Have you been turned down credit? Check your credit score

05 December 2013 - Which Way To Pay

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Help! My credit rating is preventing me from obtaining financial products

Have you been turned down credit? Are you unsure why you can't get that credit card in time for Christmas? Being turned down credit can often seem like a personal insult, particularly if you don't know the reason why. There are many reasons why people are not approved for financial products so it is important that you find out the reason you have been declined. If you are declined, never continue to apply for different financial products. Instead, examine the reasons why you may have been rejected and improve your credit score in three simple steps.

Step 1 Triple check your credit report

When you make a credit application, the lender will request a copy of your credit report showing your financial history. You must check your credit history before the lender to ensure that the information is correct. Any mistakes can then be ironed out so the lender will be none the wiser. You will also be able to see if there are any fraudulent applications made under your name and if so, have this corrected.

Step 2 Build your credit score

If you have zero credit history, you may find that you are being declined for this reason, the very fact that you are an unknown borrower. Try and apply for a 'credit building' card and within six to twelve months you will be in a much better position. Although these cards charge high rates of interest, they are more flexible with who they lend to. Spend a small amount each month on this card, but remember you must repay this every month.

Step 3 Ensure you look 'stable' on your credit history

It is a good idea to apply for credit before you move house, job, go on maternity leave or take any other drastic steps in your life. Home owners are seen as more stable than those who rent and those who are employed stand a better chance or approval over those who are unemployed.

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