Vanquis application - Timing & credit file

[longslog101]

I would appreciate view from anyone who has been through this process or knows about it.

Now that IVA is marked as completed I want to start re-building credit rating. Most of my previous defaults have gone and showing as part settled on the credit file, a few still to be sorted. The IVA is showing as completed.

Do i need to get my credit file in as good a position as possible before applying to vanquis or is it not so important ?

I know some might say no rush as the IVA wont drop off credit file for 6 years having only gone on there in March, but I am formally challenging this and believe i have made a strong case for it dropping off once it disappears from the register. Once gone from there, it would just be previous defaults and the partially settled markers on my account, so hopefully in 12 months time there would be a history of 12 months good credit.

Just not sure if vanquis will say no if there are some still showing as default now ??

Just getting the card for monthly fuel and lan to clear each month.

[urbanfox]

Hi Longslog, you may not need to wait for a card like vanquis. I applied for one as soon as i had my completion certificate and was accepted - my credit file will not be in good shape until Jan 2018! What i did do however was use the tool available on noddle which shows which cards you are most likely to be accepted for. They gave me a limit of £900 but a high interest rate of around 49% - this is of no consequence as it is used purely for work expenses and is paid in full each month. I would suggest looking at aqua card as well - they have a good card which offers £0 foreign transaction fees (good for using if you travel at all) and they reduce the interest by 5% each year so although it started at 40% - within 4 years it will be more like mainstream (again not really an issue if the intention is to pay it off each month). They gave me a £300 credit limit intially but then increased it after 6 months of responsible use to £950. The aqua card is better for me as i do travel to Euro zones for work and i don't pay any transaction fees on foreign currency. I would have simply gone with aqua rather than vanquis if i had known first but the downside is the aqua card has aqua written on it and it is a well known fact that aqua is for bad credit and the vanquis card has nothing other than visa written on it.
I hope this helps

[Shining]

I applied for a Vanquis card as soon as my IVA was over and was accepted, I do believe it helped and more recently have moved over to my banks credit card with a much lower interest rate so I will stop using Vanquis but to be fair it always did what I needed it too.

Not got my new bank cc yet as only applied and accepted Sunday but Vanquis is a good card despite the interest rate assuming you pay it off each month.

[mikepapa]

agree Lesley,, its a good start with a small limit,, needs must to get your credit file back on track,, also get a mobile phone contract paid every month by DD,, another good step to get your credit report back on track.