Refused Credit? Discover Why...

Reasons For Refusal
Credit can be refused for a number of reasons. The bottom line is that something is persuading potential lenders that you might have difficulty making repayments or sticking to the conditions of your loan/finance. That ‘something’ could be in the form of a CCJ on your credit file, or could be down to the personal financial details contained within your application form for finance. Similarly, your job, your age or your health status may give lenders reason to say no to your request for credit.

Lenders don’t have to give a reason for credit refusal, but good lenders will keep you informed of why an application for credit has been refused. Furthermore, credit must not be refused based on race, gender, sexuality or religion.

One reason your application for credit may have failed is because you’ve ‘scored’ too low in their assessment of you. As many lenders will score each piece of information you provide them with to create a total mark or score, you may find that your score doesn’t add up to what is required for a lender to agree to credit.

Ask your lender whether you’ve been refused credit because of:

credit reference information
low scoring on assessment.
If something on your credit file has persuaded the lender that you may be unable to make repayments, you can ask the lender which credit agency they used to do a credit check. You should then contact the credit agency. Request a copy of your file and see what needs to be done to repair your credit file.

Credit Repair
Credit Repair: Credit Repair
Credit Repair: Discover How To Repair Your Credit History
Credit Repair: Refused Credit? Discover Why
Credit Repair: The Credit Check
Credit Repair: Credit Information Factfile
Credit Repair: Bereavement or serious illness
Credit Repair: Divorce or separation
Credit Repair: Redundancy or income reduction
Credit Repair: Moving Home
Credit Repair: Leaving Home
Credit Repair: Beware of Dodgy Promises and Bogus Credit Repair Companies
Credit Repair: Sample Credit Repair Letters
Credit Repair: CCJ Removal
Credit Repair: Default Notice removal

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