Both my husband and I have completed IVA's and it's now year 7, so we passed the sixth year to update our credit files which now look much better.I have normal bank account with small OD facility, contract mobile and a couple of mail order accounts. Hubby still has basic account and no credit.We would like to have 1 credit card as we feel we are now in full control of our finances, and if we did use it would be paid in full at the end of the month. I applied to my bank for a credit card with lowest possible limit (£500) and was refused.The only thing I can think of is hubby had cc with this bank that was included in his IVA and we are financially linked. I don't want to apply with loads of different providers but wondered as he does not have any credit on his files if it is worth trying with anyone else or not..or will his lack of credit get me refused everywhere?
Would it be best to try one of the Sub-Prime cards instead?
I am interested to know why you need a credit card? particularly as you are asking for a small credit limit and you intend to pay in full at the end of month.
Hi
Try the Vanquis Card,I have this and my IVA is still on m credit file.
It has a low limit and high APR but if clear it monthly it is very useul.There is also excellent customer service
Regards
In reply to your question my husbands elderly parents live in Spain and when they have been ill during out IVA we had to borrow money from friends to pay for flights to get out to help them.Because we cant tell if they need our help again at anytime a CC would be useful to have in case we need to book at short notice.
Would rather have a CC we could use and pay off on pay day than have to dip into an overdraft...
Andy
Thanks for the Vanquis info I will give it a try.
Vanquis cards have a very high interest rate. Unless you are lucky enough to get there low interest but im not sure with not so great credit history. Capital one and barclaycard also provide credit cards for people with poor or little credit history
LoneRanger wrote:
Vanquis cards have a very high interest rate. Unless you are lucky enough to get there low interest but im not sure with not so great credit history. Capital one and barclaycard also provide credit cards for people with poor or little credit history
But the idea with the vanquis card is to use it minimally and pay in full each month so the interest rate makes no difference,its just used as a tool to improving your credit score. £10 a month spent on it and pay it off each month and you start to build up a pattern of good payment.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
[:)]Thanks andydavie. Applied to Vanquis and today had a call to say I had been accepted.Nice to know it will be there if we need it and I can 100 per cent say anything that does go on it will be paid off in full every month.
My Advice: DONT GET ONE
If you have got one, put money in it and build up a credit amount. Sure there's not much interest, if any, but at least you have built up something to spend
Hi
Helen has said that she plans to clear the balance each month,so the high interest rate is irrelevent.
If you try to rent a car abroad you often must have a credit,not debit,card.
They are useful if used correctly and another plus side is the protection that you are offered,for example I had paid for a holiday deposit with Travel City Direct,part of Exel,and at least have the guarantee of a refund[although that refunfd will not be made until the travel date,strange one !!]
Regards
A pre-paid debit card is far better and their costs can in certain circumstances be nil!
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.
