how long do i have to wait to try to apply for a credit card

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1

william704

User avatar
Posts: 2
Joined: Thu Sep 21, 2017 5:36 pm

Post by william704 » Thu Sep 21, 2017 5:36 pm
hi
i have had my full final offer accepted
i havent got my receipt yet
how long do i have to wait to try to apply for a credit card with a medium limit on it

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Sep 21, 2017 5:56 pm
It would be better to wait until you get your certificate and come off of the Insolvency Register ... better still to wait until your credit file clears. I applied, and was accepted, for a Vanquis card after coming off the Register, but while the IVA was still on my credit files ... some others have been refused. It isn't always just down to your history, but the lenders targets also come into play and they get more receptive when they need to "make up the numbers". If you appy and get refused wait a while before trying again as you don't want clusters of refused searches cropping up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

User avatar
Forum Expert
Posts: 77172
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 21, 2017 6:28 pm
Agree with Foggy - I would also say that you do a 'soft search' first so that no other creditors can see if you are turned down.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Fri Sep 22, 2017 8:14 am
When did your IVA start?

In addition to getting your CC and coming off the register you will need to wait until 6 years has passed since the start.

You might find this quick video I made about cleaning up your credit record useful:

https://youtu.be/PV4RzUY4BRM
Noddle and Clearscore are also free credit agencies to consider using:

https://www.noddle.co.uk/
https://www.clearscore.com/
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Imhotep

User avatar
Posts: 382
Joined: Sun Aug 01, 2010 11:36 pm
Location: United Kingdom

Post by Imhotep » Sat Sep 23, 2017 8:59 am
The Insolvency Register will take three months before your name is removed.

We completed on August 4th and I'm still on there.

FWIW our IVA was over six and a bit years (81 months I think it was). So all defaults dropped off our records within a few days of completion.

Clearscore, Noddle Equifax etc. update monthly so this can also take a few weeks.

This morning my Clearscore rating jumped by 105 points to a whopping 493.

I'm waiting for the Insolvency Register to update before I get a new car though.

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Sep 25, 2017 9:41 am
Just to add you may have to wait 6 months for your CC then 3 months to come off the register so up to 9 months...
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”