www.iva.co.uk

so now the iva has finished and i'm waiting for it to drop off the insolvency register i thought i'd dip my toe in the world of credit and see if i could upgrade my bank account to one with an overdraft. applied with the bank i'm with and have been all through my iva but yet i got refused, had the letter today saying they checked using experian and something on their records said no. i register with experian and have a look and apart from my credit score being 999/999 there is nothing bad on there and certainly no mention of the iva. could it be my credit score is to high therefore ringing alarm bells?

999 is a default score for when they cannot give you an accurate one --- and is, in fact a nil score. The IVA is still on your credit file so will be the elephant in the room. Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

thanks foggy so it needs to drop off the register then and only then are you really clear of the iva? does that mean the scores will change again and reflect an accurate score?

Thu Apr 11, 2019 7:34 pmMark Bruton wrote:

thanks foggy so it needs to drop off the register then and only then are you really clear of the iva? does that mean the scores will change again and reflect an accurate score?

It has to drop off the register and then it will drop off the credit files once the 6th anniversary has passed. Likewise defaults have to pass the 6th anniversary before they, too, drop off. Then your score should improve, depending on what else might be on your record, or, just as importantly, not there. A totally blank credit record is as potentially damning as a bad one. Hopefully you have useful things there like bank accounts, utility contracts, phone contracts and you are also on the electoral roll.

As Foggy says the 999 score isn't a true reflection sadly - we've spoken to Experian about this and no-one can actually achieve a 999 score. Certainly for us though the actual score isn't the most important factor it's making sure that all 3 credit reports are clear and up to date.


Regards

More than just the score, your report also needs to demonstrate a solid history of paying back lenders. This is why it is important to have a contract phone, utility bills paid by DD and possibly a credit card that irrespective of the APR is paid back religiously every month on or prior to the due date. A good score is a placebo, as the credit companies and Banks in particular don't base any decision on the score you see.

My utilities don't show up on my credit scores even though I pay DD.

Fri Apr 12, 2019 11:14 amkallis3 wrote:

My utilities don't show up on my credit scores even though I pay DD.

Some do, some don't. It depends on whether the supplier reports to one or other (or all) of the agencies. Same applies to bank accounts.

My bank accounts show up, as does my mobile account. All credit accounts show up.

the mortgage is there and my mobile, all in i think theres 5 on experian that all say good with no missed payments. just a bit surprised when my bank refused a different account but if it's still on the register then i suppose thats why