I would like to start rebuilding my Credit rating by applying for the above card. Does anyone know if i need to wait to receive a copy of my completion certificate or can i apply after last payment is made?
You still need your IP's permission to apply for credit, unless you have a covering clause in your arrangement.
Although I have seen examples of those still in the IVA getting these cards, I have also seen them refused, so I would wait until completion just to improve your chances and to avoid having a rejection slapped on your credit file.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Technically you need to wait until your IVA has been concluded, however if you look at your original Chairmans report it may state that you are allowed credit up to £500
I completed my IVA via a F&F last December, received my completion certificate in June, and I'm being declined for a credit card - am now going to wait until 6 years after my IVA was originally started (which will take me to August 2105) and then apply again.
Looking at my credit records they have been updated to show that my IVA is completed, and most of the default entries have been removed (although every month three of my IVA debts are still coming up as defaulted), so I am presuming they will all disappear once the 6 years is up ?.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
I would wait until completion just to improve your chances and to avoid having a rejection slapped on your credit file.
Without wanting to appear too much of a pedant, it's worth noting that the credit reference agencies don't record the outcome of an application for credit - so no-one would know if you were rejected or not.
However, having too many applications recorded in a short space of time is still a negative thing whatever the outcome.
Last edited by ilikewatch on Mon Dec 01, 2014 5:18 pm, edited 1 time in total.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
I wouldn't get too down about it - I applied for a vanquis card after making my final payment but 2 months before getting my completion certificate. I have had the card now for 5 months and it has not improved my credit file - i still have defaults, some marked as settled, some not yet marked. When i first applied and received the vanquis card, my credit rating took a dive due to applying for credit and is lower now than it was before i got the card. Part of the reason for this is the low credit limit (1000) makes me look like a high risk to lenders. I guess the only thing that will make a real difference is the defaults dropping off my file but i will have to wait another 3 years for that to happen.
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ilikewatch
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
I would wait until completion just to improve your chances and to avoid having a rejection slapped on your credit file.
Without wanting to appear too much of a pedant, it's worth noting that the credit reference agencies don't record the outcome of an application for credit - so no-one would know if you were rejected or not.
However, having too many applications recorded in a short space of time is still a negative thing whatever the outcome.
Apologies Ilikewatch-- tried to quote your post and ended up adding my reply to your post instead -- now removed again [:I]
Whilst this is true it is not rocket science to see a search that has not resulted in a creditor reporting each month.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
