Refused credit from CSL/Sofaworks despite very good credit rating

DCFC79

Im going to say its not being on the ER and going into the OD.

JKSandy

Just to add too many applications for credit close together can have a short term impact. Since you applied for Very before Xmas I would wait till around May, check if you are in the Electoral register also, before applying for credit again.

If you're applying to either SLC or Very again check your eligible to apply so soon again first.

Thrugelmir

Regular overdraft usage will be a concern. Suggests that your finances are stretched.

No1Stoney

Can't you just ask them why you were declined? I'm sure they have to tell you the main reason.

Katgrit

Saying "I can't get credit. I'm not on the electoral role but everything else is fine." is a bit like saying "My wife has left me. I did sleep with her sister but everything else was fine. I just can't understand why.". The fact you always complimented her outfits, arrived home on time, never got too drunk, bought nice choccies and was nice to her mother is all good yes, but those things in any amount will not make up for the blatantly obvious fact you slept with her sister. You can have the best credit report ever, but without being on the electoral role you are wasting your time.

GeorgeRob

JKSandy wrote: »

Just to add too many applications for credit close together can have a short term impact. Since you applied for Very before Xmas I would wait till around May, check if you are in the Electoral register also, before applying for credit again.

If you're applying to either SLC or Very again check your eligible to apply so soon again first.

Thanks JKSandy. Yes the Very application was in early Dec, then the failed CSL/Sofaworks one was just now. Equifax say I'll be back on the Electoral Register by April, so I'll check it again before applying.

GeorgeRob

Thrugelmir wrote: »

Regular overdraft usage will be a concern. Suggests that your finances are stretched.

But then we don't think they are able to see this - there's certainly nothing on any of my credit files to suggest they can. An Overdraft is an agreed thing with a bank - you're allowed to use it. I think it's only when you go over the limit that causes any issues or marks on your credit file. Mind you, I've gone over my limit in the last 6 years and there's no mention of it on any of my credit files.

GeorgeRob

No1Stoney wrote: »

Can't you just ask them why you were declined? I'm sure they have to tell you the main reason.

Thanks. You'd think so wouldn't you - but sofaworks just said "we can only tell you they said no". Perhaps if I could somehow speak to Barclays Finance (who Sofaworks use for the credit) I could ask them, but I wouldn't know where to look or how to do that, as not being a customer of theirs I'm not sure how I could get that info.

GeorgeRob

Katgrit wrote: »

Saying "I can't get credit. I'm not on the electoral role but everything else is fine." is a bit like saying "My wife has left me. I did sleep with her sister but everything else was fine. I just can't understand why.". The fact you always complimented her outfits, arrived home on time, never got too drunk, bought nice choccies and was nice to her mother is all good yes, but those things in any amount will not make up for the blatantly obvious fact you slept with her sister. You can have the best credit report ever, but without being on the electoral role you are wasting your time.

Thank you Katgrit - That's what I wanted to hear! Maybe me chuckle too! So the Electoral Role really is that important to lenders now? I just wanted to know either that, or to hear someone else's experience with the 4 years credit deal with Sofaworks, in case it was me choosing not to put down a deposit as well that made them say no.

Thanks!

GeorgeRob

Thanks for the replies everyone, very useful as ever.