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

alstemp

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

The more debt you take on, the greater your risk.

Lender won't be looking at the pretend Experian credit rating.

sourcrates

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.