Best Credit Card Post IVA

spriggit82

Hi all,

I was in an IVA that completed in September 2010 (will come off my credit report in Sept 2011). I am looking to apply for a small limit credit card but I was wondering what ones would be likely to approve me? Need to try and get one asap (car is playing up! grr :mad:) Has anyone who is or has been in the same situation got any advice they can give me.

Thanks

debtfree2016

Improving your credit file after IVA - Instructions!

Hi Spriggit82, above is a tread title which started on the 07.05.2011 was last updated on 18.05.2011, plenty of info in this thread that may help.

Good luck and well done

SunshineBear

While a credit file cleanup is a what most will do, I would be careful not to slide into credit card debt having just got out of it.

scarlet55

spriggit82 wrote: »

Hi all,

I was in an IVA that completed in September 2010 (will come off my credit report in Sept 2011). I am looking to apply for a small limit credit card but I was wondering what ones would be likely to approve me? Need to try and get one asap (car is playing up! grr :mad:) Has anyone who is or has been in the same situation got any advice they can give me.

Thanks

my advice......dont get a credit card....save up with the money that is now freed up from ur iva....:)

doobyden

A Cashplus card is a pre-pay credit card that's available to everyone. They charge £4.95/month but if you choose the Creditbuilder option, those payments act as a loan that if paid regularly, will be communicated to the major credit agencies. At the end of a year using the card, your score will be improved.

Might not help you pay for what your car needs right now though

FavDaughter1

Hi, understand why you want a cc, but after everything i've been through(my hubby had cards& loan i knew nothing about) i would be very scared if when the time comes he starts getting cards again. i think a great deal of discipline's needed with these cards that not many of us have!

having got yourself clear do take great care! good luck x

debtfree2016

I agree in respect of "don't go back down that road", BUT in some cases credit stills needs to be built for future purchases eg Mortgage... With all that you have learn't over the period of having an IVA you should be able to manage this.
Although you do mention that this is for a car which is slightly different in trying to build credit for the future. If its for the car you may be better saving the best you can than applying for any form of credit card ot loan.
Good luck

Mokey76

I am also in a similar position. The IVA has come off my credit reports, so now I need to re-build my credit rating. Eventually myself and my partner would like to get a loan, but I need something short term to build my credit up. My partner has got a credit card through Vanquis(?), but I'm not so keen to go down that route. I don't want a credit card in case I have a 'bad day' and go on a spending spree that I couldn't afford to pay back and then I'll be back on my to having spiralling debts. So I'm looking for another solution to my problem? I was wondering if something like Bright House could help? Does that get added on to you credit report? Not that I'm sure I want anything they sell? Is there something similar?

And to pre-empt any criticism. Although I feel that I could go wrong with a credit card, I don't feel that I would with a loan as it is a set amount and we know we have the spare cash to pay it back. And no, saving up isn't an option as we need the money to move and saving would take too long.

spriggit82

Hiya - bit of an update, my car has now completely died on my way to work this morning! I need to get it to a garage and get it fixed but I have no savings. Need my car to get to work (work in the middle of nowhere) Was thinking of trying to apply for a card this weekend and see how I go. As you have all mentioned I do not want to get back in the spiral of debt but aiming to use the card (if I can get one) as a short term loan (eg 3 months)
In terms of card wasnt sure what one to go for - either Capital One or Vanquis? Any suggestions?? I only want to try once so it doesnt damage my credit report. If it gets declined then ill just have to go without my car and see if I can catch a lift....

FoggyBrain_2

Monkey 76 -- Doobyden's cashplus card mentioned above sounds the sort of thing you need .. pre paid so you can't overspend.

spriggit82

Nearly forgot - in regards to using the funds to save up for my car the extra money I did have now goes on rent (rent cost increased considerably - nice!!) x