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 Improve credit rating after IVA completion?
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amyj2323
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2 Posts

Posted - 16 Mar 2018 :  11:17:10  Show Profile  Reply with Quote
Hello I went into an IVA in May 2016 and made a full and final settlement payment in October 2017. I understand this is a full and final settlement early but on the Insolvency Register is it marked as completed but when will my name come off the Register completely?

Also is there anyway I can improve my credit rating? it is within the very poor-poor margins on my Noddle credit rating account? I keep getting letters asking if I'd like a credit card or a loan but I just get rid of them as I am not interested but just want a improved credit score before 2022! :(

IVA Adviser
IVA Expert



760 Posts

Posted - 19 Mar 2018 :  13:45:33  Show Profile  Reply with Quote
Hi amyj2323 and welcome.

Your details should be removed from the Insolvency Register three months after you have been officially discharged (completion certificate).

The IVA will remain on your credit report for six years from the date it started. However, your completion of the IVA should also be registered there.

Regarding your credit rating, the two things you can do are:

1 - Check that the content of the report now is accurate and up to date.

2 - Make responsible use of credit.

Using further credit will not be right for everyone and obviously comes with a risk. If you do obtain credit now it's likely to be at high interest rates so could be very costly unless any borrowing (on a credit card for example) is repaid fully before any interest applies.

In general terms, the other thing that will help you will be time. The further into the past these credit issues were the more likely that a lender will see you as a good lending prospect.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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amyj2323
Just Joined

2 Posts

Posted - 21 Mar 2018 :  13:54:14  Show Profile  Reply with Quote
Great thank you for your help. If I was to apply for one of the credit cards that I am being offered for example Aqau (I don't really feel ready atm) and made a purchase on my credit card then paid the credit card off straight away via my debit card would that cause my credit rating to increase or would it cause it to dro#8203;p as I would have applied for credit?
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IVA Adviser
IVA Expert



760 Posts

Posted - 22 Mar 2018 :  09:20:38  Show Profile  Reply with Quote
That's an interesting question amyj2323.

The things with credit scores is that they're not really what they seem.

The credit score that a credit reference agency provides you is just their estimate of how a particular lender might view your creditworthiness.

Creditworthiness isn't the only thing that a lender considers though. They're interested if you'll be a profitable customer.

For example, you will not be an especially profitable customer for a high interest credit card provider if you set up a direct debit that fully repays your balance every month before any interest is charged. However, a regular credit card company might look at your excellent payment record on a high interest card and think that you fit the customer profile that they're looking for.

In very general terms however, making some responsible use of credit demonstrates to potential future lenders that you're likely to be a responsible customer if they lend to you.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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