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Posted: Wed Sep 07, 2016 9:54 pm
by Charles.abc
I finished a 5 year IVA last October, so just coming up to the 6 year mark and have never been overdrawn at the Cooperative bank who I switched too 6 years ago. I haven't had any debts since I took out the IVA. I need to buy a new vehicle for work( having run the last one into the ground during my IVA). I need to borrow £5000. If I applied to the Cooperative bank what are my chances that I would get approved? I don't want a rejection on my file when I am trying to rebuild a credit rating
Posted: Wed Sep 07, 2016 10:03 pm
by kallis3
Hi,
Have you checked your credit record to make sure any defaults have been removed?
Posted: Wed Sep 07, 2016 10:17 pm
by Andy.75
Hi
Im in a very similar situation. My Iva ended in March 2016 but it was a 6 year one. I waited till i received my completion certificate which arrived in May. I have checked my credit file with Noddle (free) call credit (free) and also paid the £2 one off fee with Equifax and Experian and all is clear. I applied and was accepted for a Luma credit card in June to start building my credit score up a bit. I spend about £100 per month and pay off in full.
I've had my car 9 yrs and im having itchy feet about getting a loan for a new one but I'd rather try and get one from a main high street bank so interest rates pretty low but im afraid to apply incase its refused and then it may tarnish the good work I've done so far with my credit file.
Let us know how you get on if you decide to apply once your 6 yrs is up
Posted: Wed Sep 07, 2016 10:25 pm
by andrea1968
many companies offer a soft search, experian let you know your chances of getting a loan before you apply, thus keeping your credit file clean.
Posted: Thu Sep 08, 2016 3:48 am
by luluj
If it were me I would wait until all reference to your iva was off your credit files.
I used a broker and was honest with him about past iva and they got finance agreed through a dealership all ok.
We also used Ford finance and all was approved too.
Posted: Thu Sep 08, 2016 10:20 am
by Lisa Thomas
I agree to wait for the 6 year mark to pass and then clean up your credit file otherwise you may damage it further.
You might find this quick video I made about cleaning up your credit record useful:
https://www.youtube.com/watch?v=PV4RzUY4BRM
Noddle and Clearscore are also free credit agencies to consider using:
https://www.noddle.co.uk/
https://www.clearscore.com/