www.iva.co.uk

i am looking to apply for a Vanquis card post IVA (final IVA payment was in October) simply to rebuild my credit rating but have yet to receive my completion certificate from Payplan. is it worth applying now for the card or is it too soon and should i wait until i get my certificate?

i am over the 6 year mark since my IVA was accepted as it was extended a year to repay missed payments.

thanks.

No harm in applying although I know of two posters who have been turned down recently by them .... Personally I would wait for my completion certificate.

I agree with luluj - wait until you have that letter in your hands so you know that the IVA is well and truly over.

You're not guaranteed one though, it does seem to be hit and miss with them.

Vanquis is owned by Very - ie, Littlewoods, so if you owed either of those 2 in the IVA, then you won't possibly get accepted.

nope didnt owe anything to those two.. think i will wait for the certificate to arrive to give myself the best chance of them saying yes

I didn't know that - Littlewoods were one of my creditors and I was accepted for a Vanquis card.

Vanquis are owned by Provident Financial Group so bad debt with any of their brands may affect your ability to get a Vanquis card. I think Capital One also do a card for people with a poor credit history.

I think they do but I also think we've had one or two posters turned down for that as well.

I'd be waiting until 6 years is up and the IVA is off credit files before applying.

Paul

I applied after completion and prior to receiving my certificate and was accepted immediately, with a £500 credit limit.

It does seem very much hit and miss with them.

Maybe it's best to apply at the end of the month when they're minds are on hitting their sales figures! They might be a bit more lax with the acceptance criteria! I have been wondering too, if there's anything on our credit files that helps in particular when applying for credit post iva e.g. do people with mortgages find it easier to access credit?

I am still unsure of how much having a vanquis card will help with mainstream lending because anyone looking at a pretty much blank credit file that has vanquis listed will know that previous credit problems are a possibility.

Yes it will show a positive payment which is great but how far into it do other lenders look??

Paul

I don't think they will take much notice to be honest. It shows as an up to date account so I think that's all they will be worried about.

I agree with you plasticdaft, they must be like a beacon! I'm naively hoping my bank will give me a low limit card or that I can cajole my boyfriend's private bank manager to give me one...he's paid to be amenable!!