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Can you tell me why I’ve been refused credit? No, only the lender can tell you why you’ve been refused credit and the lender isn’t under any legal obligation to say why. Two out of every three credit applications are refused credit. Some lenders are even more selective. Usually it’s because you have applied to lenders who don’t lend to applicants with your credit rating. Use our free credit finding service to find the lenders most likely to approve your applications. Also take a look at the information on your credit report. This is used by lenders when considering your credit applications. Once you’ve accessed your credit report please look at our extensive advice throughout the report and the site to understand each section, and see if it has affected your application. You may get a clue there. If you were turned down for a mobile phone, this may be because you have a single late payment recorded with another ‘communications supplier’. The risk of fraud and bad debt is so high with mobile phone companies that they are even more picky than lenders. If the lender uses credit scoring to assess you, they should tell you the principal reason why your application was declined. All lenders must tell you by law which credit reference agency they used when checking your report. If the answer to why you have been refused credit is still not obvious when you check your report, simply try one of the lenders we suggest. click here to go back |
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