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  • FIRST POST
    • lala9
    • By lala9 11th Sep 17, 1:26 PM
    • 657Posts
    • 177Thanks
    lala9
    Next Directory Accounts
    • #1
    • 11th Sep 17, 1:26 PM
    Next Directory Accounts 11th Sep 17 at 1:26 PM
    Hi

    I currently have a store card with Next which I have been using over the past couple of years. It started with a low credit limit, then it rose and reduced a little, but crept up to 3.5k earlier this year.

    It was then snatched away from me and reduced right down to £1 above the balance owed. Not that concerned as Next is pretty rubbish anyway, I only had it for the designer gear. However, I have since realised that this is causing my credit utilisation on my credit reports to look awful!!

    As they lower the credit limit every month after they receive my payment to a £1 over the balance. Surely this is not acceptable, can they really get away with making folk appear they are a risk financially when in reality they are just unfortunate enough to be subject to Next's weird credit scoring system. Anyone else had any experience with this or complained to anyone before?

Page 1
    • zx81
    • By zx81 11th Sep 17, 1:29 PM
    • 14,158 Posts
    • 14,862 Thanks
    zx81
    • #2
    • 11th Sep 17, 1:29 PM
    • #2
    • 11th Sep 17, 1:29 PM
    They're allowed to do it.

    If this is your only line of credit, you need to think about getting a credit card or two. It will enable you to build better history and will solve the utilisation issue.
    • redditrabbit
    • By redditrabbit 11th Sep 17, 3:18 PM
    • 23 Posts
    • 1 Thanks
    redditrabbit
    • #3
    • 11th Sep 17, 3:18 PM
    • #3
    • 11th Sep 17, 3:18 PM
    My account with Next is currently 'suspended' due to information obtained by the CRA's....not the first time they have done this. I started at £200 and went up to 5k, when I decided to spend it they took it off me because I used it (seriously). One month to the next I have no idea if I have an active or suspended account.

    Seems commonplace with Next, doesn't worry me
    • lala9
    • By lala9 11th Sep 17, 3:29 PM
    • 657 Posts
    • 177 Thanks
    lala9
    • #4
    • 11th Sep 17, 3:29 PM
    • #4
    • 11th Sep 17, 3:29 PM
    They ought to be stopped, I don't consider it fair. I wonder if its worth complaining to the financial ombudsman?

    • zx81
    • By zx81 11th Sep 17, 3:37 PM
    • 14,158 Posts
    • 14,862 Thanks
    zx81
    • #5
    • 11th Sep 17, 3:37 PM
    • #5
    • 11th Sep 17, 3:37 PM
    No. It's their way of managing risk, and therefore a commercial issue.
    • redditrabbit
    • By redditrabbit 11th Sep 17, 6:35 PM
    • 23 Posts
    • 1 Thanks
    redditrabbit
    • #6
    • 11th Sep 17, 6:35 PM
    • #6
    • 11th Sep 17, 6:35 PM
    I don't agree with their methods but ultimately the FOS will say it's down to them how they manage risk and responsible lending etc
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