IVA Finished - New Credit

scrumpyjack72

I completed my IVA just over a year ago. I have been monitoring my credit report using Experian - Credit Expert. This week the last of my defaulted accounts dropped off my credit report as did my IVA, so i have a nice clean credit report. I also checked my latest score and it listed it as 905 - good. The text said that this score was low risk and most lenders would lend to me.

So to test this new score, i used credit expert to generate credit cards that would be best for me using my report and score.

I applied for the one on the list just as an experiment to test my new found credit rating and was refused. I find this confusing, i now have a clean report with no defaults and a rating in the good category, why would i still be refused credit?

National_Debtline

Hello there.

Your credit score is just one element that a potential lender will use when deciding on lending. Other elements include your income, the length you've lived at your address, whether or not you're a homeowner and payment history with other creditors. Don't take the decision to heart as many lenders are currently being very cautious with their lending criteria. If you are planning any large financial purchases it may be worth seeking independent financial advice prior to making any decisions. As far as credit referencing is concerned we have a good fact sheet which you can read here:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=05_credit_reference_agencies

Best wishes,

NDL.