Credit card!

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abbiesmum2003
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by abbiesmum2003 » Sat May 19, 2018 8:43 am
OMG!
So we are due to make our final payment in june. We are waiting to hear if creditors will accept our equity release option (thats a whole other story!!!)
Anyway, I spontaneously applied for a Vanquis credit card last night as our credit rating has already gone up from last month.
Im now panicking becauseIve been acceted for a card with a £500 limit!!!!! Wasnt expecting that at all. I know we can apply for up to £500 so hoping wont get into trouble at this stage.
What do you all think?? Should I cancel it?? I know we need to have one and start using credit sensibly to improve our credit score after the IVA.
I am hoping the creditors accept our equity release but getting everso nervous as taking so long to get agreed.
Am I going to get failed for applying for the card even at this stage of our IVA??
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kallis3
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by kallis3 » Sat May 19, 2018 9:04 am
You should be ok - you don't have to use it straight away do you?
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Foggy
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by Foggy » Sat May 19, 2018 9:13 am
If you are like I was, it will take a while before you even get to use it and, assumimg you have the usual clauses, you are OK up to £500 anyway.
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abbiesmum2003
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by abbiesmum2003 » Sat May 19, 2018 9:28 am
Yes the T&C's do state can have credit up to £500. I can always phone them and request it is reduced.
I didnt expect to have that immediately! Their buff says £150-£1000 initially so expected the lowest end given our history.

Thanks everyone. Fingers crossed in a months time I will be posting to say its all over and we will have completed 60 payments!
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kallis3
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by kallis3 » Sat May 19, 2018 9:44 am
Personally, I would just leave it.
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MerlinL14
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by MerlinL14 » Sat May 19, 2018 7:06 pm
I am sure the last few years have educated you in the ways of budgeting abbiesmum . You know what you can and what you can't afford and I am also sure that you have a good head on your shoulders and just need a little confirmation and advise to reassure yourself. I have no doubt the IVA company will not make you cancel the card.
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luluj
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by luluj » Sun May 20, 2018 3:40 am
Just put it in your purse and leave it until your iva concludes.

If they do want a transaction on it put £10 of fuel on it each month and pay it immediately off.
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Radish
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by Radish » Sun May 20, 2018 1:05 pm
I applied for a starter Barclaycard around 1 year after my IVA was complete and tended to use it small - around £20 - £50 in a month and paid it off. I sometimes deliberately didn't pay it all off so they could charge me a small amount of interest before I settled up. My credit limit went up over the next two year and is no sitting just short of £2k - and I owe about £40 on it. The moral of the story to me - is small steps when it comes to getting a credit rating back again.
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