Credit Advice - Post IVA

Tony72

Hi,


I'm a little worried and would really appreciate some advice. My IVA finished November last year, I've checked all 3 CRA's and my credit score is 999 (or equivalent), all the debts were over 6yrs old so there's no record of them on my credit reports. I've also checked the insolvency registry online and there's nothing showing so I believed everything to be finally done and dusted.


However, I've had to apply for a loan because I need a new car as mine's going to cost more to fix than getting another but I've been declined, with no explanation why. I know companies have different lending criteria but I'm at a loss as to why it would be declined.


Have I applied too soon?, could there be something behind the scenes that I don't know about? Without a car, life is going to be extremely difficult but I don't want to make things worse by applying with a different company


any thoughts, comments or suggestions are very welcome. Help!

UpToMyNeckInIt

Lots of lenders use their own criteria over and above the applicant's credit rating.

There may be other factors as well ie: if you are not on the electoral roll, recent change of address etc.

Tony72

Thanks for the reply but I double/triple checked everything before applying. I'm on the electoral roll, have been for years, and lived in the same property for 15 years so I'm baffled as to why it would decline. Without a car I may have to look for another job as the commute time/costs may make my job unviable


any further advice or suggestions will be greatly appreciated

debtfree2016

You may need to build up a credit score, eg Vanquis credit card high APR so pay off straight away.