Credit Score is High, Will I Get The Credit?

alexw242

Hi, I have previously defaulted on two credit accounts, however, for nearly 3 years I have made consistent and regular payments bringing the total owed to both lower than £900 and my Experien credit score currently sits at 976 (has done consistently for 3 months now)

We are considering new sofas from Sofaworks, this will amount to £1600, however we can put down a deposit of £400 and plan to pay the remainder off over a 12 month period on the interest free deal they offer.

Would my previous defaults mean that I would be declined for the offer? I'm sure you can appreciate that having paid off £15k in debt, I am dubious about applying for credit (payments of which we can most definitely afford) and then to be declined.

Can anyone offer any advice??

Many thanks

Hazzinho

Until the details drop off you'll struggle to get decent offers. The credit scores are made up numbers that man nothing, the fact you have 2 defaults and score high one again backs this up. Only the lender decides to lend you money, not the CRA's.

antonymp

alexw242 wrote: »

Hi, I have previously defaulted on two credit accounts, however, for nearly 3 years I have made consistent and regular payments bringing the total owed to both lower than £900 and my Experien credit score currently sits at 976 (has done consistently for 3 months now)

We are considering new sofas from Sofaworks, this will amount to £1600, however we can put down a deposit of £400 and plan to pay the remainder off over a 12 month period on the interest free deal they offer.

Would my previous defaults mean that I would be declined for the offer? I'm sure you can appreciate that having paid off £15k in debt, I am dubious about applying for credit (payments of which we can most definitely afford) and then to be declined.

Can anyone offer any advice??

Many thanks

Hazzinho wrote: »

Until the details drop off you'll struggle to get decent offers. The credit scores are made up numbers that man nothing, the fact you have 2 defaults and score high one again backs this up. Only the lender decides to lend you money, not the CRA's.

Like Hazzinho has said, the number that CRA's generate are just a made up number, lenders will have there own criteria and form there own opinion of you via assessment of your credit file and details on your application.

The_Boss

My advice is also that you don't have a credit score, as they do not exist.

There's a sticky at the top of this forum, my signature and many other threads on here that discuss why the credit score means nothing. It's a shame you've not managed to spot any of them

ilikewatch

The_Boss wrote: »

My advice is also that you don't have a credit score, as they do not exist.

There's a sticky at the top of this forum, my signature and many other threads on here that discuss why the credit score means nothing. It's a shame you've not managed to spot any of them

Unfortunately, the information contained in many threads (and your signature) is factually incorrect and misleading...

Despite what many people on this and other forums seem to regard as gospel, credit scores are not "randomly generated" they are calculated according to each individuals specific circumstances (i.e. if by some strange coincidence 2 people had absolutely identical circumstances, then a specific CRA would rate them both with an identical credit score.)

Whilst CRA generated credit scores may not have any practical purpose, they are NOT randomly generated.

Hazzinho

ilikewatch wrote: »

Unfortunately, the information contained in many threads (and your signature) is factually incorrect and misleading...

Despite what many people on this and other forums seem to regard as gospel, credit scores are not "randomly generated" they are calculated according to each individuals specific circumstances (i.e. if by some strange coincidence 2 people had absolutely identical circumstances, then a specific CRA would rate them both with an identical credit score.)

Whilst CRA generated credit scores may not have any practical purpose, they are NOT randomly generated.

So you think a person with 2 defaults should be rated excellent? They are very random, defaults, CCJ's and bankruptcies and get people come here with 900+ ratings, which CRA do you work for?

ilikewatch

Hazzinho wrote: »

So you think a person with 2 defaults should be rated excellent? They are very random, defaults, CCJ's and bankruptcies and get people come here with 900+ ratings, which CRA do you work for?

I don't work for any CRA, and if I did, I probably wouldn't be stating that CRA credit scores "may not have any practical purpose" as per my previous post...

If, as you seem to think, the CRA credit scores "are very random" then it would be reasonable to expect that if 2 people, one who was in an IVA, and another who had a "good credit history" and was "a low risk" (but who otherwise had an identical demographic) both applied for their CRA credit score at the same time, then it would be a 50/50 chance who had the highest CRA credit score - I can assure you that this is not the case...

Thrugelmir

alexw242 wrote: »

Would my previous defaults mean that I would be declined for the offer?

If you haven't settled them , then yes. Extending the repayment period will do you no favours.

boo_star

There should really be a sticky at the top of the forum that reads "Credit Scores Are Meaningless - First-time Posters Please Read"

Possibly in all caps, bolded and underlined.

The current one doesn't seem to be working.

The_Boss

boo_star wrote: »

There should really be a sticky at the top of the forum that reads "Credit Scores Are Meaningless - First-time Posters Please Read"

Possibly in all caps, bolded and underlined.

The current one doesn't seem to be working.

It worked for a while, then suddenly since the weekend there was a flourish of threads and it has continued since.

I blame a full moon myself.

billybear1

I had 4 registered defaults and a score of 999... Think that will tell you most things about a credit score.