My IVA ended approx 16 months ago and most items have now come of my credit reports. However I find it impossible to get credit. I am looking for any credit facility that will help repair my credit rating but continually get turned down. Can you advise what I should do to help repair my credit rating?
Hey paul, welcome to the forum. Congratulations on completing your IVA. A few people have suggested getting a credit card with a small limit and paying it off every month but as you can't get one I'm not sure what to suggest. Apparently your mobile provider reports to the credit agencies and someone else, but I can't remember. Please wait for someone who has a clue to advise you![:)] X
The problem with credit status after an IVA is that it will be as good as that of a 16 yr old as the file has nothing in it to warrants a lending decision based on previous lending redemption.Cyclically,getting a creditcard would also be a problem as that relies on checks on the file.There are the 30% apr credit builder cards that C1 use to offer... and Mortgage securing impossible for many many years using those cards that incrementally improve your credit....it could take 5 years. And as the subprime lenders all but vanished.....nothing we can do about it. The negative side effects of an IVA or Bankruptcy that no one can address
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
One of the really high rate credit cards(vanquish is one of them) that even bank robbers and fraudsters can get,used sparingly and paid off in full month after month can help. Make sure you are on the electoral role also.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Vanq card charge something like 110% APR.....C1 have withdrawn their 30 APR cards due to credit crunch.
This way to built credit rating is far too slow, and you may even have to also do HP to increase your rating...and effectively go back to credit to get credit to prove you are good for credit.....a tautological and obtuse principle
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
I forgot to add that 50 years ago you go and see your Bank manager to talk about a loan, and he would chat and talk to you about your needs. Credit files didn't exist and the manager will have your I/E history....in theory you could have borrowed nothing till you are 40 and the Bank will not refuse you as your file is empty......now a computer say loan refused as you have no 'lending history'. An invention of the financial services in anglo-saxon econmies...doing people no favours.
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
In reply to one of your previous posts NBNA, about having the credit of a 16 year old, my daughter was able to buy a laptop on credit when she was just over 18, only working part time whilst at Uni, and with no other credit. And the same company still keeps on phoning her to offer her loans.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Kallis, I recalled getting credit when I was 18 in 1983 with a student grant..,,and offered a access card. So how did I manage that.....like your daughter young people embarking on the credit buiding trek.
But after an IVA though a wafer thin credit file reset to zero for a much older person is considered problematic not to mention that there is a clue in the file that the person has been on an IVA. There is a correlate between age and credit factors that we don't know about but like you said, it wouldn't stop a young person but will stop an ex iva person getting credit which the original poster has confirmed. Its not B & W but ex iva people will have more difficulty getting credit than a 16 yr old.
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
