www.iva.co.uk

Hi,

I completed my IVA successfully in March 2010, but still to date I cannot obtain any credit. Can you offer any advice on what I can do to improve this?

I recently applied for a Virgin Credit Card and got declined - I cut and paste this from the reply

'We reviewed your application using a credit scoring system which takes into account the details that you have
provided, information from the credit reference agency and our own customer experience. We believe the
decision to be correct, however you are entitled to appeal this decision if you have up to date, relevant
information.
You may wish to obtain a copy of your credit file from the Experian Credit Reference Agency. You will need to
provide your address history for the last 6 years and date of birth."

I already have a Experian account and my credit score is 806 which is fair (18/11/11).

Any frankly I'm at a loss.

Any advice suggestions would be greatly appreciated!

Thanks,
R.

Hi and welcome.

Glad you managed to complete your IVA and that should have dropped off your record by now.

However, have you checked with all three agencies to see what they hold against you?

If there are any defaults registered after IVA approval then these need to be removed.

Were MBNA one of the creditors in your IVA?

MBNA issue the Virgin cards so may havr refused you for this reason.

Also you need to remember that after six years - IVA would have dropped off - but you will NOT have any postive credit history to show - so lenders are likely to be discouraged from lending - they want to see prove of managed credit. Dont expect main stream credit right away - you have to build up a postive credit history

How long did the iva run for? Its drops off 6 years from acceptance.

Try vanquis for a card.

Paul

vanquis is the way to go

Also remember that the more unsuccessful applications you make, the less likely you are to be accepted for anything.

I am going to be completley honest here with you, I do not wish to sound mean but why in the name of christ would you want credit? have you learned nothing during your IVA?? the reason you were in an IVA is because of these b***** credit card companies! stop it, please and what you need save for then you will never have to worry about being in debt again, remember the feeling you had when entering an IVA, all the calls and letters, the hell. stay away from credit and get a b***** grip

There is nothing wrong with having a credit card post IVA as long as you pay it off every month. There are a lot of people on here who have taken credit out and are managing very well.

There may come a time when they need a mortgage and with no credit history this won't be easy.

i am just hopefully starting my iva and i cannot in a million years ever imagine having any credit ever again. i do not want to ever be within the clutches of a credit card company !! maybe ill feel different in ten years bu somehow i think not !!

I quite agree Jan. I took out a Vanquis card to prove to myself that I could manage this correctly, and strangely enough recently had to use this in an emergency when I was away from home and paid it off immediately when I got back. It felt good that I now had the discipline to do this.

That's right - as long as you are sensible and have learned your lesson then you should be fine.

Never say never!!!

I'm post IVA and have a credit card, my boiler broke down so I used it to replace it. I can't afford to pay it off right away but I've made damn sure it will be paid off by February at the latest and am working all the overtime I can to make sure I do.

Sometimes. Credit card is an essential, what else was I meant to do? I need the boiler now. I learnt my lesson and won't be using the card to go on shopping sprees and exotic holidays. it's about using credit when essential and making sure you can realistically pay them back. I even worked out what the interest would be on it before using it, something I never did before.

My rehab will only be completed when I have a credit card which I CONTROL,not the other way around!!!

Paul

I read that you should not pay a full amount off every month, as the creditors won't see it as a worthy risk taking you on, and that you should alternate the months.