B&Q 0% via creation - very confused

rnem170

Sorting out a new kitchen and B&Q now use creation finance.  They (B&Q) have told me to apply before hand but when I do I can't see any 0% offer, and they will offer me £5k at 17.9%.  

I've checked by credit score in clearscore and it's 1000/1000.  It can't get better.  Considering I have no mortgage and a good salary, I'm even more bemused.  My kitchen is 12K so I really don't understand.  

I could pay for it outright if I move money out of savings, but that's not really the idea.

Anyone else had issues?

MorningcoffeeIV

Your credit score isn't a factor in lending decisions, any more than your horoscope. Lenders will assess you on your credit history and current circumstances.

If you can get a rate elsewhere which will be better than using savings, then do that.

If not, pay cash.

rnem170

Panic over.  Sometimes you shouldn't do things late at night... two schoolboy errors

1. There is a special link if you are doing a kitchen.  This offered me £25K and not £5K
   
   
2. It is just an application with a limit.  When you go into B&Q and purchase something, you can elect to pay on account.  This will come out of my 25K limit and be at 0% if the purchase is £1000-£2499 (1 yr), £2500-£4999 (2 yr), £5000-£7499 (3 yr), £7500+ (4 yr).  It looks like you can have a mix of different agreements under the same umbrella account.   Both options for < £1000 are 17.9% so you probably wouldn't want to go for that.