Are you still in an IVA? If you are then no, you cannot have a credit card. If your IVA is over then you can apply to a company like Vanquis. As to whether it's a good idea - it is, but only if you pay the balance off in full each month.
And me Paul. I've actually closed the account now though as I got fed up with their poor customer service and constant phone calls. I could only do this though as luckily enough hubby hasn't been insolvent and added me to one of his cards.
We use Clearcash and Cashplus and have prepaid mastercards and have the added crediitbuilder facility which supports our credit rebuild....it is working for us....
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I'll not hesitate in trying to get a credit card once things are finalised with my IVA. I believe it helps and the high APR is irrelevant but I must display self-control and onlyuse it for fuel purchases maybe and pay off the card in full each and every month x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Parjay - I believe you had a full and final accepted so yes you can now get a credit card.
I think Capital One do a card for people with low credit rating - we couldn't go to them as they were one of our creditors but I have a Vanquis card and clear the balance each month.
British Gas shows on my credit file each month and also I have studio cards and Ace accounts which I clear each month.
ClearCash and Cashplus are prepaid MasterCard providers - money management facilities that are an alternative to a bank account.
ClearCash is a limited company within ClearDebt Group.
Both ClearCash and Cashplus are issued by APS Financial Ltd (AFL) pursuant to license by MasterCard International Incorporated (So fully recognised by MasterCard).
AFL is authorised by the Financial Services Authority under the Electronic Money Regulations 2011 for the issuing of electronic money.
Creditbuilder is a facility that could help build your credit rating. It is great that a poster has been of benefit as most people would just say it is a marketing ploy!
The way it works is a "virtual" loan takes place... you can't spend it, or withdraw the virtual loan from an ATM machine. Provided you keep up to date with the monthly fee, each time the credit ref agencies are informed and shows your ability to keep to a lending agreement.
Creditbuilder operates under Consumer Credit Licence No. 0608377
Hope this helps?
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
I have just signed up for a second year with cash plus to repeat my credit build again......I love having the MasterCard sign gain.....but safe in the knowing I only have what I have on it....can't spend more than I have !!!!!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
great to hear the positive review of the Creditbuilder which we also have and works the same way!
Having a MasterCard branded embossed card does assist with acceptance around the world. Anyone that is looking at building their credit rating should definately look at this as an option
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
Sorry to be negative but thats what got me in trouble in the first place and at one stage I had severn credit cards. Never again!!! I have finished my IVA and in no way eager to get any form of card. I budget myself and and use my bank account like a military operation each month. Yes I also save so I can treat myself and my lad.
I also heard that and (I am sure experts can say???) That lenders in the future dont like Captial one and other high rating cards as puts you in a high risk lending file???
You can clean up your credit file and I believe a myth that you need a credit card to get your credit file looking good. I maybe wrong and stand corrected. Live within your means thats what all the 5 years has taught me. I dont want a loan, credit card or any other form of credit. Its dangerous and I was in that dark place I don't want to be there again. It may work for other people but I break into a sweat the thought of it. Good luck.[8)]
I seem to remember Andy (I think) saying it doesn't make any difference if you have a Vanquis or Capital One card.
When I was BR I said I didn't want a credit card, but I have to say that life without one can be difficult. Up until last month I had a Vanquis card and it put a lot of green ticks on my file and came in very useful. I learned my lesson and I had a direct debit set up to pay it in full each month and I only ever spent what I knew I could afford.
it is all about living within means and sometimes the thought of getting a credit card makes peoples stomachs turn. The beauty of creditbuilder is that you avoid potentially being a victim of credit cards.
Not everyone will agree with peoples posts but is good to see peoples different views. My personal view from what I see and hear each day - stay clear of a credit card!
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
