Credit Score After Debt Relief Order

Jay1404

Hi all,

This is my first post.

I am coming to the end of my 6 years of having a debt relief order visually on my credit files (wahoo)! I was curious if anyone had served their 6 years and what their credit score changed too! My scores on Credit Karma have been consistent for months. They have been:

Apr 497
May 504
Jun 504
Jul 506
Aug 531
Sep 531
Oct 547

My debt relief order will be removed overnight (according to Credit Karma) on 06/11/2019!

Has anyone already served their 6 years? If so, did you see a big change to your score?

I personally have had multiple car finances, credit cards and loans (since my DRO discharge) and never missed a payment and also settled them! Hopefully that will help even more.

Thanks

mwarby

Credit Karma didn't show much change at all when my IVA fell of a couple of months ago, Experian (via credit club) showed a much larger swing. The score of course doesnt matter much, certainly mainstream lenders are now much more willing, and comparison sites say I'm preapproved for things other than adverse credit credit cards

Jay1404

Thanks for the reply. I was curious more than anything. My current score on Credit Karma is poor so I wondered if it would be upped at all when my DRO falls off on Thursday.

[Deleted User]

It doesn't matter. The scores are not a reflection of your credit worthiness or used in lending decisions. They often drop when negatives fall off your report, so pay no attention to them

The important thing is that your files look better over time.

DCFC79

Whats also important is you only spend what you can afford.

What was the reason for the IVA ?

Jay1404

DCFC:

1. I am unsure of the relevance of ‘What’s also important is you only spend what you can afford’? I am simply asking if people’s scores improved once their DRO was removed from their file.

2. Personally reasons.

mwarby

My IVA has been completed for over 5 years, the exact circumstances I don't wish to go into here(suffice to say I took on too much debt). One of the side effects of the IVA is I am now much better at budgeting, and have only paid about 10p in interest (ex mortgage) since

cymruchris

You likely won't see a huge jump - when my bankruptcy dropped off - my imaginary score went up about 10 points - when a recent CCJ was set aside, and it dropped off my files a week or so ago, two of my imaginary scores actually went down.... So don't really follow the scores as though they were the gospel truth - just make sure you're doing it all right, and time is your healer.

mwarby

Also most of who were insolvent had a imposed crash course of budgeting (if only to pass the insolvency application). While now we have access to credit, we ought not forget the budgeting lesson and make sure we keep in control of our finances.

Credit can be very positive (I now have a mortgage, and I get cash back on spending) but it can also be negative and take away financial freedom (who doesn't remember paying a huge chunk of wage towards a credit card, with no end in sight)

foxy-stoat

Scores are irrelevant, mine went down by 100 a couple of months ago, now its gone up by 100 - all is meaningless.