Rebuilding

[Grumple]

We have now completed our IVA and are looking towards the future and rebuilding our credit file.

We have seen that a credit builder pre paid card exists - has anyone tried this and is it worth the fees for a year?

The other alternative we've read about on here is the Vanquis card but we are not sure whether or not we would be accepted. We have only just received our completion cert and don't want to cause any dodgy footprints on the file. Does anyone have any advice about how long we should leave it to give ourselves the best chance The IVA won't be off our file until 5/2012.

We have also considered a sim only contract with Virgin Media to see if that would help our credit file.

Any tips would be gladly received. We are not interested in obtaining credit only to repair the file to help us rent privately in the future.

Thanks

[ginger3232]

with the credit builder card - you pay for year fees in advance - as a loan !! - its the loan that your credit rating is on.

May be worth checking you credit report first and make sure there is No defaults dated after the IVA start. Unless you are in a particular hurry to get credit - wait till you IVA drops off file.

Time, patience and a few good products - dont be in a rush to take out things - unless you need them

[31101932]

My IVA was completed in June 2011 with the completion certificate arriving at the end of August.

I applied for a Vanquis card in October 2011 and I was turned down.

I re-applied in June 2011 and was accepted.

Because I now plan almost all purchases in advance I am able to pay all items before the statement arrives.

This means that I should be in line for an increased credit limit after four months and that they should be reporting good things back to the agencies.

[luluj]

Hi - we have just taken a pre-paid cashbuilder credit card out at a rate of £4.95 a month for 12 months - this will then report back to the credit agencies each month......

we applied for a vanquis card and were turned down even though out IVA ended March 2011.

The only reason I wanted a credit card again was to have the ability to use it abroad next year when we go on holiday for emergencies - I have no interest in ever having credit again...what we cannot afford we do not have !

[baldy]

Hi Luluj, Thomas cook do a pre-paid credit card where you go to their shop stick whatever amount you want on to it, in whatever currency you want then you just use it as a credit card, with a pin number.
Hope that helps.
Baldy

[KAYKAY]

I paid my last payment the beginning of July.... completion certificate arrived end of August.... applied for Vanquis Card at the end of July (yes prior to receiving certificate but after final payment) and was accepted with a £500 credit limit. From the posts above, I can't become to fathom the criteria for acceptance.

[plasticdaft]

I would worry that once the iva drops off file if you have a vanquis card or the credit builder one anyone looking at your file would link it to previous problems!!!

Paul

[olydak]

Hi Luluj,

Have you considered using a prepaid travel currency card, check them out on this website every prepaid card in the uk is listed http://www.what-prepaid-card.co.uk

Regards David.

[Grumple]

Thanks for all the advice. I think we will go for the pre paid card as at least then I'll be able to do an online shop with Tesco or M&S when needed.

Do potential lenders get to see who you have credit with on your credit file or just the amounts of credit you have and the way in which the accounts are run? If they can see who you have credit with I may avoid the bad credit products for now.

We will have to move soon and the thought of living back with parents again even for a short while is worrying but we will have to until we can rent privately.

We have just ordered all our credit reports to clean up the default dates. At least it's a start!