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Credit Reports: Find out why you have been refused
Credit.
You may already have 2 or more credit cards in your purse or
wallet and you have just applied for a third and been declined.
This can be very frustrating considering you pay off your other
credit cards regularly and you are continually having your credit
limit raised.
This is a common problem and the only way to find out more is
by getting a copy of your Credit Report. Equifax and Experian are
the two main credit reference companies in the UK and hold credit
details of over 40 million people. Your file includes information
about all your credit cards, loans, mortgages, bank account
details, as well as any adverse bill payments or County Court
Judgements against you.
When a Credit Provider asses your credit risk they will look
at your Credit Report and make a decision based on your scoring.
Your score is based on several factors. You may get more points
for living in your address for more than 3 years or for having a
home telephone, be married or for having children. Your age and
profession can also help your score. The more points you have on
your file the more chance you have of being approved for credit.
The credit provider will use all this information coupled with
your credit history to come to a decision. A Credit Providers
scoring system is sensitive information so it's not easy to
understand why you were refused credit.
By having access to your Credit Report you will be able to get
a sense of why you possibly have not been granted Credit. Another
important point is to check and see that everything on your
report is correct. You are allowed to make corrections to your
file. As most people don't get their Credit Report they never
know what's on it or why they are being refused credit. If you
fell behind in some of your bill payments you are also allowed to
add a note explaining why you did. This may also improve your
score.
With all the 0% credit cards on offer its worth mentioning
that if you are continuously applying for these cards you could
be damaging your credit score. The number of times you apply
within a 6 to 12 month period can have an adverse effect on your
score. If you have been refused credit, don't just move on to the
next lender, find out as much as possible as to why it was
declined before applying somewhere else.
You can find out more about your Credit Report at Experian and
Equifax. It costs £2 for a basic report.
Grant Marwick is a freelance writer and owner of http://www.only-credit-cards.co.uk
where you will find advice and more articles on Low interest
Credit Cards and Credit
Reports
MORE RESOURCES:
Credit - Google News
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