5 Reasons Why You Are Denied Credit for Loans, Mortgages, Credit Cards Etc

By Sundeep Marwahah

Have you ever been denied a credit card, or been rejected for a loan or mortgage and wondered why your application was turned down? It could be the simplest reasons.

Here are 5 common reasons why people are denied credit for loans, credit cards, mortgages

[1] They don't have a large enough salary.

Most lenders see them as not being able to pay back the borrowed credit, so reject them

[2] They fill out the application for incorrectly,

Filling out a form wrongly is the most common form of reject by credit card companies, make sure you do this right!

[3] They have defaults on their credit report such as CCJs, Defaults, Arrays. These all show up as sore spots on your report and credit agencies check this report for your reference.

[4] - You have a series of Late payments for your existing bills/credit cards ect. This shows the lending company that you are a BAD PAYER, as you pay your balance later the date required. This could ruin your chances in getting accepted.

[5] - They enter Wrong/misleading information on their application form. Don't do this ever as the lending companies might be able to find out, and then not trust you!

So I hope now you won't make the above mistakes, or you could be refused credit.

Also don't do the crazy thing of applying to a variety of sources after being refused as these will show up as footprints on your credit report which is something that can prevent you from getting credit. I am speaking from experience.

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