www.iva.co.uk

After a little bit of advice please..

IVA started may 2011 and finished August 2016, completion date on insolvency register 12 September 2016.

I have checked our credit score on the moneysavingexpert checker and my partners has increased by quite a lot, mine not as much, may be as he carried on and completed a HP agreement through IVA and has phone contracts etc in his name.

How do I go about rebuilding our ratings? I have seen people mention bad credit cards and store cards (ie argos card or Next account). I wanted to check before applying as I am worried if we are rejected this will affect our score more.

Also has anyone had any experience applying for HP after an IVA and if so how long after?

Any advice would be greatly appreciated [:)]

Hi,

Well done on completing. His rating seems to be ok - have you checked with all three companies to see if you have anything still showing default.

As regards credit cards - a lot of companies now will do a soft search so that nothing shows up on your record.

Your IVA may well still show on your credit record as it is not six years since you started and it will remain on there until the anniversary.

Your credit score means nothing really and lenders don't even see it. They go on credit history and, with the IVA still showing, it is pretty much shot. Your partners file will look a little healthier due to ongoing accounts, but, with the IVA showing, can still be considered shot.

Store card accounts aren't really looked on as a bonus in a credit history and utilities, phone contracts etc are better, long term.

Some posters here expound that the likes of Marble, Aqua and Vanquis could also be viewed with suspicion. However these cards are not just issued for bad credit applicants, but also for those with not much, or no, credit history, for whatever reason.

Have a read here:

http://debtcamel.co.uk/repair-credit-record-iva/

Your credit score can't repair properly until after May 2017.