Post IVA credit

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Rickne
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by Rickne » Sun May 20, 2018 10:43 am
Hello forum. Been a while since I completed early and I'm getting happier every month with more money in my pocket.

Anyway as expected my credit rating is poor. About 500 fairy points on experian and clear score is less which I think draws from equifax. Not helped by the fact I recently changed address and place im registered to vote which took it down further.
Am I best just waiting this out till the final "after IVA" year is up before getting a small credit card? I'm confused a bit as wondering as I finished after 4 years, do I need to wait 2 years till I'm clear or is it only 1 year after the completion? Thanks.
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Foggy
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by Foggy » Sun May 20, 2018 11:25 am
Rickne wrote:
Hello forum. Been a while since I completed early and I'm getting happier every month with more money in my pocket.

Anyway as expected my credit rating is poor. About 500 fairy points on experian and clear score is less which I think draws from equifax. Not helped by the fact I recently changed address and place im registered to vote which took it down further.
Am I best just waiting this out till the final "after IVA" year is up before getting a small credit card? I'm confused a bit as wondering as I finished after 4 years, do I need to wait 2 years till I'm clear or is it only 1 year after the completion? Thanks.



You will be "clear" six years after the start, regardless of completing early. The jury is still out on getting n adverse credit card -- I did, and it might have helped establish a "history", but I am aware that creditors recognise these cards as credit builders and see tham as such ... giving a clue to past history. As soon as my 6 years were up my bank offered me their credit card to replace the Vanquis. So, maybe, it didn't do that much damage -- it is anyone's guess !
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J5453
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by J5453 » Sun May 20, 2018 2:29 pm
Can I just piggy back on this one?

My Iva completed last month and my 6 years were also up at the same time.

My IVA is still showing on credit file and IR.

With credit building in mind, my bank states that I must not have been declared bankrupt, or had a CCJ or IVA WITHIN LAST 6 YEARS. So I read that I must wait another 6 years after dropping off. Is that right?
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J5453
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by J5453 » Sun May 20, 2018 2:30 pm
Meant to add before applying for their everyday credit card.
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Foggy
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by Foggy » Sun May 20, 2018 2:48 pm
J5453 wrote:
Meant to add before applying for their everyday credit card.


I would read that as being six years after the end of the IVA -- which bank is it ?
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J5453
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by J5453 » Sun May 20, 2018 2:50 pm
It’s with Santander.

That’s how I took as too and wanted to make sure.
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Foggy
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by Foggy » Sun May 20, 2018 3:19 pm
J5453 wrote:
It’s with Santander.

That’s how I took as too and wanted to make sure.


You won't be limited to your own bank for a CC --- After one with Vanquis, I got one with the Post Office (once my files were clear)
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kallis3
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by kallis3 » Sun May 20, 2018 3:37 pm
Most companies will do a soft search which won't show up on your credit records.
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Lisa Thomas
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by Lisa Thomas » Mon May 21, 2018 8:34 am
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/
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Ryan
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by Ryan » Mon May 21, 2018 4:41 pm
I read that as 6 years from the end date also - Santander aren't the most helpful following an IVA sadly.

Regards
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J5453
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by J5453 » Mon May 21, 2018 6:00 pm
Thank you everyone for replying.

I’ll have a look at the credit cards that start me back on the straight and narrow, with the smallest possible limit to just pay for petrol and then pay it off in full.
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