The Sub Prime Credit Thread - Part IV

Zack1

never-in-doubt wrote: »

They will come back - they usually remove them pending a major change (such as IVA) and then reinstate once they have the facts...

If its the same in a month great

That's strange!

So if somebody was to go on an application spree in the meantime (not that I condone it of course....), they'd get accepted? But then potentially taken away again when lenders get the monthly feed I guess?

never-in-doubt

Zack1 wrote: »

That's strange!

So if somebody was to go on an application spree in the meantime (not that I condone it of course....), they'd get accepted? But then potentially taken away again when lenders get the monthly feed I guess?

Yes mate - my mate marcellep had his removed for 30 days whilst we appealed the data with the CRA's - he decided not to apply anywhere but his experian was blank, so to speak!

noah271007

I don't think it has been removed....i understand if it is a default that are in dispute, then maybe yes but IVA? I'll be very surprised they have been removed pending on further checks...the CRA's only need to change the account status to satisfied.

IVA is a serious adverse data.

never-in-doubt

noah271007 wrote: »

I don't think it has been removed....i understand if it is a default that are in dispute, then maybe yes but IVA? I'll be very surprised they have been removed pending on further checks...the CRA's only need to change the account status to satisfied.

IVA is a serious adverse data.

Yes but the fact the defaults get removed means little when credit scores also check public data which would show the IVA anyway..... see what i'm saying mate? The IVA is worse than the defaults so temporary removal means little - unless you know the period between IVA and default removal to get applying lol (i'd say it is luck)

izools

notmyrealusername wrote: »

I wonder if anyone can help with a credit report related Q, I have posted on another thread but have had no response as yet...


I recently completed an IVA by way of full and final settlement and have set about cleaning up my credit report.

Equifax had 3 x Max Recovery Accounts (2 x Barclay card & 1 x Barclayloan) which were showing as defaulted. I wrote to Max recovery requesting that they mark the accounts as settled/satisfied, they replied very promptly and said that they would update the CRA's.

I have just checked my Equifax report online and rather than being updated as settled the accounts have disappeared off the report completely! There are other Max Recovery accounts on the report (Capital One & HBOS) which were showing as settled on the first report and have not changed.

Obviously this is positive for me ie the delinquent settled accounts not showing, but was wondering whether this is normal. Might they add the data in the future or is it a case that if it's not on there now they are unlikely to report in the future?

This has happened to me, a few defaults disappeared of my credit report altogether after my bankruptcy same as yours after your IVA.

They may re-appear, but it's been about a year since discharge for me and still they've not re-appeared. Could do at any time.

Have you ensured that none of the defaults that are still on your credit file, have a default date of later than the date the IVA was agreed?

notmyrealusername

Thanks for all the responses

Max recovery wrote a lovely letter apologising for the error and said they would correct it within 7 days. I waited 5 weeks before I checkled my file as I was also waiting on Egg (who didn't reply to my letter) updating the default status to settled.

The other max recovery accounts (which were correctly showing as settled/satisfied) show the account as last being updated at the same time period ie within the 7 days so can't understand why they didn't just update the defaulted accounts instead of removing them.

I don't need or even want any credit but was going to apply for the Vanquis card so that I can build my credit rating up in time for 2012 when my credit rating will be clean as a whistle and I can start thinking about a mortgage. I already have green O's for my perfectly run current account, O2 sim only contract, 5 year HP completed successfully a year ago so hoping that Vanquis can see past the completed IVA. The default dates are now all correct (2006) but at the moment I have 3 less thanks to the disappearing Max recovery accounts

izools

You should be fine with Vanquis

Although I'd recommend applying for a Capital One Classic first, and go for a Vanquis only if cap 1 turn you down. They're both awful credit card companies, but Cap1 is less awful than Vanquis IMHO

notmyrealusername

Capital One were included in my IVA so don't think they'd be too keen on taking me on as a customer again any time soon

My creditors were: Barclays (3 accounts), Capital One (x1), HBOS(x1) & Egg(x1).

Zack1

izools wrote: »

You should be fine with Vanquis

Although I'd recommend applying for a Capital One Classic first, and go for a Vanquis only if cap 1 turn you down. They're both awful credit card companies, but Cap1 is less awful than Vanquis IMHO

Out of interest why do you think that? I'm with Crappy1, and my limit is about to get put up to (by all accounts) the maximum I'm ever going to get - £200. If I'd known that I wouldn't have even bothered with a search!

Got accepted for Vanquis (but didn't get a limit as didn't return my CCA or passport), turned them down because they didn't have online servicing....really regretting that now (online servicing came in a few weeks back), and hoping they take me in June! They rejected my latest app haha

Miles30

notmyrealusername wrote: »

Capital One were included in my IVA so don't think they'd be too keen on taking me on as a customer again any time soon

My creditors were: Barclays (3 accounts), Capital One (x1), HBOS(x1) & Egg(x1).

Seems much like Vanquis is your safest bet. No need to waste a search on crappy1 as it might be too early. You also get regular credit lmit increases with Vanquis as long as you pay on time and dont go over your limit. Be careful though as the APR may be anything from 39.9 to 59.9 so if you have a high limit and dont pay off balance each month you gonna create more problems for yourself.