Hi all
I completed my IVA earlier this year, and it’s all going great! Am thrilled my credit score is now pretty good, however, all the sites say I should try to get my credit card limit increased to further improve my rating(currently £500 Vanquis) which I’ve had for over six months. I pay off in full each month and never exceed 25% of the balance as I was told that looks good. Am I best asking for the limit to be increased, try for another card with higher limit or leave well alone? Any advice gratefully appreciated!
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
Vanquis will offer higher limits as they get to know you. I would leave it at that for now --- maybe look for a standard high street card when the IVA is completely cleared from your credit records.
I took a Vanquis at, I think, £250 credit limit ( Might have been £500 -- will have to check) and they have gradually increased this to £1750, which is fine because there is no way on this green earth I would even use that. They have also, this month reduced my interest rate from 39.9% to 19.9% -- Again, makes no odds as I don't pay interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We are in similar position
Vanquis card after IVA purely because you kind of have to to build credit history again.
Vanquis will only increase your limit at certain stages. You cant request it. Trust me they willcontact you with scheduled increases.
Your score will improve.
We have had ours for a year now and have this week applied for a high street bank 0% balance transfer card which has been accepted.
Its amazing how quickly things recover.
Well done. Be patient its worth it.
