How do i go about building my credit rating up?

Get expert opinion. This is the place for new questions to be posted.
9 posts Page 1 of 1
User avatar
Pauld7177
Posts: 3
Joined: Mon Jan 30, 2012 9:11 pm
by Pauld7177 » Thu Jun 15, 2017 5:42 am
Hi there my final payment will be made on friday after a very long seemingly never ending 72 months. How long before i receive my certificate and how do i go about building my credit rating up. Thanks in advance
User avatar
kallis3
Forum Expert
Posts: 71187
Joined: Mon Mar 17, 2008 4:02 pm
by kallis3 » Thu Jun 15, 2017 6:20 am
Well done on reaching the end. It varies from company to company as to when you get your completion. In the meantime check all three agencies to make sure all defaults are clear. Keep things like mortgage (if you have one) and mobile phone contracts up to date as these all help.
User avatar
Foggy
Forum Expert
Posts: 22413
Joined: Fri Dec 17, 2010 11:14 am
by Foggy » Thu Jun 15, 2017 6:51 am
User avatar
Ryan
Industry Expert
Posts: 526
Joined: Thu Nov 03, 2011 10:03 pm
by Ryan » Thu Jun 15, 2017 7:34 am
As has been said already make sure all 3 credit reports are all up to date and correct and also make sure you are showing on the electoral roll as that is a major plus especially for Mortgage applications.

Regards
User avatar
Lisa Thomas
Industry Expert
Posts: 5557
Joined: Wed Dec 03, 2014 10:26 am
by Lisa Thomas » Thu Jun 15, 2017 8:34 am
Well done on reaching the end of your IVA!

You might find this quick video I made about cleaning up your credit record useful:

https://www.youtube.com/watch?v=PV4RzUY4BRM

Noddle and Clearscore are also free credit agencies to consider using:

https://www.noddle.co.uk/
https://www.clearscore.com/

Best of luck for a debt free future!
User avatar
Pauld7177
Posts: 3
Joined: Mon Jan 30, 2012 9:11 pm
by Pauld7177 » Thu Jun 15, 2017 9:13 am
Thanks everybody for your helpfull responses. Still a lot to take in but much appreciated. I done my IVA with freeman jones and can't praise their team enough as they have been so helpful. I also took out a new bank account with think money to help me budget. They have been great as well but quite pricey at £24.50 per month. I am now also going to look to change banks so that i'm not paying a fee. Anybody got any reccommendations ? Thanks in advance
User avatar
kallis3
Forum Expert
Posts: 71187
Joined: Mon Mar 17, 2008 4:02 pm
by kallis3 » Thu Jun 15, 2017 9:40 am
You could try Co-op Cashminder - do it over the phone or in a branch.
User avatar
Lisa Thomas
Industry Expert
Posts: 5557
Joined: Wed Dec 03, 2014 10:26 am
by Lisa Thomas » Thu Jun 15, 2017 10:52 am
User avatar
Andy.75
Posts: 163
Joined: Fri Oct 28, 2011 2:59 pm
by Andy.75 » Thu Jun 15, 2017 2:38 pm
My 6yr Iva ended March 2016. Completion certificate arrived May 2016. Once i had my completion cert i started to check my credit files with Noddle which is free for life. Also paid the one off £2 fee with Experian and Equifax. I had a Yorkshire bank loan that Cabot financial had bought the debt from which was showng default. So i rang Yorkshire bank and explained that it should be removed. They were actually really helpfull. The following month it was removed and all credit files clean.
Firstly I applied for a Luma credit card which was accepted with £1500 credit limit. Ive used it each month spending about £25 and paying off in full so no interest. Then i got a new mobile phone contract. 8 months later i changed my mortgage to a high street bank with a great rate. Since xmas ive also taken out a new car and purchased a new sofa from sofology. All with finance. Sounds like im raking up lots of credit but im not. My Iva monthly payment was £500. Ive taken on about £240 in credit since it ended. But ive also had a £400 per month pay rise by taking on a different role at work. Lifes really good and i still think the Iva was the best thing i ever did.
9 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 3 guests