credit limit.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I too succumbed to the bombardment from Vanquis but have used my card a couple of times a month but pay off in full every month. I too have found it handy with on line purchases and have used it to book hotel for New Year away.
With regard to credit limit increases you don't have to accept them, I have refused mine twice already.
Credit is not always a bad thing if used properly but can so easily get out of hand if something unexpected happens (ie job loss etc). I have learnt my lesson from the IVA and now save instead of spend what I haven't got!
I applied for a vanquis card as soon as i had made my last IVA payment for exactly the same reason as you mole - work expenses were a nightmare to manage during the IVA and my supervisor refused to let me have it purely for this purpose. I have had it now a few months, i still have defaults on my credit file as they have been slow to update and the IVA although noted as completed will remain for another 3 years. There was no problem for me being accepted and i have a 1000 limit (although i applied for only 500) which is all i need and the balance is paid off every month as it is purely work expenses which are reimbursed each month. It is a god send for this purpose but i will not be applying for any other credit any time soon. The IVA is good way to learn to save for what you want by living within a budget - a harsh lesson but a good one.
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
Card arrived today with a limit of £500, which is more than enough, thank you very much.
When I activated it they spend 15 minutes trying to sell their protection plan (£1.29 per £100 outstanding balance). I told them I did not intend to have an outstanding balance at 39.9% APR !
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 encourage extreme caution with the vanquis card - i use mine purely for work expenses and then pay the balance as soon as my expenses are reimbursed but i got a very nasty shock on my last statement. there was a 10 pound charge for non sterling transactions for my hotel in Sweden and purchase interest of 11 pounds and deferred finance payment charges of 8 pounds. I questioned it and was told it was due to the timing of my purchases being between the date the statement was issued and the date the balance was paid - a couple of purchases fell in that period so were subject to interest at of course a very high interest rate. I was certain that i had paid the entire balance but of course it took a couple of days for the purchases to register on the statement and so had interest added. I won't get caught out like that again for certain. 1. Don't purchase anything close to the statement or payment dates and 2. don't use it abroad.
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014