Refused credit from CSL/Sofaworks despite very good credit rating
Options
GeorgeRob
Posts: 113 Forumite
I recently tried to order a couple of sofas from Sofaworks (formerly CSL) on their 4 year’s credit deal. I had checked my credit rating beforehand with Experian, and it was very good. The only thing that was a negative was the fact I am not on the Electoral Role at my current address. I found out that I am not when I was refused a store card with Very.co.uk before Christmas – again despite having a very good credit rating. Apparently (as explained here) due to England switching to an individual register from a house-based register, lots of people such as myself are off the register if they moved house recently, and Equifax won’t have me back on their records until April. Which is annoying, *IF* this is the reason I cannot get anything on credit.
The only reason I’m not 100% sure it was this that made me fail the Sofasworks credit check (which incidentally was by Barclays Finance, to either Equifax or Experian), is that the salesman on the phone at Sofaworks asked me if I wanted to pay a deposit as well as starting the 4 years’ interest free credit agreement, as apparently it will “sweeten them up” a bit (I paraphrase him – but thats the gist of what he said) and make them more likely to agree to lend to me. So does anyone know – do Sofaworks 4 years’s 0% finance deals/Barclays Finance ONLY agree to lend to you if DO put a deposit down as well?
Or is it most likely to be simply due to the Electoral Role issue?
My next question is, will this failed credit application go down as a negative on my credit report?
And if so, should I wait a couple of months before trying again? (Equifax say I will be back on the Electoral Register on their data by April, so I plan to try again in April).
Many thanks for any advice.
George
The only reason I’m not 100% sure it was this that made me fail the Sofasworks credit check (which incidentally was by Barclays Finance, to either Equifax or Experian), is that the salesman on the phone at Sofaworks asked me if I wanted to pay a deposit as well as starting the 4 years’ interest free credit agreement, as apparently it will “sweeten them up” a bit (I paraphrase him – but thats the gist of what he said) and make them more likely to agree to lend to me. So does anyone know – do Sofaworks 4 years’s 0% finance deals/Barclays Finance ONLY agree to lend to you if DO put a deposit down as well?
Or is it most likely to be simply due to the Electoral Role issue?
My next question is, will this failed credit application go down as a negative on my credit report?
And if so, should I wait a couple of months before trying again? (Equifax say I will be back on the Electoral Register on their data by April, so I plan to try again in April).
Many thanks for any advice.
George
0
Comments
-
re your very good rating, lenders dont see it so makes it pointless. What matters is whats on your file.0
-
Thanks for replying. So you mean all the historical data, such as whether I have any defaults, late payments, outstanding debt, credit cards etc?
Well I don't have anything like that on my credit file. It's all good. I have always paid off credit cards in time - in fact my credit card has £1300 limit and it's all paid off. I don't have any overdrafts, I never miss any bills.
So even though they don't see my credit score - I wouldn't have a good credit score without having a good credit file to generate that score.
I think they either literally just refuse to lend to anyone not on the electoral register, or they refuse to lend to anyone who doesn't offer to put down a deposit.0 -
Thanks for replying. So you mean all the historical data, such as whether I have any defaults, late payments, outstanding debt, credit cards etc?
Well I don't have anything like that on my credit file. It's all good. I have always paid off credit cards in time - in fact my credit card has £1300 limit and it's all paid off. I don't have any overdrafts, I never miss any bills.
So even though they don't see my credit score - I wouldn't have a good credit score without having a good credit file to generate that score.
I think they either literally just refuse to lend to anyone not on the electoral register, or they refuse to lend to anyone who doesn't offer to put down a deposit.
The actual number eg 999 or whatever equifax give you is the meaningless part as the lenders/banks dont see it (lenders may well score you using the lenders own system), whats important is the actual data on your report eg defaults, late payments which you dont have, details of credit cards, bank accounts.0 -
The actual number eg 999 or whatever equifax give you is the meaningless part as the lenders/banks dont see it (lenders may well score you using the lenders own system), whats important is the actual data on your report eg defaults, late payments which you dont have, details of credit cards, bank accounts.
OK, but if there's not a single negative thing on my file, everythings paid been paid off, no late payments anywhere etc, cards all used responsibly etc.. would it be fair to assume it's a bit strange to be refused credit? And therefore that it must be due to the only big red note on my file - the electoral role?0 -
Have you checked all 3 files? Do you have a financial associate? What's your level is your debt to salary?0
-
Have you checked all 3 files? Do you have a financial associate? What's your level is your debt to salary?
Thanks for your reply.
I've checked Equifax and Experian. Both show no problems except Equifax don't have me on the Electoral Register - but strangely Experian do. I haven't bothered checking the 3rd major one (can't remember it's name) as I found out Sofaworks use Barclays Finance, who use Equifax and Experian.
My wage is £18k. My only debt is a £100 OD which I'm usually in every month. But paid off all loans and credit cards ages ago.
I've never had a problem with a credit check before in my life - I have car insurance and mobile phone, both needed credit checks and both passed fine - but both were started over 9 months ago, before I moved house.0 -
Thanks for your reply.
I've checked Equifax and Experian. Both show no problems except Equifax don't have me on the Electoral Register - but strangely Experian do. I haven't bothered checking the 3rd major one (can't remember it's name) as I found out Sofaworks use Barclays Finance, who use Equifax and Experian.
My wage is £18k. My only debt is a £100 OD which I'm usually in every month. But paid off all loans and credit cards ages ago.
I've never had a problem with a credit check before in my life - I have car insurance and mobile phone, both needed credit checks and both passed fine - but both were started over 9 months ago, before I moved house.
I'm not 100% sure why they chose to decline you but perhaps it could have something to do with you going into your overdraft at the end of each month? It could suggest to lenders that you struggle to manage on your wage with your current financial commitments.0 -
I'm not 100% sure why they chose to decline you but perhaps it could have something to do with you going into your overdraft at the end of each month? It could suggest to lenders that you struggle to manage on your wage with your current financial commitments.
Thanks Katie. Yes that is a possibility isn't it. Can anyone confirm, does that information appear on your credit file though? I thought it was only if you default on something - such as going over your OD limit and don't get money back in there in time.
The reason I suspect it is due to me not being on the Electoral Register - as when I failed a credit check with Very.co.uk for a storecard, they were able to tell me it was because I wasn't on the Electoral Register. So I hope it is due to this! Just wanted to see if anyone else has had similar issues getting credit with Sofasworks/CSL.0 -
Not being on the electoral roll is the likely reason for your application being declined.
As others have said, you do not have a score or rating let alone a good one (whatever that is).0 -
Thanks Katie. Yes that is a possibility isn't it. Can anyone confirm, does that information appear on your credit file though? I thought it was only if you default on something - such as going over your OD limit and don't get money back in there in time.
The reason I suspect it is due to me not being on the Electoral Register - as when I failed a credit check with Very.co.uk for a storecard, they were able to tell me it was because I wasn't on the Electoral Register. So I hope it is due to this! Just wanted to see if anyone else has had similar issues getting credit with Sofasworks/CSL.
Hm...think you might be correct about that. I don't think they know how much you earn (unless you completed this on the form) so I might be talking rubbish! I reckon not being on the Electoral Register is probably what caused you to be declined. Frustrating really, as it seems to take forever for a lot of credit reports to be updated!
You seem to be clued up on your credit though, so I hope you end up getting what you want eventually! :-)0
This discussion has been closed.
Categories
- All Categories
- 343.6K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.7K Work, Benefits & Business
- 608.7K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards