Consult report after bad credit rejection, customers urged

Mon, 07 Nov 2005

People who have been rejected for credit do not necessarily have to revert to bad credit loans that offer uncompetitive interest rates in order to obtain credit.

MyCallcredit is warning people who have been turned down for credit to check their credit report before they hand in an application with another lender.

People who have been turned down for credit are being urged not to panic.

MyCallcredit's director, Alison Nicholson, says "lots of people" are rejected when they apply for credit, but it might be that the person's credit profile "simply doesn't suit that particular lender".

"Another lender may look at the application more favourably," she says.

She says that a person with a clean credit file and high credit score should be able to choose the best loan deals on the market/

Having a few negative markers, like County Court Judgments (CCJs) or adverse credit history, might disqualify a customer for the very best deals, "but it doesn't mean you will only qualify for the worst", Ms Nicholson says.

She warns however, that a rejection might mean that you can't afford to borrow more. If you have an adverse credit history and low credit score, it might be necessary for you to pay off existing debt first, she suggests.

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