Why might a credit application be turned down?
Although it’s disappointing, there are a few common reasons why a credit application might be unsuccessful.
Already have a current account with us?
Already have a credit card with us?
Already have a savings account with us?
Already have an ISA with us?
Find out more
Already have investments with us?
Already got home insurance with us?
Other insurance products we offer
Already have a mortgage with us?
Find out more
Already have a loan with us?
Find out more
Already have car finance with us?
Already got insurance with us?
Need to get in touch?
Our products
Find out more about
Secondary Navigation 'Mental health' links to /content/lloyds/en-gb/personal/help-guidance/mental-health
Secondary Navigation 'Financial planning' links to /content/lloyds/en-gb/personal/help-guidance/financial-future-planner
Secondary Navigation 'Family finances' links to /content/lloyds/en-gb/personal/help-guidance/family-finances
Secondary Navigation 'Service status' links to /content/lloyds/en-gb/personal/help-guidance/service-status.html
Secondary Navigation 'Brexit questions and answers' links to /content/lloyds/en-gb/personal/help-guidance/brexit-questions.html
Secondary Navigation 'Get free training and support' links to /content/lloyds/en-gb/personal/help-guidance/get-skills-and-support-near-you
Secondary Navigation 'Mortgage video appointments' links to /content/lloyds/en-gb/personal/help-guidance/landing/mortgage-video-appointments
Secondary Navigation 'Banking with us Overview' links to /content/lloyds/en-gb/personal/banking-with-us/home
Secondary Navigation 'Switch to Lloyds Bank' links to /content/lloyds/en-gb/personal/current-accounts/switch
Secondary Navigation 'Ways to bank' links to /content/lloyds/en-gb/personal/banking-with-us/home
Secondary Navigation 'Joining Lloyds Bank' links to /content/lloyds/en-gb/personal/banking-with-us/joining-lloyds.html
Secondary Navigation 'Who we are' links to /content/lloyds/en-gb/personal/banking-with-us/who-we-are.html
Secondary Navigation 'What is happening' links to /content/lloyds/en-gb/personal/banking-with-us/whats-happening.html
Secondary Navigation 'Mobile Branches' links to /content/lloyds/en-gb/personal/banking-with-us/mobile-branch.html
Secondary Navigation 'Banking Hubs' links to /content/lloyds/en-gb/personal/banking-with-us/banking-hubs.html
Getting started
Card and PIN services
Limits and timings
Regular payments
Useful features
Manage your card
Manage PIN
Payments and contactless
Transactions
Spending patterns
Already have a current account with us?
Already have a credit card with us?
Already have a savings account with us?
Already have an ISA with us?
Find out more
Already have investments with us?
Already got home insurance with us?
Other insurance products we offer
Already have a mortgage with us?
Find out more
Already have a loan with us?
Find out more
Already have car finance with us?
Already got insurance with us?
Need to get in touch?
Our products
Find out more about
Getting started
Card and PIN services
Limits and timings
Regular payments
Useful features
Manage your card
Manage PIN
Payments and contactless
Transactions
Spending patterns
Although it’s disappointing, there are a few common reasons why a credit application might be unsuccessful.
Lenders are very experienced at assessing the eligibility of borrowers, typically considering:
If you’ve little or no experience with credit, even if you have a good income, your credit score may be low, simply because there’s little to indicate how well you’ll manage borrowing and repayments.
You could have a better chance of being offered credit if you’re employed and/or have a regular income, or have money left over from any disability benefits.
Managing money and bills can be hard enough, without also having debts to repay. Lenders may check what you can reasonably afford, based on your income, outgoings and existing borrowing.
Lenders usually keep records about accounts you’ve held with them in the past, including information about how well they’ve been managed. Things like late payments can affect your eligibility.
Your credit score may paint part of the picture that potential lenders assess when deciding whether to lend to you..
The credit reference agencies Lloyds Bank work with include TransUnion, Experian and Equifax. The information they hold helps us to understand your track record of using and managing credit, spanning at least 6 years.
Factors which can affect your credit score include:
What affects your credit score?
It may be possible to improve your credit score over time, giving you a better chance of being approved when you apply again in future.
As living costs rise, keeping on top of your money might be worrying. We can help you manage your payments and provide some useful tips and tools.
Know where you stand with Lloyds Bank
Sign up for ‘Your Credit Score’ to see your rating with TransUnion. It’s free to check and won’t hurt your credit score.