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Topic starter
13/10/2012 12:12 pm
Iv just recently entered into a trust deed and have heard a vanquis credit card is a good way to start rebuilding your credit file, as long as its payed off every mth due to high interest. I was planning on applying for one at the end of the 3 yrs however iv been sent an application form today through the post (strange how they got my details) anyway should I apply for one and start using it for odds and ends just now or should I just hold off till end of trust deed?
f lancaster
13/10/2012 12:44 pm
I a feel a conflict with the position post trust deed. We have to build a credit standing, and to do that we have to take on debt. Hmm, I have not decided what is best to do for me, so doing nothing in the meantime. Perhaps save money and only obtain and use a card when I have the money already in the bank to pay it off? I could not go through a TD again.
13/10/2012 3:25 pm
Hi fifi.
I'm not sure whether they'll provide you with a card at this stage of your trust deed, but the only way to find out would be to apply.
The interest rates are huge so please be careful if you do get the card. There are significant dangers associated with using credit during protected trust deeds.
I'm not sure whether getting one now will make much difference to your credit status compared to getting one once you're finished.
Firewalker makes a great point about the irony involved in rebuilding a credit rating after discharge. Some people will feel that it isn't the right thing for them, though most people probably take a contrary view.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
13/10/2012 4:24 pm
It's just weird that I got it through the post after just starting it. It said I'd been pre-selected for it. Anyway I'm def a bit twitchy to use it but it wld just be for everyday things and payed on payday. At 39%apr I certainly wldnt use it for anything else. That goes for any credit card now! Thanks for reply x
f lancaster
14/10/2012 11:05 am
I would advise against getting one until the trust deed is over.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
14/10/2012 1:25 pm
Hi there. I got sent stuff like that while I was in my trust deed. I waited to I was discharged before applying. After your discharge you would have a high chance of getting one. I think being in a trust deed you really need to wonder how you ended up in one. I always felt that during my 3 years I had to suffer slightly for getting myself into that mess ie not having any credit & living within my means. I don't mean to sound self-richous but it took me a little while to realise a trust deed was the best thing I done & to learn a harsh lesson on credit usage. Sorry for going on. Good luck with the rest of you TD #128516;
14/10/2012 4:20 pm
Hi, same thing happened to me, was sent through 3 seperate letters over the course of 18 months saying I had been pre selected for vanquis visa. I am 2 years into my trust deed. The last time I applied for it fully expecting to have it refused but they gave me one with a £500 limit. I am really pleased at this as I am doing well managing financies but this provides a safety net for emergencies which was all I was missing. Each month I use it for a small grocery shop or fuel top up and pay it off a week later using internet banking.
