Hi all, I have just received a letter from Vanquis saying I have been pre-selected to apply for a vanquis card. I make my last iva payment soon. I wonder when I am allowed to apply? Also am I likely to be accepted? Thanks
Shortly after completing I was accepted for a Capital One card with a £1000 limit! Think it helped that I had a mobile phone contract which had been running for quite some time! Ask your IP if you can apply before gaining your completion certificate! Mine agreed prior to issuing the cc!
I wouldn't apply until you have your completion certificate and have dropped off the insolvency register.
At that point you are very likely to be accepted.
Last edited by herbekj on Sat Oct 20, 2012 2:04 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Hi IVA closure and welcome. As advised it may be worth waiting for the certificate prior to applying but if in doubt speak to your IP.
Be careful with some of these cards, if used correctly they are a great way to re-build your credit rating but they should be used carefully as some charge a high rate of interest. I know it is a rock and a hard place but if you clear the balance every month you will be doing ok. Hope this helps. Sam
Thanks for the replies. Just want to start rebuilding credit rating and would pay it off every month. Wasn't sure if I had to wait for completion certificate as this may take a long time to come through.
I applied after I received my completion certificate. Only got £250 limit & 45% interest rate. However, it's good to have an emergency card in my purse.
If you do apply and get a card, make sure you set up a monthly standing order with them to clear the balance.
...no surprise about the marketing - Christmas is round the corner, and it must be awfully tempting for some of us in IVA's / with adverse credit etc. to get one of these cards.
In my view, if you think there may be a chance of not paying the full balance straight away, avoid. Interest rates are astronomical.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MrsR
hi ivaclosure,
Vanquis must be marketing a lot this month, as my husband and I have had the same letters 3 times in the last 2 weeks !!
Yes I have had 3 from them in last 2 months ,completed in April no cert yet.
When I rang them I did say would having been in a IVA imply it being a waste of time for me to apply, they said no. APR of course very high but if used wisely.
