I hope somebody can help with my confusion.
Checked my Noddle Credit Rating last month. My IVA was on there with 2 defaults and my score was 2/5. Since then I have finished my IVA and the 6yrs is up. Checked today at February's update. The 2 defaults are still there ( which I understand could be due to the banks not updating yet) My IVA has dropped off and a Vanquis Card has been added which I successfully applied for and my score has dropped to 1/5.
I'm at a loss!! Has anybody got a possible explanation?
Thankyou x
Hi - likely to be the Vanquis card. The score may improve after you make a few payments.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Noddles credit score ( indeed all the others too) is worthless. Creditors do not use scores.
Are the defaults dated correctly ? So they do drop off when expected.
With defaults on file ( indicating you cannot pay) the Vanquis card has made you more of a liability as you have the potential to get further into debt that the record shows you already cannot pay back!
When the defaults go and are replaced by payments into Vanquis ( you need to use it and pay it off each month for it to do any good) the score ( for what it is worth) should improve.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy is quite correct, but I would add that the Credit Score is worthless to creditors.
To the individual reading their credit report, it's a guide that can help you "at a glance".
However, the score is just Noddle's own interpretation of the data and not seen by the creditor. The creditor will use all the data as presented and make up their own mind.
CF scores need to be gotten right eventually after the iva.Lenders of course will assess applicants with their own additional input.
My 2 year Iva completion anniversary is up.Last update, now Noddle shows my C rating as 5/5.Took two years to get this.
A creditcard acceptance now would take a bar or two away from 5 bars on Noddle but will restore after 6 months.
You will get there.The higher score the better.Improves your own confidence in credit.
And somehow the Aqua and Vanquist cards will find us to apply for their cards.I binned their pre authorisation offers as I proved you don't need them for 5/5 rating with Noodle.
I just had normal bank creditcard.
Noddle is part of Call credit agency.You only ever need one agency score reckoning.
Last edited by TzeKin on Sat Feb 14, 2015 3:10 pm, edited 1 time in total.
capital one also is persuing new post iva customers for credit builder credit cards.I had three offers.Binned.
If the iva debt records are extinguished after the iva then they will only know whose who being on an iva if they keep track of a list of somekind.
It just goes to show that the iva record is still being kept?
Changing your address after the iva doesn't seem to make a difference.
Sucks.
Last edited by TzeKin on Sun Feb 15, 2015 2:47 pm, edited 1 time in total.
