How can i start building my credit rating back up

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leighd
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by leighd » Thu Jan 21, 2010 1:20 pm
Hi i settled my IVA 1 year 6 months ago . The 6 years is up in Aug 2011. How can i start building my credit rating back up. I have a monthly mobile , but i dont know what else to do. Can anyone help

Thanks

 

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animaleyes76
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by animaleyes76 » Thu Jan 21, 2010 1:33 pm
Try going for Barclaycard classic/initial, Capital One, or the atrociously crazy apr'd Vanquis (40%ish) credit card, Aqua card etc. Use it for shopping and such like.

This obviously assumes you will pay the balance off every month in full and not get into the same mess as we all did on here!! (before we did the right thing and sorted our money problems out) ;)

http://www.moneysupermarket.com/credit- ... t-builder/
Last edited by animaleyes76 on Thu Jan 21, 2010 1:35 pm, edited 1 time in total.

 

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tiny123
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by tiny123 » Thu Jan 21, 2010 2:08 pm
I am worried about not being accepted for a credit care as this will make my rating worse.Do you know which is the best to apply for?
Thanks

 

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animaleyes76
Posts: 1207
by animaleyes76 » Thu Jan 21, 2010 2:10 pm
The one with the highest chance is probably Vanquis, but it also has the worst rates.

However, i'm not an advisor so i cant take any responsibility for anytihng that happens if you do/don't follow my advice. It's only a personal opinion. I've known a few of my friends accepted for it post iva which is the ONLY basis i'm recommending it.

:)
Last edited by animaleyes76 on Thu Jan 21, 2010 2:11 pm, edited 1 time in total.

 

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tiny123
Posts: 5
by tiny123 » Thu Jan 21, 2010 2:12 pm
ok thanks for your advice , much appreicated

 

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animaleyes76
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by animaleyes76 » Thu Jan 21, 2010 2:14 pm
Let us know how you get on if you do go for it :)

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 2:24 pm
Vanquis is probably ok - as long as you settle the bill in full every month then your credit rating should start to build up again.

Your bank account being up to date will help.

Have you checked your credit rating with Experian, Equifax and Call Credit? Might be an idea to do that to see what it says.

 

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tiny123
Posts: 5
by tiny123 » Thu Jan 21, 2010 2:24 pm
i will thanks

 

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animaleyes76
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by animaleyes76 » Thu Jan 21, 2010 2:25 pm
Yup, Jan is spot on.

Make sure all the CCJ's on file are the same date as your IVA commencement date. If not, wrte to all your creditors to change it to that date. :)

 

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tiny123
Posts: 5
by tiny123 » Thu Jan 21, 2010 2:27 pm
Hi Kallis
I have checked it with experian and it was in the poor catergory,i never go overdrawn,my mobile is always paid on time as well. I am just worried about them accepting me

 

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TheMatrix
Posts: 2171
by TheMatrix » Thu Jan 21, 2010 6:50 pm
We will all have problems obtaining credit until all the defaults and IVA are removed so the best thing to do would be to make sure the default dates are correct and then wait for the whole lot to drop off your credit file after 6 years.

In the meantime, I know vodafone report to the cra's every month that my payments are on time ;-) that will help in starting to build a good history in the meantime.

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 7:06 pm
Tiny - have you checked to see that any defaults registered after the date of IVA approval have been removed? If not, you need to write to the creditors to get them removed. That will help your credit rating.

Your bank account should also report to the CRA which will help, as should a mortgage if you have one.

 

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tiny123
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by tiny123 » Fri Jan 22, 2010 2:25 pm
Hi just to let you know i applied for a Vanquis card and was accepted (at a stupid interest rate might i add). But at least i have , so hopefully when i pay the full balance every month this should help

Thanks for your help

 

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animaleyes76
Posts: 1207
by animaleyes76 » Fri Jan 22, 2010 3:35 pm
Good stuff.

Glad to hear that it worked out for you :)

 

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MP1965
Posts: 70
by MP1965 » Fri Jan 22, 2010 3:38 pm
kallis3 wrote:


Tiny - have you checked to see that any defaults registered after the date of IVA approval have been removed? If not, you need to write to the creditors to get them removed. That will help your credit rating.


I thought they just had to amend the defaults to the correct date & wouldn't actually remove them? Only removed once the 6 years is up?

All mine bar 1 are the correct date (working on that 1) & debts marked satisfied, but my credit rating is still "poor" so I'm not convinced it helps!

I guess until the defaults & IVA actually drop off my file in April (yipee) I will still be deemed "poor"!
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