Credit Rating

Lemming_2

Hi, need some advice off you guys.
We went through an IVA about 3 years ago as we got into trouble with credit cards & personal loans etc, we re-mortgaged the house to pay stuff off & we were then going to make repayments, so much a month for so many years but my wife was then made redundant, so we were told to make 3 extra payments after the remortgage & we would then be clear, as we weren't classed as having enough to live on.
Since then we've had no other loans & no credit cards, all we had was the mortgage, & a loan on the car & one on the bike, which we were told were necessities for work & therefore werent included in the IVA.
My problem now is that I have been looking at another car on finance but have been turned down by 3 companies that the car people tried for us, although they wouldnt give a reason. We were also turned down for a personal loan by the bank about a year ago when we needed (still do) new windows for the house.
Is there something I can do or need to do in order to improve my credit rating so that we can make improvements, we're not looking for lavish holidays etc, just the stuff that most people take for granted I guess !?!?
I was wondering if taking out a "yes you can have it with no credit check" type of credit card would work, then just using it once a month to pay for petrol, & paying it off in full each month. Would that count as a personal loan or improve our rating or am I barking up the wrong tree entirely?
Should I contact someone to clear the IVA?
All / any help would be appreciated, thanks for reading this far if you have !!

John

[Deleted User]

a credit card like that whilst expensive is ok if you pay it off it each month,might do the trick

Ritchie74

Re you're credit file, it'll show on your credit record for 6 years even if settled.
Try for a sub prime credit card to at least put some positive data on your record too.

Lemming_2

@Ritchie74 ... not sure what a sub prime credit card is? Can you elaborate please?

@woodbine .... I really like your signature !?!?

Joeler

Lemming wrote: »

@Ritchie74 ... not sure what a sub prime credit card is? Can you elaborate please?

This should help Lemming:

http://forums.moneysavingexpert.com/showthread.html?t=2096485

Lemming_2

So the sub prime is basically what I mentioned in the post? Credit cards with a (very !!) high interest rate ?
I know that wouldn't be a problem as I would only use it once a month for petrol just to get the rating back up but Barclaycard say "no IVA" in their summary, is this common through a few of them?
How long does the IVA usually stand for?

alb066

I know this isnt a complete answer to your question but I have just been refused a loan by by mortgage lender who I also bank with and needed to find out why and how to improve my credit rating [if that was the reason for being refused] I opted for the 30 day free trial with 'experian' and have discovered that I have a really good credit score etc..and on the same site gives good advice on how to improve your credit score..it also has some hopeful comments that not all lenders take into account the same info when giving a decision..it maybe worthwhile looking into this as a starting point..
sorry cant answer where you could obtain credit..think its a bit of a lottery at the moment..everyone blaming the recession etc

[Deleted User]

Lemming wrote: »

@Ritchie74 ... not sure what a sub prime credit card is? Can you elaborate please?

@woodbine .... I really like your signature !?!?

thanks it was one of the first thing drummed into me on the very first sales training course i went on many many moons ago,but it holds true in so many things.

A sub prime cc is one that charges very high apr and gives you a very low credit limit usually around 39%apr and £200 limit (capital one is an example),but if you use it every month and pay off in full evry month it can help repair a damaged credit rating

Lemming_2

Thanks guys, I went back through all the paperwork from the time & realised I hadnt sent the certificate of finalisation off to Experian, although i'd marked it for doing so So I've re-done a letter of explanation & sent them off, hopefully that should at least help in some way !?!?
I will then look at the sub prime cards, so thank you for that
Does anyone know if I will hear anything from Experian? Are they good at making contact / keeping me up to date, or should I wait a while & then get the free 30 day trial with Credit Expert to check on things?
Thanks for the advice, & sorry if the questions are basic !!!

alb066

Not sure how quick experian are at replying to via mail..when i first registered they had to send me a personal PID number which took between 3-5 working days - this was about three years ago.

I spoke to them on the phone the other day and said I couldnt remember my pid number from that long ago and the guy i spoke to agreed to 'clear' all my details and I was then able to re register on line that day as if i was a new customer thus enabling me to 1. take the free 30 day trial opportunity and 2. obtain all the details i needed that same day on-line!!

ps experian and credit expert are one of the same co!!!