Hi all I was in IVA for about an year and half and completed it by Full and Final payment abou two years ago.
I do not know what my credit rating is, I am thinking of applying for a credit card to improve credit rating.
I am wondering whether it better to check my credidt rating before applying.
Recently I received a form with out my request from Vanquis,I am tempted to apply, but I wonder if it is worth checking credit rating before applying?
I have noticed a TV advertisement by LUMA credit card, does any one know about it?
Any suggestions?
Hara.
Hi, you can get copies of your credit reports from each company for £2 a go. Better to check and amend anything that needs doing before applying for any credit -- as refusals will show on the record for all to see.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's always worth checking that your credit record is correct after an IVA/Bankruptcy or in your case that all the default dates are correct as the 6 years is not yet up.
Personally I applied for a Vanquis Card 2 months after completion with the IVA and all my defaults and a rubbish credit score and I was excepted with no problems.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I checked on Experian and refusals don't show on that credit report. The application will show, but not if it has been successful or not. The following is copied from Experian:
Credit reference agencies are not told which credit applications are successful and which are not. So the fact that you have been refused credit is not recorded on your credit report.
What is recorded is the fact that a lender looked at your information (with your permission) when you applied for credit. This ‘footprint' will show the date of the credit check (known as a search), the name of the organisation you applied to and the type of credit you applied for, but not whether your application was granted or refused.
True Skippy ---- but it doesn't take Einstein to figure out that if you have, say, 6 searches in a short period and no new accounts you have been turned down.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yeah, that is one of the triggers that may put off a lender. I think that's why vanquis say if we reject you don't even try again for 6 months but if they reject you that could also be a red flag that something is wrong with your credit report so go have a look as well.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
But don't forget that some people will apply for credit and then decide not to go ahead with it - I did it myself back in the days when I could get credit! I don't mean people with a lot of searches, but those with just one or two.
