How quickly our credit score will start to improve?

[Vicki.20]

So our iva is due to drop off our credit file in a week how quickly should we expect our credit score to start improving?

[Ryan]

Hi Vicki,

There's no specific answer to be honest. Your score should improve when the IVA falls off however, the fact that you won't have had any new credit in the last 5 or 6 years may well mean that you have quite a low score due to that.

For us when we are looking at Mortgages the actual score isn't too important the most important thing is that all your credit reports are clear.

Regards

[Foggy]

As Luluj says -- it varies from person to person -- but you can help it along by making sure that all the facts, figures and dates are correct.

Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

And also have a look at my last few blog entries using the link in my signature block below.

[Shaun Vickery]

The key to improving your credit report will be 1) Making sure that no defaults etc. for debts included in your IVA POST-DATE your IVA (that way the will also fall off automatically), 2) Check that you are on the voter's roll, 3) Obtain a credit card and use it for everyday purchases BUT MAKE SURE YOU SETTLE EVERY MONTH. As Ryan says, the score provided by the credit reference agencies is only a guide however. Lenders all have their own various ways of assessing whether they should lend.