If you’ve been rejected for credit, it might be because:
- You don’t meet the lender’s criteria
- You have a low credit score
- There’s incorrect information in your report.
What to do next?
Whatever you do, don’t apply for more credit straight away. This could lower your credit score. There are a few things you can do to improve your chances of being accepted in the future:
- Read through your credit report.
It might have been turned down because there’s incorrect information or missed payments showing.
- Make sure your report is up to date.
If your report information is more than 6 weeks out of date or incorrect, contact the lender or raise a dispute with credit bureaus.
- Contact the lender you applied to.
Find out more information about your application.
- Continue to work on improving your score before you apply again.
Will the rejection affect my score?
Your credit report doesn’t show whether you’ve been approved or declined for an offer. It will show that an enquiry was completed for a credit application. The enquiry will affect your credit score. Your score can then improve again over time.