We match recommendations for financial products based on your credit report and score, which means you are less likely to be rejected. However, this is no guarantee of obtaining credit and we can’t promise your the success of your credit applications.
What we can do is help you understand what factors on your credit report can decrease your credit score and what actions you can take to improve this.
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 decrease your credit score.
Even people with the highest credit scores can get turned down for credit. The score is only a guide, and is not a guarantee that your credit applications will be successful.
Here are some things that may be helpful to do:
- Read through your credit report and try to find reasons why you may have been turned down.
- Check the information on your credit report is up to date and accurate, 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 If there is information on your report that’s more than 4-6 weeks out of date, you’ll need to contact the lender or fill out a dispute form to send to Equifax directly: raise a dispute
- The banks and lenders will be using similar information about you to make their decision so it is important to make sure this is all accurate.
- Contact the lender who rejected your credit application, as they may be able to provide more information on why it was unsuccessful.
For more information about credit reports, scores and applications, visit our Learn section.