www.iva.co.uk

i applied for avanquis credit card today and i got accepted within 30 mins, which i great becuase i want to build up a good credit histroy to get a mortage. I was shcoked by the fact i was offered a cash advance of £200 at 41%apr right away. While i understand they are taking a risk with me its almost like they are offering you credit you dont need. A problem that most of us know about. i did say no to them but has anyone else had problems like this with them?

I think the Vanquis card in itself is a good credit rebuilding tool for us out of an IVA so long as we remain strong like you did.

It is easy to see though why so many including myself got into debt in the first place.

Hi

A good first step in rebuilding your credit file. The APR is high but as long as you do not use it for cash and repay the full balance every month it will not matter

Regards

I think the card is much better than I'd hoped. High apr but good online management and text updates for balances and payment reminders. The wife just applied for and got accepted for one as well.

Happy green ticks all round.

Paul

the key to having a Vanquis card is to use them rather then let them use you. just ensure that you set up a DD to pay off the full balance each month then they don't get a penny from you. you will then improve your credit rating from using it. i had one for a while before getting a mainstream credit card so it served its purpose. i was also asked when i applied whether i wanted a cash advance and the woman was shocked when i said no! Vanquis can be a helping hand if you pay off in full but a nightmare if you start paying minimum payments.

When you finish your IVA once you’ve got your CC and six years has past and you’ve checked and cleaned your CR you won’t need a Vanquis card. Your credit rating repairs itself and it will likely be in the 900+ and you can get a regular card.

there's nothing to rebuild!

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sponge

When you finish your IVA once you’ve got your CC and six years has past and you’ve checked and cleaned your CR you won’t need a Vanquis card. Your credit rating repairs itself and it will likely be in the 900+ and you can get a regular card.

there's nothing to rebuild!

The credit card will show a history of regular, on time payments. The score isnt the be all and end all of things.

Paul

I always thought it helped get those green ticks and if you can do that before the 6 year mark you're one step ahead for when the IVA does come off the credit report.

I've gt lots of green ticks, a credit score of 988 and all files clean! But on doing a soft search am still only being offered a credit building credit card! Nt sure why really! Anybody else have any ideas??

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins

I've gt lots of green ticks, a credit score of 988 and all files clean! But on doing a soft search am still only being offered a credit building credit card! Nt sure why really! Anybody else have any ideas??

It's probably because you have no debt! Ironic really! If you have credit and are paying it regularly then that will help you to build your credit rating. However, getting a credit card or credit in the first instance can be a pain post IVA.

No not really have you checked all three CR? It's like this, so say Equifax - becuase I have six years of green ticks on my current account and insuranace by monthly DD which is credit within itself, that does the trick, regular lenders should fall over to lend to you...
That's to say you don't need a credit card to rebuild anything your current account has done it for you! And whilst your score is not the b all to end all as even your postcode is considerd it's a good indicator.

Your credit score is just for you even lenders cannot see it on a search

Make sure your current account actually reports to the credit agencies - my Nationwide Flexaccount doesn't.

If I was an underwritter and you came to me for serious lending, I would be looking very hard at you, your postcode, your neighbours, life style even where you buy your pants from, that's what they do..And if I spy you have a Vanquis card, I know you've been in trouble and it'll be a no from me. Put yourslef in their shoes, they can have good reason to suspect that you shafted your creditors before, what's to say you won't do it again

Actually having a Vanquis doesn't mean you have been in trouble ... they are also used as first credit cards for those who haven't had credit before.

If a bank won't lend to me because they suspect I have shafted lenders, I sure as hell wouldn't go to them, because I KNOW they've shafted borrowers.

I know ... sometimes you have no choice but to dance with the devil .

skippy how strange, my nationwide cashcard+ shows on all three...anyway your showing off flexaccount that's for normal people, what am I saying! Of course not having an access to overdraft has given many many green ticks