Refused finance - mortified!

kloana

DH1983 wrote: »

So last night I found myself in a furniture store. Totally unplanned and found a sofa I liked. Needed one for a while and as it was 4 years interest free finance I thought why not?
So when I got home I tried to arrange this finance only to be refused. ( I have never been refused anything following a credit check before) Mortified is not the word! It totally ruined my night!
Turns out I don't have good credit as
A. I've just opened a new bank account
B. I've never repaid a debt before ( because I haven't had any apart from current hire purchase)
C. I have a hire purchase car.

I just wanted to know if this is a common occurrence and to warn others as I had no idea these 3 things would knock your credit rating!

Does anyone know how long it will take before the new bank account doesn't factor any more?

It's just one of those things you need to shrug off. Refusal happens to everyone from time to time, even the squeaky clean brigade. Pinning down the precise reason why you've been refused is impossible - you/we can only speculate. And if you've checked your file at there's nothing of concern on there, then it's just one of those things. Never mind.

BTW sofas at those places always seem very over-priced to me. The 0% may be attractive but add it up over the 3-4 years :undecided:

DCFC79

DH1983 wrote: »

Yeah I don't want a loan, just remember someone saying years ago that it was a good way of boosting your credit rating.
I always use my CC for holidays etc and if money is tight just before payday but then it is always repaid within the month. Had my statement the other day and I'd spent about 2.7k on it within the year and incurred no interest.

Remember you don't have a credit rating, so the number experian give you eg 876 doresnt mean anything, lenders don't see the rating.

A loan isn't the only option, just running your current account really well is fine, pay off a credit card on time is a plus too.