Best way to start rebuilding credit rating?

Fundin

Hi,

My wife had an IVA 3 years ago, all paid off but the credit rating is still poor and she cannot get a bank account other than the one she has etc. Any ideas how to start rebuilding this easily? Obviously not wanting to do things that will cause her rating to drop as they credit check, the old chicken and egg situation.

UpToMyNeckInIt

Hi,

I assume your Wife has her completion certificate.

Has your Wife checked her credit rating to find out why it is still poor? Are there any outstanding CCJs defaults/notices of correction that have been left on my mistake?

Most other people I've come across who have completed, find their score going from bad, to very good, very quickly (and certainly well within 3 Years).

rabbit_burrow

Check that she isn't still on the insolvency register. If the IP didn't update properly, or if it hasn't been closed, then it will show as 'current'. The insolvency register holds onto closed account records for 3 months before it disappears.

If she isn't still on there, then she will need to obtain her reports from the credit reference agencies, as some IP's don't automatically update those either.

If everything is closed, and nothing is appearing on the reports or register, then a good place to start would be a 'bad credit' credit card to try and build it up again, but won't be a good idea if she is likely to get into hot water again.