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Why have I been rejected?
Lenders turn down millions of applications every year. If you are one of the unlucky ones, you should be given an explanation. If not, ask for some guidance.
For example, you may appear to be carrying too much debt from other sources or your credit report rang alarm bells, perhaps because you had missed some payments on a previous loan. It may simply be that you do not fit the lender’s profile for a particular loan.
To see the information lenders see, view your credit report online now for free, with the credit monitoring service from Experian.
To view your credit report online click here
You can always appeal against the decision. This may give you chance to provide further information. For example, your poor credit record may stem from a one-off event that no longer applies, such as a serious illness or enforced redundancy.
Finally, there’s nothing to prevent you applying to another company. Different lenders may take a different view. But be careful how many applications for credit you make in the short term.
If you allow a significant number of companies to search your credit report, this could damage your credit rating as it could be interpreted to mean that you are desperate for money or possibly that someone is trying to commit fraud.
It is always sensible to check your credit report before making any further applications. That way, you can be sure that the information in it is up to date and correctly reflects your circumstances.
You can view your Experian credit report (which lenders are currently basing their credit decisions on), for FREE.