Hi,I was wondering if anyone has taken out a new credit card before receiving their completion certificate? I have been told that Vanquis may cosider me but wondered if anyone else has done this?
Hi Allen
I had a Vanquis card a while ago before i got into trouble. If you do not pay off your balance each month the rates are so high that you end up getting stuck. I was paying the minimum each month and most of that went on interest so i ended up paying off very little. I had a balance of £1900 or therabouts and it would have taken me over 20 years to pay it off at the minimum! If you go for one of these then make sure you pay it off immediately you use it and don't get stuck like i did. I paid it off in a lump sum with some money i borrowed, but it was an absolute nightmare when i could only afford the minimum becasue it hardly made a dent.
I am sure you cannot have one while your IVA is still open, it wont help with your credit rating while you are still showing on the register and that wont disappear until you get your certificate
Last edited by Pandy on Wed Mar 27, 2013 1:35 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
look and please don't take this the wrong way...whaaaatttt you spend five years getting out of a mess and then you want a Vanquis. Honestly
live without it, or wait till six years or your CR is squeeky clean only then if you have to, get a regular credit card. And as a thought lenders fickle as they are, you may find a vanquis, is like waving a red flag cos they'll know you've been in trouble!
When you finish your IVA and your CR is clean, you get a good credit rating, there's nothing to repair, just in case you hear that old chestnut!
Vanquis gets those green ticks on your credit file doesn't it? when paid in full each month the apr is irrespective.
I take sponge's points on board but not sure how other lenders view having a vanquish card but it will show as a £0 balance so I'm assuming that can't go against you. What goes against you the name as it's the card for people with less than squeaky clean records??
As for before receiving your completion certificate, I'm not sure, and if the certificate is delayed for years for whatever reason we would want to move on surely?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Even the wrong post code will effect your cerdit rating nowdays, so I put myself in a underwriters shoes and I'll be looking where you live your life style, might even see who your neighbours are too!
As Sponge mentions ... once you have finished your stretch and you get a clear credit record, there is nothing to repair. What you need to do is build up a decent record of sensibly using credit ..... mobile phone contract, decently run bank account, that sort of thing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi everyone, Thanks for all your replies.. The point I am trying to make though is that my iva is finished and I dont need a card but would like to at least start to try to get a few "Green ticks" back onto my credit file as I maybe moving at the end of the year and hopefully plan to buy somewhere so hoped that someone else may have got the Vanqis card without getting their cerificate through. as mentioned,I am waiting to get my certificate through but who knows how long this may take with all the ppi business etc. And trust me.. I wont be going down that road again with only paying the minimum!!
What people need to be careful of is applying for credit whilst still bound by the terms of the IVA. Even though the final payment has been made, you're still bound by the terms until you receive your completion certificate. Really you should obtain permission from your IP first.
