Getting back to normal

[Stuboy22]

Hi. I've finished my IVA (should get completion certificate next week) and really want to start getting back on track. I've already been accepted for an Aqua credit card which I'm hoping will start to build my credit score, but which is the best bank to get an account with a debit card?

[Stuboy22]

Also, I've been with Grant Thornton and have ready with some concern stories of them failing to send completion certificates. Can anybody reassure me?

[adam090376]

Hi Stuboy22
Hopefully it will be OK my completion arrived 3 months ahead of time and they seem to be getting some certficates out now so hopefully all will be fine.

[Stuboy22]

Hmm fingers crossed. They said mine was due september/October, so o would have hoped for it by now. We'll see

[sponge]

If you have run your IVA good and true and it is clear from your credit record assuming you get your CC and 6 years has past Then you do not need to do anything to your credit score. It general terms it reapirs its self overnight, typical posters with finished IVA's can expect score in the late 900. Whilst this is not the be all to end all...A credit card reallly sooo soon. You do need credit card during an IVA it repairs nothing. Post IVA if you need credit you can get very competitive rates anyway, no card required!

[sponge]

Sorry amended -
You don't need credit card during an IVA it repairs nothing. Post IVA if you need credit you can get very competitive rates anyway, no card required!

[Struzzo39]

Well done on finishing!!

[Stuboy22]

Hi Sponge

Everyone else I've spoken to has advised that a credit score is only part of what companies look at, and that your credit history most certainly isn't repaired overnight, it takes time to build up a favourable credit history again. I've gone for one with a very small limit which I will pay off at the end of every month. The bank account is proving more problematic. I bank with Santander and have been on their "basic" account all through my IVA, running it perfectly and never having so much as a direct debit returned, yet they have told me they will NEVER consider offering me one of their better accounts as I've had an IVA in the past. Needless to say I found that very harsh, so I am looking to move on from them to a more reasonable bank. Still awaing advice on where to go.

[IVANotOverYet]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Stuboy22

Hi Sponge

Everyone else I've spoken to has advised that a credit score is only part of what companies look at, and that your credit history most certainly isn't repaired overnight, it takes time to build up a favourable credit history again. I've gone for one with a very small limit which I will pay off at the end of every month. The bank account is proving more problematic. I bank with Santander and have been on their "basic" account all through my IVA, running it perfectly and never having so much as a direct debit returned, yet they have told me they will NEVER consider offering me one of their better accounts as I've had an IVA in the past. Needless to say I found that very harsh, so I am looking to move on from them to a more reasonable bank. Still awaing advice on where to go.

I'm not going to get into another debate with Sponge here as we've done this to death, but credit score with no HISTORY of credit will not automatically make you a good candidate to lenders. There's nothing wrong with using your Aqua card for a while, just pay off the statement balance in full each month.

Regarding bank accounts, Nationwide gave me a new full account with no problems.

[sponge]

Oh so say you INOY...

Stuboy22

Your credit SCORE will be (small print) that is to say as soon as your IVA has gone along with your defaults, your credit score should be into the 900+. Your credit score is just for you, lenders can never see it. Equifax explain why you have the score in detail. Of course that’s not to say it’s the end all, to be all, and other factors will taken into consideration, but my credit score gave me enough confidence to go out there and get the deal that suited me, not the other way round.

For some reason and it’s just a myth of IVA.CO.UK that you must get a Vanquis or the like to repair your credit score/history and I afraid it’s just an untruth, certainly for the former! In fact it’s far to the opposite some posters on this site who have soon after full completion, have gone on to get High St Rate mortgages with relative ease. Something INOY cannot squeeze round, as far as any credit history concerned obviously (I think I know the answer, interested?)

Do I have personal borrowing, yes I do (6.2%) to be exact, no history required, and when I say none, I mean nothing. During the six years of my IVA I largely dropped out of the system, the company I work for, out of the kindness of there heart took care of everything, car, phone, insurance the lot. So at the finish of my IVA when I dropped back into the system, I was naked, without anything, just my basic Nationwide Account which I still have today, three years on. One good reason for that, not all debit cards are equal, mine cannot be used abroad, and I like the security of that.

I hope Stuboy22 you will come and tell us how you faired on your credit score post full completion, for me straight after the IVA 982/1000 best I seen posted is 996/1000 post IVA.

As far as a credit cards, well lets face it, isn’t that what got most of us here in the first place…

Nationwide I highly recommend them, at least we'll agree on that INOY!

[luluj]

Respect for all please people.

Our credit report has been cleaned up in the last month with all but three defaults clearing from it now - we have jumped from a score of 800 to 955 in a matter of weeks. However I know credit scores are not the sole driver for approving you for future credit or bank accounts.
I am a true believer that by managing your bank account, phone account and being on the electoral roll for over 3 years in the same property goes a long way ... no credit card in my name as don't want to go back there - but each to their own. Everyone is very different in their beliefs.

Re debit card - try Nationwide, Halifax and Natwest - they are all recommended by other forum members. Unfortunatley the Co-Op have recently closed accounts for some IVA customers. The Yorkshire Bank are also recommended.

[Stuboy22]

Thanks all, nothing like a good healthy debate. Unfortunately sponge, I'm going to go with INOY here. My credit score according to Experian is 955, yet I have spoken to several financial advisors (friends so nothing for them to gain), and all bar none have said a credit score is a small part of what lenders look for. Having credit, no matter how small, and as long as its well managed goes a long way to giving them confidence in you. I have learned my lesson, trust me, so this card is being used for my monthly petrol, and I'm paying it off in full every month.

Thanks for the bank account info though, I've heard good things about Nationwide so I'll give them a crack. In this day and age, it's a real handicap not having a debit or credit card as the majority of shopping is done online, so looking forward to getting back in the main stream

[plasticdaft]

Credit scores mean very little. A clear history of payments on time is what matters which is why many of us have taken out a credit card. Without it my credit report would be almost empty with only 2 mobile phone contracts reporting monthly payments plus my mortgage payment.

A credit card post iva is the final sign of debt recovery in my opinion. Trying to live your post iva life without borrowing means the debts won.

Paul

[Skippy]

I had a Vanquis card for a couple of years after my BR as I wanted to get the green ticks on my credit statement. Like PD I had very little apart from my mobile phone - even my bank account didn't report for some reason.