Will setting up more than one interest free payment plan affect my credit rating

alstemp Forumite Posts: 123
Part of the Furniture 10 Posts Combo Breaker
Good evening forumites.  I am in the midst of renovating my flat and looking into interest free payment plans for new kitchen, bathroom and living room furniture (all with different suppliers).  

What is the impact on your credit rating of having say 3 or 4 interest free payment plans in place?  Can you open 3 or 4 over a period of days or will say the 2nd or 3rd one be refused as you've already opened 2?  I currently have a fairly healthy credit rating according to Experian.

I'm also looking into taking out a personal loan at the same time for other home improvements - would it better to open the loan before opening the interest free payment plans?  Will the interest free payment plans impact me getting a personal loan?  

I'm not sure how all this relates to my credit rating and if the credit rating diminishes straight away as you take on the credit and how that impacts the next credit plan you attempt to open.

Many thanks for your feedback


  • MorningcoffeeIV
    MorningcoffeeIV Forumite Posts: 1,291
    1,000 Posts Name Dropper
    edited 16 June at 9:23AM
    The more debt you take on, the greater your risk.

    Lender won't be looking at the pretend Experian credit rating.
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,639
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your level of borrowing is determined by many factors, your income/expenditure, how much you want to borrow, what your disposable income is, your credit history, whether or not you meet the lenders lending criteria, affordability is near the top of the list, how high you score on their internal credit scoring system etc etc.

    None of it is based on the credit rating the CRA`s give you.

    MorningcoffeeIV above more or less gives you the answer.
    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 [email protected]. 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-letter
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