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Post IVA Credit Rating

13

Comments

  • bloc75
    bloc75 Posts: 90 Forumite
    Part of the Furniture Combo Breaker
    £2 a go? I may have a look at that.

    So you recommend I get one of those Vanquis cards to build my credit rating up again?
  • As long as you pay it off every month, so as not to get stung with interest it will add to a good credit record. Use it for just one thing you would be buying anyway, like petrol ..... and .... pay it off.
  • bloc75
    bloc75 Posts: 90 Forumite
    Part of the Furniture Combo Breaker
    have applied. Will wait and see what happens.
  • Foxy-Stoat wrote: »
    SKMBT_C25011111513210_01.jpg


    Essentially those green boxes are the monthly "green ticks" that you speak of. ;)
  • Yerp! Correctomundo
  • bloc75
    bloc75 Posts: 90 Forumite
    Part of the Furniture Combo Breaker
    OK have been accepted on this Vanquis card. Also comes with access to my Credit report online, so I should be able to see where these green boxes are coming from.
  • Onward and upward :-)
  • bloc75
    bloc75 Posts: 90 Forumite
    Part of the Furniture Combo Breaker
    Yep, I spend about £200 a month on fuel, so I am going to use the card for that. Will help me track my usage too.

    Also say for example I want an iPad or something. my limit is £500. I have the cash or the money available in my bank. But to help the cause I use my credit card, and then instantly pay it off from my bank, Is that allowed?
  • Yes, that will be OK -- but be very disciplined about paying it off. Personally, I think the petrol spend alone will be okay (easier to keep track of too). We don't want to be off down the slippery slope :-)

    One plus point about, say, buying your iPad and then paying it off, is that you get protection from the CC company if anything goes wrong.
  • bloc75
    bloc75 Posts: 90 Forumite
    Part of the Furniture Combo Breaker
    well yes I don't plan to take the michael with it. I know that it is a vehicle for me continuing down the road of getting back on track.

    Since I took on my IVA my bank allowed my a 2k overdraft. Crazy isn't it? Shouldn't have let me, but it happened etc. So the £200 I was paying back to the IVA per month is now being used to pay off my overdraft, so it should be cleared in about 4 months, which I guess is also a positive right?
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