My wife has had an account with Next for around 6 years, it started at £800, over the years this went up untill it got to £3500. We have never maxed out this account, it always stays around £500 -£1000.
This morning we received a letter saying our credit limit had been withdrawn due to a recent credit search. this of course put my wife over her credit limit.
We paniced and checked both my wifes and my credit score(though i am not on the next account). My wifes credit score was "GOOD" with 471 points out of 550 i think. no late payments, no ccjs, etc.
Mine was also good but at around 400 points, again no ccj's or accounts in arrears.
I dont get how they can tell us this line of credit has been withdrawn because we have bad credit. These are the best credit scores both myself and my wife have ever had. If anyone has any advice i would appreciate it.
Thanks
Ok my first and most important question is where did you get your credit scores from? Because if they are fico scores a credit score between 400 and 500 are indeed bad. I believe a score around 650 or higher is considered good no less. And a creditor will close your account with a bad credit score. I know because it has happened to me and the account was in good standing.
These scores were taken from the equifax site, of which i am a credit watch gold member, it shows a good credit score as between 400 to 474 and an excellent credit rating 475+, looking at the detail of the report itself, there is nothing there that could indicate a problem, and certainly nothing recent
Something is not right you need to call equifax and make sure they are actually fico scores they are giving you. If so then they have the wrong one listed in order for you to be in the good range and they need to correct their mistake. Then you can request them to send copies of their correction to the creditor you are referring to. And that should take care of it. Because a credit score of 400 to 474 is not good.
I have just discovered that as i am in the uk, the credit reference agencies do not distribute fico scores, which explains my equifax rating
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