3 things about credit rejection that you should consider seriously

If you have ever been rejected for a loan or a credit card and you want to rebuild your credit status there are simple ways of doing it.

07:12 13 May 2014

The economy has made it hard for people to access credit but this does not mean accessing credit has become impossible. Forget about the Blacklist, there is no such thing. 

 

There are things you can do to stop being continually rejected so that you can get back your credit status:

 

1.Do Not Continue To Apply If You Keep Getting Rejected

 

Check your credit reports for default payments. Not all rejections are based on your bad credit alone, always find out first why one lender rejected you and try to address that specific issue. The act of applying and always getting rejected in itself can end up being a bad reflection on your credit history so check first how eligible you are for a loan you are applying and make sure that you are not just being rejected for minor issues you should be able to fix.

 

2.Go the ‘Checklist’ way

 

Use an eligibility checklist to see the chances you have of getting your credit approved before you take your applications to lenders. If the checklist reveals that you are only eligible for credit cards that attract high interest rates then you should try and find other options or seek debt counseling to help you see your way through.

 

3.Balance Transfer

 

You can transfer your credit to a credit card if it is a lower interest or zero interest cards. This way you can lower your repayments. This means that you will have one balance to worry about instead of multiple credit balances some of which you might end up forgetting in the process.

 

If your credit application is approved, use your credit card intelligently to improve your credit score. Use it only if you need to and make sure that you pay off the balance at the end of the month.