Hi There..Havent posted for a while, but I thought I might ask a question for a straw poll.
I Completed the IVA after a 5 1/2 year slogand got the COC.
I Applied for a Citi credit card and got sent one wih a £1K credit limit.
Now, Would you send it back, or lock it away with a few £s deposited on it, in order to help your credit score in the future ?
Personally I don't ever want another credit card as I still couldn't trust myself with it, but if you think you can use it and pay it off in full each month then it will help your credit score.
I agree with Skippy. If you can be sensible with it and pay it off in full, then it will help you.
I never want another one either.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
As long as you use it and clear the balance then they ca be very useful.
After five and a half years on a budget I am sure that you will not spend more than you can afford to repay
Regards
Congrats from me too. You have probably learnt to live within a budget. Keep the card but pay off IN FULL each month. That will help restore your credit file.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
It's a bit harsh to say someone's mad to want credit again! As I said I personally don't want one, but a lot of that is because my OH has one that we can use if necessary.
There is definitely a place for credit cards (holidays, large purchases etc) providing they are used responsibly. I wouldn't dream of paying for something like a holiday on a debit card as you don't have the same protection as with a credit card, and in this day and age you can't be too careful.
Last edited by Skippy on Sun Mar 29, 2009 2:14 pm, edited 1 time in total.
Even though I don't want one, I do agree with Skippy that in the right circumstances they can be good as long as they are paid off.
Mind you, unless I can get a full bank account once the IVA is finished, I might have to get something. I would hate to have to take shed loads of cash into a furniture store for a new suite!!!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Good point! We bought a new bed yesterday and Dave paid for it on a credit card and I'm pleased he did - with the way things are at the moment you don't know which company will go under next, but at least we're covered.
That's true Skip, I hadn't thought of that. I suppose I should have done with one of our local stores closing recently, and people had been in the day before and bought stuff and of course it was never going to be delivered.
They would be good for that. That way as well, you could just transfer the money straight across to the card from your bank afterwards.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
This CC will help you build credit....use it and don't incur any interest. its that simple. Credit isn't evil, no more than a kitchen knife or having a fag but we know they can do personal harm in the wrong hands!
