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Michelled0422
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by Michelled0422 » Wed Apr 12, 2017 5:56 pm
I finished paying my IVA in January 2017, recently applied for a credit card and was successful with a £1,000 limit. checked my new clear score report today and my credit score has come down!! Whereas I had a negative score for not having a credit card, I now have a negative for low expenditure on my credit card. Really disappointed that my credit score has gone down :(
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Foggy
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by Foggy » Wed Apr 12, 2017 6:01 pm
The numerical score means very little - if anything at all. When creditors do a search they don't see it. They just see your history and how you handle credit.
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Michelled0422
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by Michelled0422 » Wed Apr 12, 2017 6:03 pm
Oh, okay that makes me feel a little better though I thought I would be improving my score not lowering. Thankyou anyway
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Foggy
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by Foggy » Wed Apr 12, 2017 6:12 pm
Credit rating ( as opposed to scoring) is far from straighforward. Higher credit limits indicate that lenders have faith in you .... on the other hand there is also the potential for you to overstretch yourself. As time passes the record will show that you are handling any credit wisely (hopefully!) and confidence will increase.
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