Is it possible to find out why I would be declined?

ferry

Just out of interest if I made ,say, 3 loan applications and got turned down for all of them,would it be possible to find out why without having to 'assume' its because of a late payment here and there or scrutinising a credit record wondering what went wrong?

It seems that everyone agrees that different lenders have different lending criterias,OK..but does anyone feel it would be of any help if the creditors actually gave reasons for turning someone down..?
Might it then be in their best interests to have the applicant try and 'repair' the specific damage thats stopping them from obtaining credit from them?

Just thinking out loud...

terry

Luke

As a smart person I'm sure you wouldn't make three applications close together. As you be getting tured down on the basis of all the searches on your file.

Anyway I know what you mean.

Generally I stay quite close to my finances and on one occasion when I was rejected for a credit card it was just the alarm call I needed. I canceled a credit card with £0 balance and £5000 available credit, and will do credit card shuffles so I do not apply for credit again this year.

The most help you can from a credit company is
`It was due to information contained in you credit file we gained from Equifax or Experian'
The only possible was this could change is if you were paying for information about why you were declined.

robert_harper_2000

Go to the two agencies mentioned and pay the £2 fee for a credit history check.

Make sure your file doesn't have any mistakes

ohmsoft

Just extending from the above two posts - I done a credit check recently and noticed that I - quite stupidly - had an overall credit card limit (on 7 cards) of £55K (with only £3K balances).....always cancell em when finished!