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Posted: Wed Sep 17, 2008 1:19 pm
by Ian C
Just a quick one!! When our IVA is complete we will hopefully try to get back on the property ladder. How does our credit rating fare when we finish?
Posted: Wed Sep 17, 2008 1:21 pm
by LoneRanger
pretty rubbish. It will stay on your credit file for 6 years after the date of your creditors meeting and then you will have to rebuild it again.
Posted: Wed Sep 17, 2008 1:23 pm
by chegs
The information I recieved was once the IVA has been completed or a year after the completion date , your credit rating is clear. However this is all new to me so I may be wrong
Posted: Wed Sep 17, 2008 1:24 pm
by LoneRanger
It will be clear of the IVA but you will need to rebuild your credit rating
Posted: Wed Sep 17, 2008 1:24 pm
by Ian C
As our IVA lasts for 6 years and we have a year to sell the house before it kicks in we should be ok!!
Posted: Wed Sep 17, 2008 1:26 pm
by plasticdaft
Your credit rating may be CLEAR,but it will also be pretty non existant ie,no history of any borrowing or paying back,this alone will hold you back. You may have to spend some time rebuilding a history that lenders can see,to make a decision on lending or not.Things like the vanquish credit card(really rubbish apr) but if you just use it and pay the balance in full each month,can help to rebuild your file in a positive way.
Posted: Wed Sep 17, 2008 3:48 pm
by Skippy
Most bank accounts (including the Co-op Cashminder and Nationwide Flexaccount basic accounts) report to the credit reference agencies, as do mobile phone companies if you have a contract mobile. All of these will help to rebuild your credit rating.
Posted: Wed Sep 17, 2008 3:55 pm
by angelrainbow
Skippy, or anyone, do you know if the Halifax EasyCash also reports to the CRAs?
Posted: Wed Sep 17, 2008 4:03 pm
by Skippy
I'm not sure to be honest, hopefully someone else will know. I'm sure I read somewhere that all the banks will report to the CRFs eventually though.
Posted: Wed Sep 17, 2008 8:06 pm
by Soulgrowth
The Cashplus card also has a creditbuilder facility ... I've just applied for the facility to be added toie mine. Not sure how useful it will be.
Debbie
Posted: Sat Nov 22, 2008 8:52 pm
by TheMatrix
Make sure any defaults are also marked with the date of the IVA creditor meeting, some creditors have marked mine with a default date up to 6 months after my IVA was approved on checking
www.annualcreditreport.co.uk but I will sort that out in the year after the IVA is completed.
That way 6 years from your creditor meeting date everything will be removed and you should be able to apply for a mortgage ok.
Posted: Sat Nov 22, 2008 10:41 pm
by Skippy
I would recommend checking all 3 credit files, Experian, Equifax and Callcredit rather than just Annual Credit Report - they buy their information from Callcredit, who are the most unreliable of the 3 files. Also, you will probably find that some creditors don't report to all 3 agencies so it's best to make sure you've got them all!
Posted: Sat Nov 22, 2008 11:46 pm
by wen
Soulgrowth, I have the 'creditbuilder' on my cashplus card too. My opinion is that it can only do it some good!!
Posted: Sun Nov 23, 2008 12:03 am
by olympic_torch
I can only speak for the old gits on here, or maybe only for myself.
When all this is over. If Brian Credit from Creditchester says "Have some credit", i will politely say, "No thanks Brian"
Posted: Sun Nov 23, 2008 1:34 am
by TheMatrix
Skippy13 wrote:
I would recommend checking all 3 credit files, Experian, Equifax and Callcredit rather than just Annual Credit Report - they buy their information from Callcredit, who are the most unreliable of the 3 files. Also, you will probably find that some creditors don't report to all 3 agencies so it's best to make sure you've got them all!
I agree, but it does show what's recorded with them and its a free annual service. And right now my rating is worse than the gutter. So no need for anything just yet and will ensure all 3 agencies are updated post IVA.