Credit Card application timing

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by paranoidandroid » Sun Jun 25, 2017 8:20 pm
Having made a full and final payment around 3 months ago now, although I'm still awaiting receipt of a Certificate of Completion (I'm told things are with the Completions Team as I write), I wanted to ask whether it would be worth me applying for a credit card that I would make minimal use of and pay off each month in order to help my credit score improve?
Having said that Clearscore tells me that I currently have a score of 475, which I believe isn't as bad as it could be, and make suggestions of cards (including one with 18.9% interest with Tesco) that I have 95% chance of being approved for. I appreciate however there is still that 5%!
My IVA was due to run until September of next year and I've been able to clear it by means of a loan from work, so I'm still having to pay them back at the same rate I was the IVA, albeit for a shorter length of time as an amount was accepted that saved me £300 in the long run (hope that makes sense!), so I won't see any financial gain for a while yet unfortunately.
Any advice/suggestions would be much appreciated.
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by Foggy » Sun Jun 25, 2017 8:26 pm
I applied for and was given a Vanquis card while the IVA was still on my record -- however I have seen many refused ( something to do with target acceptance figures). I would wait until least a few months after the certificate is issued and you are off the insolvency register.
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by luluj » Mon Jun 26, 2017 3:58 am
I would wait for the certificate - enjoy being debt free and not worry about building credit rating up - we had the first 12 months with nothing extra - really made you see how your life changed in an iva and the lessons learnt.
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by kallis3 » Mon Jun 26, 2017 6:42 am
You could do a soft search - it won't show on your credit record and you can see if you will be accepted or not. I would be inclined to hang on though as luluj says, until you get your letter and everything drops off.
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