IVA finished = credit score advice

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money-saving-novice
money-saving-novice Posts: 51 Forumite
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in Debt-free wannabe
Hi there

I recently completed (august) what seemed like forever a IVA. I was in debt management for 4 years then moved to an IVA for 5 years.

I'm signed up to noddle and receive a credit report monthly. My score has yet to go up from when I was in the IVA.

When should I expect this to improve?,... just to clarify, it's not to get more debt, I just want to see it improve.

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  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    edited 25 March 2017 at 6:39PM
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    money-saving-novice credit score
    999.

    There you go, your credit score just hit the roof,

    congratulations.
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  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
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    Why do you want it to improve?

    What would you like it to be?

    You do know you're the only one who sees it.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • money-saving-novice
    money-saving-novice Posts: 51 Forumite
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    Dobbibill wrote: »
    Why do you want it to improve?

    What would you like it to be?

    You do know you're the only one who sees it.

    I suppose it's because I have spent all of my adult life in debt and it's just nice to see that's no longer the case.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi

    Your credit score is a rough guide and it’s your credit history that’s the important thing to improve.

    The IVA will have a negative impact until it drops off your credit file after 6 years. It might help you to take out a credit building card with high interest but pay it off in full each month. That way you’ll be building up a good history of repaying a debt on time, but not paying the interest.

    James
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • nkkingston
    nkkingston Posts: 488 Forumite
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    The numbers can be reassuring, but if you want reassuring numbers look to your bank balance instead :) Anything that actually involves your credit file also involves taking on more debt, and you don't want that now you're debt free (and if you're thinking mortgages, they don't look at the number, they look at the potential drains on your affordability and your history of paying debt off). Get a savings account open and start putting the money that went to the IVA in there, and you'll have some lovely high numbers to feel good about in no time, and they'll be ones that are genuinely useful to you!
    Mortgage
    June 2016: £93,295
    September 2021: £66,490
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