My IVA was completed in June 2011. Earlier this year I checked my credit reports and started the 'clean up', ie advising them of all the incorrect information. In July this year all the credit from the IVA has come off my credit reports and my credit scores are now looking ok. However, on my Experian credit report I have 1 negative factor - which ironically is the fact that I do not have any successfully completed credit. In order to rectify this I am considering taking out an credit card, just to rebuild/ sustain my credit score.
I was just wondering if anyone else has any experience of doing the same, after an IVA, and which credit cards might look favourably on someone who has previously had an IVA, but which now no longer shows on their credit file as 6 years have past.
personally I would look to a mainstream lender first. Lenders are being very clever now and are looking at the provider of the credit before accepting/declining. So a "credit building" card might not be that benificial in the long run.
It is ironic isn't it that you need to get a credit card and pay it off to improve your credit rating! Lesley provides two popular credit cards that many members have used successfully post IVA. Best wishes
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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I had a Vanquis card for a while and, when my BR dropped off my credit file I applied and was accepted for a Nationwide Select credit card. I was banking with Nationwide at the time so presumably my history with them helped.
applied for a Vanquis card a month after my IVA completed and set up a DD to pay the full amount each month.. used it for about 10 months then applied for a Amazon Mastercard and when accepted cancelled the Vanquis.. so yes its very good for getting your credit building started!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Skippy
I had a Vanquis card for a while and, when my BR dropped off my credit file I applied and was accepted for a Nationwide Select credit card. I was banking with Nationwide at the time so presumably my history with them helped.
I applied for a Vanquis card got turn down.completed IVA early so guess it will still be on credit reports for a few years yet
Well done Simon 1883, finally some sense is spoken. When you have finished your IVA in general terms you will be left with a very good credit score, you do not need a Vanquis card or the like to begin with and can go straight into mainstream lending, I know this from personal experience and that is without any nil nada credit history.
I'm sure what you're saying could/is true Sponge but it doesn't mean that those of us taking out Vanquis or similar out before the IVA drops off the credit file is wrong either. Each to their own.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Lesley is right, there is no right or wrong in this. I applied for my Vaniquis card long before my BR dropped off my credit file and there is no way I would have got mainstream credit at that stage.
