IVA completion & Rebuild Info Needed

Lozfow32

Hi All,

New to this site and searched a few threads but I'm not seeing what I need to know.

In 2008 I entered into an IVA as I was a daft young girl and it's something I regret and I'm ashamed of. After 5 years I completed my IVA with no missed payments and received a completion notice. I was told 12 months later it would be removed from my file and I would have to start from scratch.

After reading on here 12 months ago it suggested getting a credit card to rebuild my score. I did this and was offered an Aqua card with a limit of £250 what ever I spent in this card I paid in full every month. After a couple months they offered me a limit of £750. I was happy as I thiught it must be working and my credit was repairing. Today my limit is 3k and I owe 1800 which will be paid over the next 3 months. I've never missed a payment and always pay x5 the min payment.

I recently checked my credit score and seen it had not changed, I noticed my IVA was still on it and wrote to credit expert and sent my completion notice and now they've made a correction note on the file, but I'm so confused why my score is still low.

I also put myself on the electrol roll 2 years ago so I'm doing what the forums say but it's not making a difference, any suggestions would be appreciated.

In also looking to get PCP for a new car and worried this will decline and then reduce my score more.

Thanks in advance.

ilikewatch

You need the IVA removing from the public notices section of the report, and also want the notice of correction removing as whilst this is still on your file it will alert potential lenders to the fact you had an IVA when this should no longer be visible.

Have all the accounts which were included in your IVA now dropped off your credit history with each CRA?

Lozfow32

Thank you. Who do indeed to speak with toget this removed?

It's really getting me down now as I'm trying so hard and feel like I'm still where I was with an IVA.

Thanks

ilikewatch

Lozfow32 wrote: »

Who do indeed to speak with toget this removed?

Whichever Credit Reference Agency is displaying it.

Lozfow32

Thanks you.
I'm just a little confused as its only showing on equifax but both reports are low/far score after 12 months of trying to better it. I feel its a pointless task as what ever I do doesn't seem to help.
Thanks

ilikewatch

Remember that the score you see is only indicative - lenders themselves don't see it or use it, but they will look at many of the same factors used by the CRA's to generate the credit score that they sell to you.

Lots of factors are looked at by creditors when making lending decisions - this includes:
How existing credit has been used
Total available credit
Percentage of credit being used
Availabile credit as a percentage of income
Average age of credit accounts
Electoral registration
Length of time at current address
Length of time in current job

Many lenders will also consider other indicators of how stable/settled you are, such as whether you provide a landline phone number etc.

Lozfow32

Thanks for this. As I lived abroad and worked there for 5 years my current electrol too is only 2 years so I assume this is an issue? Been at my job 7 years, 1 credit account and use it wisely.

I applied for PCP finance at Seat car dealer yesterday and they just called to tell me it's pending further information and checks but couldn't say what... I gather this will be a straight decline or why would it be pending? I will have to wait 12 months now and hope my score and file improves but how am I meant to do this with no bills or credit apart from 1 card paid upto date? Confused.

Thanks again for your help.

ilikewatch

Are you certain that all traces of credit accounts included in your IVA have dropped off your credit files with each of the Credit Reference Agencies?

Lozfow32

Hi,
Yes, I've checked all three and the only credit is my active card.

I have a correction notice stating it finished in 2012
Been on electrol roll for over 2 years
Pay card on time every month 5x minimum payment
No other credit
Live with parents
I doubt I will get approved and it's so frustrating I can more than afford it and I'm on good pay.

Would you guys suggest leaving applying for anything for 12 months and try again to increase my report? How I don't know, if I can't get credit how can I do this. Frustrating ��

ilikewatch

It doesn't help that you live with parents - you won't have utilities etc. in your name and reporting to CRA's. A mobile phone contract might help (but a waste of money if you don't need one!), and you might find your own bank more willing to lend to you as they already have a relationship with you and see salary being paid in each month.

And get the correction notice removed from your credit file as long as the IVA has been removed from the public notices. I assume that you no longer appear on the public insolvency register?

Lozfow32

You are correct it has been removed from Insilvency register! I emailed experian to remove and they just added a notice, it's so frustrating you never deal with the same person.

I applied for a phone 4 months ago and was declined with three that was because my IVA was still showing but shouldn't have been. I'm scared Toledo applying and wonder why I wasgiven acard with increased limits regularly.

Thank you