Successfully managing your bank account, mobile phone contract and taking on one credit card and using it for one or two things per month and paying it off in full.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
How long do you need to do this for before you can upgrade to a decent bank account, have a mainstream credit card etc? I am trying to rebuild and am now past the 6 year mark! I have checked my credit files and despite all being green was turned down (soft search) for mainstream credit card! Never want to get in a mess ever again and budget accordingly etc but just want to get back to normal! Anybody have any good advice please for myself and Alexa.mw ?
Hi Nutkin, ironically the issue cold be that your credit file too 'clean'............ did the application form ask you whether you had previously made an arrangment with your creditors? and if yes, how did you respond? Fletch
I would recommend trying for a Vanquis card as your first credit card and then paying it off in full every month so you don't pay their sky high interest charges. That's what i did after i completed my IVA and then after 6 months or so applied for the Amazon Mastercard online and got accepted straight away which amazed me! The Vanquis card then got cut up lol but did prove it had helped me rebuild my credit rating. Learnt from the bad ole days though and set up DD to pay off the full amount each month rather then the 'pay it for ever' minimum amount!
Another option is to look at Creditbuilder which is offered by both Cashplus and ClearCash prepaid MasterCards. There are fees but does offer an alternative to credit cards. Worth looking at all options and I know a few members have utilized this and seen it assist in credit repairing.
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
I'm sure I heard that Vanquis and credit builder cards were best avoided as they could have a negative effect on your score. It was ages ago so I could well be mistaken.
Go back and relook at your CR there will be something in there. The most common of these is that your IVA has been put in the NOC section Equifax who do this as matter of course. They will remove it only when asked.
When you have finished your IVA your CR repairs itself - almost overnight, as many posters on here will testify too, the whole reapir your CR is to be honest just a IVA myth. In fact it's most odd you get an incredibly high credit rating mine is 982/1000 on the axe of six years and a little nudge to Equifax, some posters get even higher. So Vanquis this and pre-paid that, they’re not really suitable products for post IVA in my opinion. There are posters that have obtained regular high street mortgages, just post IVA (post six year) to nail the point. Samual I'm sure prepaid have there place during an IVA
There is no to clean a CR, lenders are fickle of course, even your post code will effect you ability to obtain credit, but yourself in a underwriters shoe/s, would I lend to you if I knew you had a Vanquis card, it’s be a no from me, might even have a look to see who your neighbors are too
