Rebuilding credit rating

katiemay_2

I completed my one-time IVA a few weeks ago and have been advised that I should rebuild my credit rating now.

Any advice appreciated!

Should I get a credit card (to pay off in full obviously - I have learnt my hard lesson now) and which would be most likely to accept?

Will my unbroken mortgage, energy, mobile, broadband and home phone record count for anything?

Or is there anything different I should do?

FoggyBrain_2

Good morning Katie -- are you an insomniac ?? LOL ( I haven't seen midnight in years ).

Anyway -- what you are doing with mortgage, energy, mobile, broadband and home phone id all to the good and will be adding green ticks to your record (as you know and empty record is as awkward as a bad one). Best bet for the credit card would be something like vanquis. Easiest to keep track if you use it for one thing ... say petrol .. and, as you say, pay it off in full every month.

katiemay_2

Hi, yes I am an insomniac on a weekend!!!!

Thanks for the advice. I managed to find the "soft" credit search on MoneySupermarket and it came up with NO recommendations for a credit card!!!! So do you think I should risk a "hard" search just yet or wait a bit? How long would it take for the credit agencies to be updated with the fact I have completed, or do i need to do anything to make sure that they are updated?

jen245

If your IVA was a one lump sum payment IVA, then Im guessing all of your defaults are pretty recent, which will make it nearly impossibe to get any credit, even from companies like Vanquis and Capital One, for at least a year to 18 months. Also you will need to check your credit reports to make sure all your defaults are either dated the same date as the acceptance of the IVA, or before that date, so that when the six years is up, they drop off your report at more or less the same time, and also that they all show as satisfied, this may take a few months to sort out though.

When you get your completion certificate, it might be worth sending a copy to your creditors with a letter asking them to update your CRA reports with the correct information. Ive just done this for my hubby, following the completion of his IVA last year, as his default dates were all over the place

FoggyBrain_2

Katie, what Jen says is correct. Your record will be shot for the 6 years anyway, so hang on a bit before trying for a card --- you don't want too many footprints on file.

Have a look at this thread:
https://forums.moneysavingexpert.com/discussion/1286063