I'm thinking of applying for a vanquis credit card purely so I can start to rebuild my credit record, not so I can live off them again! My IVA should drop off around May next year, as should most of my defaults. So it would help if between now and then I can build up some positive history.
I finished my IVA payments in August, so now have my full wage to myself - and the mrs of course (a full £800 more than I had during my IVA - woo woo). So my question is, is it ok to take out a low limit credit card such as Vanquis prior to getting my completion certificate, as by all accounts, getting that could be a lengthy wait! Or am I still excluded from doing so until my certificate is with me (though I think I had the upto £500 credit statement in my IVA proposal)?
Even if you were bound by the IVA you can obtain any credit with the consent of the supervisor. Apply for your card by all means and make sure that your IP grants any permission needed. The only problem may be your name still on the IVA register so perhaps it would be better to wait until your receive your certificate.
I suspect that you may be denied the card whilst you are still showing as being subject to an IVA. Hopefully that completion certificate and closure report will be with you soon.
I also considered Vanquis as a credit card to build up credit. I used CreditExpert to check my credit score which to my surprise having completed my IVA in April was fair. I followed the link from their website and applied. I received a phone call the day after and all was accepted. I needed this for work so I can book hotels so it is a way of building up credit without me spending on the card myself it is just for the company who pay the bill for me. It is worth using CreditExpert as well as I found a CCJ still showing outstanding which was actually sorted and should have been shown as settled. It costs £14.99 per month but worth it while you are making sure things are sorted out.
I completed my IVA in September I left everything alone on my CR and a week past the axe of six years with a nudge to Equifax everything dropped off. I went from a pile off poo to a top lending bet, in one hit
The reason as Equifax went on to explain is with six year current account and no overdraft you’re getting many green ticks over the months and years, which weighs heavy in your favor and only a few searches then your back on track, job done..
Getting a vanquis card won't repair anything whilst you have an IVA on your CR, you are pretty blighted. When you have a 100% clean credit file, which all things being even will post six years, then it repairs itself, end of.
I was thinking if people see you using a vanquish card do they think you are credit worthy or credit less. I see people using a debit card (a proper one) to for their shopping, I see someone who can handle there cash.
I know some people do clear their balances every month but the’re in the minority. And those that do, like egg took their credit cards back off them! I never understood why this or any other government haven’t stopped them and their 15-30% apr given the base rate. I suspect it’s some form of social engineering in the sense many millions of working people become a slave to the credit cards in a debt, must work, pay cycle, subliminally a form society control really
So with that in mind and all that spare cash, do you really need a credit card of any sort?
I struggled for my 5 years without a credit card as I travel internationally. I had to load up a cashplus pre-paid card with £100s to ensure hotels would allow me to check in without grief.
In many hotels you will be expected to produce one and in countries like the USA you could really struggle at times with no credit card.
Being stranded (almost) once in Belgium on a Sunday as all the petrol stations were closed and you had to use a pump that only took a credit card was I can assure you not a nice experience.
I have now have my Vanquis card and have confidence again when I travel. The balance goes up and down and is paid off as expenses are received.
Last edited by herbekj on Thu Oct 18, 2012 6:07 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.
I have a Vanquis card mainly as a back up so I know I won't be stuck without money. I pay it off every month as I don't intend to pay interest on a credit card again!
I really don't think anyone is going to look at a Vanquis card and think you are less worthy than someone with a Barclaycard for example!
If I saw someone with a vanquis card it's likely they have dealt with their debt problems.
The person behind if they saw me use mine and they knew what it meant to have one might be thinking, wish I didn't have any debt.....
Last edited by herbekj on Thu Oct 18, 2012 6:40 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.
My view for what it's worth is that it's only fellow iva debtors like ourselves that are likely no know who the vanquis is issued to. I doubt my friends , shop staff or indeed many other people are likely to bat an eyelid at the vanquis card and will just look at it as another card , if they even take any notice of it in the first place
That said , sponges posting make perfect sense if you think about it
Last payment made April 2012
Certificate received 1st Nov 2012
If you want to improve your credit rating then you strangely have to be seen to be using the credit you have as your debit card usage is not going to be posted to the CRAs.
Once out of an IVA the use of Vanquis for paying for all sorts of things and paying it off as Skippy does will help rebuild your credit score and for those like myself that want to move house will be invaluable as time goes on.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Hi All I have a Vanquis credit card £500.00 credit limit when I recieved it, it took me three months to build the courage to use it I know it sounds daft but still gulp every time I tap the pin number in even though the balance is zero. Also when I first used it I paid the balance the next day. Now I used it for my monthly fuel which equates to £400.00 and then pay it off in full every month. My Iva is due to drop off in Feb 2013 (with a bit of luck) ive also tidied up my credit file so crossed fingers ill be in the clear and be able to buy a new house next year. Those of you in IVAs stick to it theres relief at the end and when you make that final payment you will be completely debt free I can assure you there is not many people with that luxury and you have the experiance and know how to control your finances and debt after your IVA experiance good luck.
