Have you been turned down credit? Check your credit report and improve your credit rating

18 February 2014 - Which Way To Pay

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Simple steps to improve your credit rating and get the credit you deserve

So, have you been turned down credit? Being turned down credit will always feel like a personal insult, even more so if you are not sure why. There are so many reasons why credit applications can be declined so you should ensure that you know the specific reason why you have been turned down credit. If you are having trouble obtaining credit approval, whatever you do, do not continue to apply for various credit products as chances are you will be declined every time. So what should you do? Examine the reasons why you may have been rejected. Below we look at how to improve your credit rating in just 3 simple steps.

Check your credit report online

Every time you make a credit or loan application, the lender will obtain a detailed credit report showing your financial history and credit score. Check all the information on your credit report is correct so any mistakes are sorted out as soon as possible. Any mistakes will certainly jeopardise your chances of getting any credit approval. You will be able to see if there are any fraudulent applications made under your name and if so, have this corrected

Build up your credit rating gradually will improve your credit report

If you have zero credit history, you will probably find that you are being declined credit for this reason. Try and apply for a ‘credit building’ credit card. These cards commonly charge high interest rates, however, they are more flexible with who they lend to. Spend a small amount each month on your credit rebuilding card and ensure you repay the balance in full and on time every month. In no time, you will have a much stronger credit history and be in a better position to apply for more credit.

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