Credit score

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joeyh83
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by joeyh83 » Wed May 30, 2018 9:55 am
Hi everyone.
I’m now in the exciting position of having made my final IVA payment and am waiting for my certificate of completion. August this year will mark 6 years and so therefore the IVA should disappear from my file.
What I was wondering was if anyone knew anything about how much I can expect my credit score to increase following this and if it is at all likely to be accepted for anything like car finance in the next year or so. Many thanks.
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kallis3
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by kallis3 » Wed May 30, 2018 10:23 am
Hi,

You will have to wait, check and make sure all records are clear. You can always do a soft search for credit if you need it.
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kallis3
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by kallis3 » Wed May 30, 2018 10:25 am
Use Clearscore - they are good for keeping an eye on things.
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Ryan
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by Ryan » Wed May 30, 2018 10:26 am
Hi Joey,

Thats great news.

You should be able to apply for most things including mortgages at the 6 year point although not all Lenders will lend at that point. Your score should increase although as you won't have taken any new credit in the past 6 years it may not be a massive jump, eveyones different on that.

Regards
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Shaun Vickery
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by Shaun Vickery » Wed May 30, 2018 10:48 am
Congratulations on completing your IVA and don't be too concerned about the credit score provided by the various credit reference agencies themselves.....lenders have their own unique ways of assessing any application you make. Just check that there are no defaults on your credit file post-dating the date of your IVA, make sure you are on the Electoral Register, and possibly take a credit card to use for every day expenditure but make sure you pay it off every month. That will all help stand you in good stead for the future :)
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MerlinL14
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by MerlinL14 » Wed May 30, 2018 7:48 pm
You may find your credit score is nowhere near as high as you may expect. You will in effect have no credit rating as there will be no history other than your utility bills. It took a few months before my rating actually started to rise. nearly a year before it was in the 'good' bracket.
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kallis3
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by kallis3 » Thu May 31, 2018 8:48 am
My utility bills have never appeared on my credit record, my mobile phone does, as do my bank accounts. A mortgage will also appear on there.
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Lisa Thomas
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by Lisa Thomas » Thu May 31, 2018 2:37 pm
It might take your IP 6 months to close the case then 3 months for you to come off the register so could be 9 more months to go yet...
MortgageTips
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by MortgageTips » Wed Jun 13, 2018 4:40 pm
joeyh83 wrote:
Hi everyone.
I’m now in the exciting position of having made my final IVA payment and am waiting for my certificate of completion. August this year will mark 6 years and so therefore the IVA should disappear from my file.
What I was wondering was if anyone knew anything about how much I can expect my credit score to increase following this and if it is at all likely to be accepted for anything like car finance in the next year or so. Many thanks.


Hi Joey83
Lets be positive, I have seen clients score shoot up immediately!
You have to check the Report & make sure that the defaults, CCJs, IVA etc have the correct dates/data, as incorrect dates/data will hold you back.
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Foggy
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by Foggy » Wed Jun 13, 2018 6:48 pm
MortgageTips wrote:
joeyh83 wrote:
Hi everyone.
I’m now in the exciting position of having made my final IVA payment and am waiting for my certificate of completion. August this year will mark 6 years and so therefore the IVA should disappear from my file.
What I was wondering was if anyone knew anything about how much I can expect my credit score to increase following this and if it is at all likely to be accepted for anything like car finance in the next year or so. Many thanks.


Hi Joey83
Lets be positive, I have seen clients score shoot up immediately!
You have to check the Report & make sure that the defaults, CCJs, IVA etc have the correct dates/data, as incorrect dates/data will hold you back.


Positive or not, the reality is that the score improves almost right away --- but will continue to increase as you re-establish a history, over the next 6 - 12 months. However, scores mean squat to a prospective lender.
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