If you have been turned down credit then check your credit report.

30 July 2013 - Which Way To Pay

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Three simple steps to improve your credit rating

Have you been turned down credit? Being turned down credit can often seem like a personal insult, particularly if you are not sure why. There are many reasons why applications for credit can be declined so it is important to look into this when it happens. If you are having trouble obtaining credit approval, do not continue to apply for different financial products. Instead, examine the reasons why you may have been rejected. Below we explain how to improve your credit rating in just 3 simple steps.

Step 1 Check your credit report

When you make a credit application, the lender will obtain a detailed credit report showing your financial history. It is important that you check the information on these reports are correct so any mistakes are ironed out as soon as possible. You will also be able to see if there are any fraudulent applications made under your name and if so, have this corrected. Any inaccurate information should be amended quickly so it does not have a negative effect on your credit score and history.

Step 2 Build your credit rating

If you do not have a credit history, you may find that you are being declined for this reason. Try and apply for a 'credit building' card, although these cards commonly charge high rates of interest, they are more flexible with who they lend to. Spend a little each month on a card like this, repaying the balance in full and on time. Within six to twelve months you will have a much stronger credit history and in a better position.

Step 3 Ensure you look 'stable' for your credit report

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 or live with parents and those who are employed stand a better chance or approval over those who are self-employed. Always must a landline contact number on your application as this will make you look more stable.

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