Hello again it’s been a while, i had a full and final figure accepted in may 2018 shortly followed by the certificate hooray.
It will be 6 years in August so hopefully it will drop of my credit file, my question is will my credit score go back to 0 or is it still worth my while getting my score as high as possible prior to the 6 year anniversary I just want the best possible chance in order to move house sell and buy again.
Have a word with our mortgage experts Ryan or Shaun for some advice. Details under the expert link.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your score will remain low until the IVA and the defaults all drop off, then it will increase overnight. However, your score means very little to a lender, in fact, they don't even see it. It is merely an indicator for you to guage your credit worthiness against others. Potential lenders see you history --- what you have borrowed has been safely within your means and that you have paid back loans as agreed.
When your IVA drops off and those defaults, your credit history will be effectively blank and most lenders will have a guess at why, So, you need to do two things: 1) build up a history and 2) approach the right lenders.
Might I suggest a chat with Ryan and / or Shaun. They are two whole of market brokers who post on here and have helped many ex-IVA'ers get mortgages at "High Street Rates".
Their details can be gleaned from their member profiles:
The Lenders have their own credit scores so the actual scores on the individual reports will be different to the Lenders. The important factor for us is that the 3 credit reports are clear at the 6 year point, we can then look to use High Street Lenders.
IVA Mortgage Expert
Zebra Money Centre