www.iva.co.uk

Hello, hoping you guys can help - We have finally been given our completion certificate/report and our IVA is now complete, which we are very happy. Can anyone advise how we go about getting our credit score in order, i am looking mainly to remortgage and a better deal to reduce the monthly payment but assume i need to wait until IVA removed from credit report. At the moment cant even get my 15 year old daughter a phone on contract........... Any advice very welcome

Your score may not improve significantly until 6 years after the IVA began and it's at that point (unless you settled the IVA relatively early) that we can look at re-mortgages with High Street Lenders. Make sure to check all 3 of your credit reports (Experian, Equifax and Callcredit/Noddle) as different Lenders subscribe to different reports. Feel free to contact us to look at your situation.

Regards

Have a read here as well as the last couple of entries in my blog ( link in my sig. below) : https://www.iva.co.uk/what-does-an-iva- ... dit-record

You might find this quick video I made about cleaning up your credit record useful:

https://youtu.be/PV4RzUY4BRM
Noddle and Clearscore are also free credit agencies to consider using:

https://www.noddle.co.uk/
https://www.clearscore.com/

Thank you all for your help

My experience is that it will take a bit longer than the 6 year drop off point. I found that because I had absolutely no financial history after the 6 year point that my score took a while to actually show any increase at all. It was close to 1 1/2 years after the 6 year point that my score started to raise, although it did get higher each moth quiet considerably. It is now close to excellent and I have good solid history behind the score and I believe the history is better than the score when being looked at by potential creditors.

MerlinL14 wrote:

My experience is that it will take a bit longer than the 6 year drop off point. I found that because I had absolutely no financial history after the 6 year point that my score took a while to actually show any increase at all. It was close to 1 1/2 years after the 6 year point that my score started to raise, although it did get higher each moth quiet considerably. It is now close to excellent and I have good solid history behind the score and I believe the history is better than the score when being looked at by potential creditors.

Merlin is, of course, correct --- all the potential lenders see is history --- not a "score" and a "clean" history, after an IVA, tells it's own tale.

Robbo99 wrote:

Hello, hoping you guys can help - We have finally been given our completion certificate/report and our IVA is now complete, which we are very happy. Can anyone advise how we go about getting our credit score in order, i am looking mainly to remortgage and a better deal to reduce the monthly payment but assume i need to wait until IVA removed from credit report. At the moment cant even get my 15 year old daughter a phone on contract........... Any advice very welcome

Hi Robbo
Not all lenders make their lending decision based on your credit score.
Some adverse credit friendly / low credit score friendly lenders take a more Individual approach.
6 years after registration, great options;
3 years after satisfaction very good options;

I just got an email off Clear Score about credit scores and records. Below is the main points that they see as key to remaining a good credit record.
Not my work so I cite Clear Score:

Key factors that could affect your score

The age of your accounts
Lenders like to see signs of stability. So owning a credit account for a good length of time shows that you are safer to lend to.

Paying off your debt
Missing or late payments will be marked on your credit report and are likely to have a negative effect on your credit score.

Frequent credit applications
Many credit applications in a short space of time can make you look desperate for credit, so try to keep applications to a minimum.

Credit utilisation
Keeping your credit utilisation below 50% shows that you can effectively manage your money and aren't too reliant on credit.