Next credit

pioneer22

Just bought a sofa on finance with next but my credit record is terrible CCjs defaulted accounts etc.

I was an idiot when 18 now 24 earning a great wage how come they have given 1100 pounds on tick? Been refused for ccs etc

caeler

Maybe they think your a good bet, ie won't pay it off in full each month and they can make some money. Once I cleared my debt and started to make full payments each month I found that all my credit card limits reduced massively! I'm no expert so hopefully somebody will be along shortly.

Absinthe_2

CCJs are 'spent', and removed from your credit file after 6 years. Credit rating is based on a number of criteria. A good income, address, and your last few years credit history, payments, any defaults, etc, all affect your rating.

Your credit score may have improved. Have you checked it lately?

caeler

^^^ Much more sensible response! Do an equifax (or similar) statutory credit report and have a check through to see what is still visable.

pioneer22

Yup checked it CCjs there credit rating 425 very poor

Saints2011

pioneer22 wrote: »

Yup checked it CCjs there credit rating 425 very poor

Ignore your score it's the raw data that counts not the score

pioneer22

Saints2011 wrote: »

Ignore your score it's the raw data that counts not the score

Theres 2 outstanding CCjs and 4 defaulted accounts. So I don't understand how they have given me finance.

Absinthe_2

Did you buy instore, or online? Not sure it should make a difference though.

Lending criteria varies between retailers. It could have had a bearing if your job was exceptionally paid, and secure, plus you'd had the same address for at least 3 years. It states in some credit applications that they 'reserve the right to carry out a credit search'. So perhaps in your case they didn't.

pioneer22

In store I just can't understand it.

simon2010

I had next credit with £3200 limit. Then they reduced it a month or so later to £200 as they get information from your credit file on a monthly basis and act accordingly, they are trying to be responsible lender. They also don't bother to tell you that they have reduced your credit limit on their store cards and is very embarrassing when you get turned down at the tills.

But as you got it on finance and it has all gone through I wouldn't worry about it. Sit on your sofa and relax. Anyway it may go some way to help improve your credit rating, so remember to pay on time

pwuk

Lending criteria with Next is relaxed - They also apply an apr of around 26%