www.iva.co.uk

My last payment of my iva is on 1st March and then I will be looking to re-build my credit score. I don't really want a credit card but realise that is one of the ways that can help. If I did get one it would be with the intention of paying it off at the end of the month so interest rates shouldn't be an issue. Can anyone recommend a good one to use please or are there other ways that can help me?

Thanks

Hi Janey - brilliant that you are so close to the end!!

You will need to check your credit reocrd to make sure that any defaults recorded after the date of IVA acceptance have been removed. If not then you need to write to the data controller for those creditors and tell them to remove them.

As regards a credit card, try Vanquis - they're pretty good.

vanquis or granite card(also by vanquis but lower apr),seem to be the favoured ones. Congratz.

Paul

Until your IVA is removed from your credit score and all defaults are removed it is very unlikely you will be able to re-build your credit score that much. But things like maintaining your bank account, being on electoral role, having a mobile phone contract etc will help.

We have been out of our IVA over 12mths now, but have been refused a bank account upgrade due to the iva on board still despite evidence of 3 years of maintaining a bank account, two mobile phone contracts electoral role and a catalogue will zero balance. Reason we were given was the IVA on record till 2013 and the defaults not due to fall off till then.

If you can manage without I really would think twice about a credit card ... We have a pre-paid credit card and add to it each month so it is there for emergencies !

I've just checked my record via the free Annual Credit report although I have paid for the extra (only a fiver) and three of my creditors have now put me down as defaulting and one as being in a DMP.

I'll sort mine out once I've finished.

If you can get a credit card then as long as you pay it off in full every month it will build up your credit rating.

Thanks for the information. I don't actually want a credit card I just thought it might help with credit scoring. I only have a co-op basic bank account but that does pretty much everything I need.

I really can't wait until it finishes now, can't believe how five years has nearly come to an end and so quickly. I paniced this morning when I got a email to contact my case manager only to be told it was a mistake - phew!!

Is it actually the case that if you pay off a credit card in full every month then your rating increases? Surely the credit companies want you in a little debt or else they don't earn money from you?

Komakino,what it will show on file is a record of regular monthly payments which shows a more positive picture of you and your borrowing.

Lenders wouldnt be too bothered by seeing no oustanding balance,as the card would be getting used,they would see the most important bit,regular on time payment.

Paul

OK...makes sense.

Hi Janey - great news you are so close to the end of your IVA roll on March!

There are plenty of good websites on the net showing ways of improving your credit record and having some kind of creit where you are making rgular payments is one of them - of course paying it off each month is preferable otherwise you'll end up back at square 1. Moneysavingexpert show good cards to go for. Also you could look at a mobile phone conract if you are currently PAYG, and paying insurance on a monthly basis although this usually incurs a slightly higher premium. Of course all of this is only possible once the debts have been satsified and the IVA is off your record which if you have only gone 5 years will be a further 12 months from the end.

Let us know how you get on.

Regards,

none of our insurances show up on the credit files,just in the searches made by so and so a company section.

Paul

My insurances have never shown up either - as you say Paul it just shows the searches but these are not visible to any other creditors as they are usually just to check your address.

I've been out of my IVA for 18 months, and only recently managed to get a Vanquis card, despite being on the electoral roll and keeping all payments on everything up to date.

I hadn't checked my Call Credit record, and when I did, I found that the dreaded EGG still had me down as defaulting some 6 months after the commencement of my IVA!

So, it really is important to check all your credit files if you want to get back to normal.

I've now been able to upgrade my current account too.

The credit card is used for online shopping, and booking hotels, nothing else, and it never will be!

I still have three creditors defaulting me every month - I shall sort it out when I've finished.

If you're looking to check what's on your credit file, I'd recommend noddle.co.uk you'll get your free credit reports for life with them and they are based on Call Credit.

Perhaps known as the third CRA but still worth checking as it will give you an indication as to what needs to be looked at in future, and not cost you anything for checking.