I dont really know Poppy, let's hope one of the experts picks this up and can offer some advice on credit reports. Though, logically, if there are no defaults or judgments, then it should surely look and be judged as being in good order, whatever is or isn't on it.....
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Experian say that their credit scoring is an attempt at best representing the varies multitude of scores as said and a 999 score in real life means little and is just an appetiser to get people interested in paying for reoccurring subscription. ...it is an industry.
A long distinguished lending history and no default or fraud are 3 key attributes all you need to count on. After an iva there is no lending history 6 years before which lenders are obessessed with in deciding that big loan. That is when the credit score looks extremely flaky. Experian does not hold lending history data.
999 score after an iva still means mortgage rejection from high street lenders.A CC you can
get and a no brainer.Put it in another way...
An ex iva record as it is not completely expunged can mess up any score even worse over ride it. An iva is a scar that take a decade to fade out from all records
Last edited by nonewdebt on Thu Sep 19, 2013 9:22 am, edited 1 time in total.
Hi Poppy1 - if you are considering applying for a career development loan I would suggest going to one that uses the credit ref agency with your best score as you will be more likely to get accepted based on that criteria. Which one says excellent?
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Credit scores provided by the credit reference agencies are only indicative of your overall credit record and, although there are exception, most lenders disregard the score itself and take account of the actual content together with lots of other information to create their own credit score. Using a credit card for everyday purchases and making sure you settle it every month is a great way of improving your score as it proves that you are able to manage credit.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Hi all - thanks for the advice (much appreciated). Experian was the one who says excellent, Equifax is fair and Callcredit is poor. I have to get Callcredit to update some details.
I have just got a cash plus prepaid card, apparently you can add a credit builder function to it. Is it any good? I hate credit cards and am not inclined to go that route - although I get your point about demonstrating how you can manage credit. Does the fact that I paid my IVA faithfully on time very month for the 5 years of its term count for anything? And that I've not been borrowing anything for 6 years?
Hi Poppy, your IVA payment history is not reported to credit reference agencies so unfortunately it doesn't help to improve your score but we do argue this point with lenders all the time - to our mind it demonstrates better than anything else that you can manage your finances! The way credit scores work is that if you don't have credit you can't get brownie points for paying it back, hence during the IVA your score may deterioriate. I'll be honest and say I'm not sure about the prepaid card with credit builder function, not my area of expertise.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Out of interest, what is a good mortgage company for people who've been in IVAs? (NO, I'm not looking for one for at least 2 1/2 years when I've finished MA and got steady full time job again). I've just turned into a forward planner!
