After Some Advice

Idazuk11

Coming towards the end of my IVA (due to be completed in Apr 2016) - been reading alot of forums and doing a bit of online research but some points i need clarified

So currently 33 and living at home with my parents due to my IVA - but looking to potentially rent for a couple of yrs and build up my credit as i expect taking out utilities and paying rent (as i've read this now will be part of your credit score soon) would be a good idea, however with having a very lil score at present (as i've checked it) would this be a negative thing if i decided to rent through an estate agent?

Also current accounts? currently got a basic bank account with Think Money - however this hasn't shown up on my credit file how would i stand applying for a current account again with a main stream lender to assist my credit file build?

Finally mortgages - currently on my parents mortgage as i assisted in helping them buy there council house in 2007 but i've read this could impact me getting my own mortgage in the future as i am already part of one?

If anyone could answer these questions or link in any web links that could answer them i would be grateful

Regards in advance

National_Debtline

Hi there and welcome to MSE.


Whilst gas and electric can be recorded on your credit file, private rent payments wouldn't normally be on there unless there is something that specifically says that in the tenancy. So renting privately may not help to improve your credit score by much. If you have a low score then some estate agents/ private landlords may ask you for a guarantor or potentially several rent payments upfront.


A current account would normally have an overdraft and is therefore a form of credit. Each bank will have their own criteria/ score to determine whether or not you qualify for this. You also need to be careful about taking out more credit whilst you are still in an IVA. Once the IVA comes off your credit file that should help improve your score but it is difficult to know if that will have improved enough to help you to apply for the credit that you want.


And, unfortunately, if you are already named on a mortgage that may affect your ability to get another mortgage. It may be worth seeking some financial advice before applying for another mortgage.


Laura
@natdebtline