How to improve credit rating after having IVA

scotlandgirl30

I wonder if anyone can help me. I had a few debts and went with a company advertising helping to pay them off (didn't realise at the time an IVA or what one was!) to my cost this has now given me a poor credit rating. My rating was beginning to improve and I applied to my bank for a regular bank card (having only got the very basic one) they declined but my credit rating went back down again I am assuming because they credit checked me!

I want to see if I can get a mortgage anywhere but am fearful that if I apply it will be detrimental to my credit rating or my credit rating won't be good enough to secure a mortgage. I have been saving every month to try and improve my situation but not sure that is affecting my credit rating at all.

So my questions are:-

1) is there any way to improve my credit rating (cleared IVA beginning of 2011)
2) Why does my bank refuse a regular bank card
3) can you recommend any companies that are the best for my situation to apply for 95-100% Mortgage

I would be grateful if you could point me in right direction to clearing my name

Thanks for reading and hope someone understands my dilemma

Sam

Anondebtadvisor

Have you credit checked yourself? this is a good starting point to cleaning up your credit file:-

If a report is made to your credit file it remains there for six years.

By going ahead with an IVA, which generally lasts for five years (sometimes six years for homeowners), you will need to accept that your credit rating will be seriously affected for six years. Rebuilding work will be necessary after your IVA finishes (if you wish to restore access to affordable credit again in the future).

Default notices issued by lenders around the time of starting your IVA (or before) also stay there for six years. If a lender issued a default notice weeks, months or years after your IVA began you may wish to contact them to ask them to backdate it so that the effect on your credit rating is not unduly extended. Once you have been discharged from an IVA the lenders should mark default notices on your credit file as being either “partially satisfied” or “satisfied”. This will be helpful if trying to rebuild your credit rating after discharge from an individual voluntary arrangement.

While actually in the term of your IVA there are likely to be rules restricting you from accessing any, or any significant amount of, new credit.