www.iva.co.uk

Those who have completed their IVA and tried to increase their credit score - do you have any tips for this? I’m on the electoral roll etc but I don’t have any credit such as a house, car, phone. I will have direct debits such as Gas/electric, Water, Sky, Tv license, life insurance, Council tax.

A bit of background - I am In a joint IVA with my husband. We are separated and are
Splitting the Iva. As soon as it is split my parents will offer a F&F and will keep offering until it is accepted. Our house will be sold and I’ll be moving back in with my parents and taking some of their bills in my name so show I can pay on time etc.

When your credit report is clear of the IVA and associated defaults, try for a small credit limit credit card and use this regularly for something small -- maybe petrol --- and pay it off each month.

I had a Vanquis before my credit record cleared -- but an in two minds about having such a card reporting on my credit report as everyone knows it is a card for those with money issues ! As soon as my 6 year mark passed I got a card from my bank instead.

Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

Thank you

Is it normal for your score to not increase even slightly until after the 6 year mark?

Yea, it takes time.

I got an Aqua card with a £1500 limit just after the 6 years was up and IVA removed from credit file. Got it no problem. However a lesson learned in my previous life. Pay it off in full every month.

Foggy's credit card suggestion is a good one - maintaining other credit is a positive influence on your credit file (use it, pay it off each month, and stay well within the limit). Personally I wouldn't worry who it is with - other lenders don't tend to look (or even see) that level of detail.