We have had one since the iva finished, it's very useful for online purchases and fuel. They up their limits regularly but I have refused them, not going through that all over again!
and when you've been with them a couple of years like I have it will say Gold! I'm sure I could now apply for a high street card but never bothered as I always pay it off and basiclaly only use it once a month although this month not used it as saving up for the dreaded tooth!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I have also got a credit builder card with a £500 limit, I've had it a while now but my IVA is not complete although I have made all the payments. I've just had an increase applied to £600 and have asked my IP if I need to reduce back. However I am now really worried that I have breached my terms as I thought it was ok to have up to £500 in an IVA but am now questioning if that was correct. I'm waiting to hear back but now feel sick with worry that I might have dropped a massive clanger with my IVA only a matter of weeks from closure, can anyone advise ?
Last edited by TomThumb on Thu Nov 27, 2014 11:33 am, edited 1 time in total.
We all need a creditcard....a Swiss army knife in day to day money transaction....debit cards too...but the former builds credit brownie points.
As in my infamous metaphor....credit cards are the '5 a day' portion for your credit health...hahaaa
Last edited by TzeKin on Thu Nov 27, 2014 10:40 pm, edited 1 time in total.
Hubby has been with vanquis for over 18 months now ... still on £500 credit limit and to be honest apart from a tank of fuel each month we don't use it .. pay it each month job done !
Whereas Barclaycard have upped my credit limit to £5k despite me saying no ....
in total control of spending now and know exactly what we can and can't spend each month .... iva certainly taught us the value of money !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I wonder if I'll ever be totally fixed from spending. Went through my IVA, but still at times have urges to spend spend spend...seriously I'm not even joking, I literally have to be so strong. I know the IVA has made me strong and for that I'm grateful but I seriously hope I never relapse!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lesley
I know what you mean about urges to spend, but I always remind myself of the distress and shame of entering the iVA we were lucky to finish ours after 2 years with an F&F and when I get the urge to splurge I just think to myself do you really want to go back down that route, its better to have what you can afford and sleep at night, you might find creditors wouldn't be so helpful if you found you have to go down IVA route again.
Go back to barclays and say no to credit increase.Would you ever clock that card to its limit,if not then even 100K limit is pointless.Psychologically we made to feel we are credit worthy...an illusion....
The only time you need a creditcard is for certain bookings for goods and services and the fact that you could be protected from fraudlent transactions that debit card users may not get.
I have one for credit building as lenders like to see a good payback history....yes I use it for the sake of that.A mobile phone bill wouldn't be sufficent for credit building.
Credit cards gives interest free benefits for a month before payment...It can be useful to manage finances.But the abuse comes from minimum payments made to clear debt and clocking up spending as a loan...double trouble....
Nationwide will not raise credit limit unless asked...the most responsible of all institutions for lending now.
Last edited by TzeKin on Fri Nov 28, 2014 8:31 pm, edited 1 time in total.
