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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.
What lenders look at
Lenders are very experienced at assessing the eligibility of borrowers, typically considering:
- Your credit score.
- Any past account history.
- Your personal circumstances.
- What you can realistically afford to repay.
Common reasons an application for credit may be turned down
You have a limited credit history
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 don’t have regular income
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.
Low disposable income after outgoings
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.
Your past account history
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.
Support with the cost of living
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.