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Does Ikea credit damage credit rating

moneyshoe
Posts: 97 Forumite
Hi, we’re about to buy a new sofa from Ikea. We have an excellent credit rating and not had any new credit for six months when I took out a new card. We’d like to take advantage of the 0% interest and stooze but my husband thinks this kind of borrowing would damage our rating. Is this true?
Earn £2015 in 2015: £13:33/2015
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Comments
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Your "credit rating" is a work of fiction so ignore. Taking on or closing any line of credit is likely to negatively affect that fictitious number, any change does that, but any correctly managed credit, outside of short term pay day loans, will likely enhance your file providing you are not overextending yourself.0
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Your fun credit score will flutuacte over anything. Getting a new line of credit will not effect you negativily at all unless you don’t manage the credit well i.e missing payments. apart from that it is likely your score will drop for a few months. Lenders do not see this score and having credit does not generally come across as negative to lenders. You will be fine! Enjoy your new sofa0
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agreed with the above - credit is better than no credit, provided you using it sensibly.
a lot of people take advantage of 0% balance transfers, purchase cards etc, so this would be no different than that
its the history creditors want to see, not your rating or your score0 -
Whilst the above posts are technically correct, the credit score that does matter, is the credit score you never see, that is the one generated by potential lenders when you apply for credit, to see if you match their criteria for lending.
The score that credit reference agencies generate are used as a marketing tool to try to sell you credit improvement products, they are fairly meaningless as the CRA`s are not lenders, and should not be relied upon as a serious indication of your credit worthiness.
You may not pass muster with some creditors if you had evidence of payday loan lending on your credit file, other than that, credit is credit, and as long as it was repaid in accordance with your agreement, it will only reflect positively on you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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