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Declined for credit?

You have had your heart set on a new car, or your dream home, and your application for a loan has been declined by the bank. Understandably you would be feeling a mixture of emotions - upset, frustrated, anxious, even distressed. What can you do now?

Your first thought might be to apply for a loan through another lender, however this is not advisable. Repeated applications over a short period of time can have a detrimental effect on your overall creditworthiness.

Following a loan rejection, it is wise to find out why your application was not accepted in the first place. Doing this can help you identify steps you can take to improve your credit score and increase your chances of being approved for a loan in future.

Possible reasons for applications being rejected include:

• Insufficient credit history, or low credit rating

• Too much debt, or other financial commitments

• Your income is too low to make repayments

• Unstable employment history, changing jobs too often

• Credit report errors

Request feedback from the lender to help you understand the reasons for your loan rejection. If the information on your credit report was an issue, you can request a copy of your credit report to investigate further.

Our team are highly experienced credit repair experts who can help you navigate this process, find out what the issues are, and help resolve them for you.