We match you with financial products based on your credit report and score data, which means you’re less likely to be rejected. However, this is not a guarantee as we can’t promise the success of your credit applications from the lender’s side.
This is because ultimately, the bank or lender makes the decision to accept to reject your application once they’ve carried out their own additional checks.
What we can do is help you understand which factors on your credit report are working in your favour, and where you can improve.
There are a number of reasons why you may have been rejected:
- You don’t meet the lender’s criteria
- You have a poor credit score
- There is a mistake on your report
Whatever you do, don’t immediately apply for another credit account – this will damage your credit score.
Even people with the highest credit scores can be turned down for credit. Your score is only a guide, and is not a guarantee that your credit application will be successful.
Here are some things that might help:
- Read through your credit report and try to find reasons why you may have been turned down (such as incorrect information or missed payments).
- Check the information on your credit report is up to date, particularly your address history and financial associations. At ClearScore, we show you your credit report provided by Equifax. This is updated once a month. If there is information on your report that’s more than 4-5 weeks out of date, you’ll need to contact the lender or fill out a dispute form to send to Equifax.
- Contact the lender who rejected your credit application, as they may be able to provide more information on why it was unsuccessful.
- If your credit score isn’t as high as it could be, follow our 10 simple steps to a better score before you apply for credit again.