CSL Sofas

Georgie44

Hi,

I have recently been accepted for a mortgage and completion will be in 4 weeks. The mortgage application went through no problems. I have no outstanding debts and never have, and pay all credit cards in full each month.

I have applied for a sofa worth £1450 at csl on finance and it was rejected. Have no idea why but cant see why there would be any problems with credit and am now worried.

Has anyone had any problems with CSL obtaining finance and would it be worth trying DFS or do you think it would be another rejection?

Any help greatly appreciated,

Thanks :j

phill99

Your credit worthiness is too good and thats the problem. Because you have never had a loan and pay your CC bills each month, you effectively have no credit score.

The loan companies have no indication whatsoever that you can repay money on a monthly basis. Bizarre as it seems, you are a risk because you have no track record.

You may be better off putting th sofa on your CC and paying off as much as you can each month. This may be a bit more in terms of interest, but it will then give you a track record for paying things off over a number of months which may help with getting credit in the future.

TEDDYRUKSPIN

Georgie44 wrote: »

Hi,

I have recently been accepted for a mortgage and completion will be in 4 weeks. The mortgage application went through no problems. I have no outstanding debts and never have, and pay all credit cards in full each month.

I have applied for a sofa worth £1450 at csl on finance and it was rejected. Have no idea why but cant see why there would be any problems with credit and am now worried.

Has anyone had any problems with CSL obtaining finance and would it be worth trying DFS or do you think it would be another rejection?

Any help greatly appreciated,

Thanks :j

It depends. You state you are about to exchange contracts in 4 weeks time? For the CSL sofa, which address did you use for the 0% financial loan?

If you used the new property, you will obviously have no credit history for this address and therefore, you must wait as long as 6 months or more.

If you used the old address, it means that your credit profile recently registered the new mortgage loan and therefore, you are considered at risk to the loan company.

The rule of thumb is to wait now. If you are desperate for a new sofa, you may be better just paying it off like what Phil stated.

Erm.... CSL? Search them on the forum. Erm....enough said.

uropachild

I wouldn't bother with DFS either. Our £1600 suite bought 3 years ago is now a wreck.

(sorry, no financial advice though)