Page 1 of 2
Posted: Tue Mar 08, 2016 1:54 pm
by Eggs are ace
Just had confirmation via email that my IVA is now closed and my CC will be sent shortly,
So thinking of rebuilding my credit score(with the ultimate goal being obtaining a remortgage to get a better deal) I know I have to wait the full 6 year before the IVA drops off, but can I now apply for a credit card(like Vanquis or Aqua)?
cheers and thanks for reading! its been a long road but finally there!!
Posted: Tue Mar 08, 2016 2:14 pm
by MrsR
Hi there,
Congratulations !
When our CC arrived we applied for a vanquis card each, and have been using these wisely to rebuild our ratings.
Our IVA's don't drop off until 2018, but we have seen an increase in our rating on the credit reference sites already through using these, so I would say it doesn't hurt.
Good luck
Posted: Tue Mar 08, 2016 2:33 pm
by grimswold
We also have Vanquis and I have seen my rating rise each month. Settled mine as F&F mid November, CC the week after. Everything is done and it's good seeing the results and changes. I complained that Lloyds hadn't marked something as satisfied, and I got £100 compensation for it which was great as ours not 6 years until 2020
Posted: Tue Mar 08, 2016 3:01 pm
by Shining
Posted: Wed Mar 09, 2016 9:17 am
by Lisa Thomas
You might find this quick video I made useful:
https://www.youtube.com/watch?v=PV4RzUY4BRM
Noddle and Clearscore are also free credit agencies to consider using:
https://www.noddle.co.uk/
https://www.clearscore.com/
Posted: Wed Mar 09, 2016 1:56 pm
by Eggs are ace
Thanks for the replies,
Got myself a Vanquis card, all sorted, just need to rebuild now!!
Seems really strange having a credit card.........I wouldn't have got one if I didnt need to, but hey ho!
Posted: Wed Mar 09, 2016 3:44 pm
by Lisa Thomas
Hopefully your credit will start building back up quickly.
Posted: Thu Mar 10, 2016 3:29 pm
by Shining
I got myself a Vanquis post IVA and paid it off each month as then the APR is negligible - I now have a bank credit card but keep the Vanquis (just in case)
Posted: Thu Mar 10, 2016 9:32 pm
by hubert
I often worry that a vanquis card on my credit file, even a well managed one, is a warning flag.
Nobody in their right mind with a good credit history would get a vanquis card so doesn't it ring warning bells?
I also think that about debt that was sold on so I may show a historically settled account that looks fine except its for a debt recovery company.
Thoughts anyone?
Posted: Fri Mar 11, 2016 9:24 am
by Lisa Thomas
Oh - whats wrong with Vanquis cards?
Posted: Fri Mar 11, 2016 9:33 am
by kallis3
I personally don't think there is anything wrong with them. People just starting out on the credit ladder might consider one - doesn't mean to say they are not credit worthy in future.
Posted: Fri Mar 11, 2016 9:56 am
by Lisa Thomas
even if they have a negative reputation it sounds like they are doing the trick for people - they could always look to get a different card once they have used it to rebuild their credit rating.
Posted: Fri Mar 11, 2016 10:10 am
by bombshell
I applied for an 'Aqua Classic Credit Card' and it gets paid off in full every month. They specialise in credit rebuilding.
They also offer a free access to noddle credit report and you can see it update every month...
Posted: Fri Mar 11, 2016 10:53 am
by kallis3
You can check Noddle for free anyway.
Posted: Fri Mar 11, 2016 11:25 am
by Foggy
The likes of Vanquis are useful for anyone building a credit history, as well as RE building one. But, to be honest, many have gone straight to high street providers once the credit report is clear of the IVA.
Personally I am not bothered as I don't intend to get credit again and my Vanquis limit of £1000 is more than enough to cope with an emergency, should it arise.