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6 Little Known Things affecting your Application for Credit

There are many different things that affect your chances of getting credit and it’s not just your credit report. It can actually be down to just the smallest thing on your application that you missed, or even the credit card you’re exactly applying for.

Here are 6 things you should think about next time you apply write your application for credit.

   1. There’s a mistake on your application

One of the simplest problems with application for credit. You may have a common name that isn’t cross checked on the system, you might have put one number out of place on your application, or you’re supplying outdated information. It’s important to double or triple check your work before you send off sensitive details to a bank, and to ensure your application for credit is sped up.

   2. Your previous credit history can affect the process

Depending on your creditor, you might actually have a bad credit history, even if you missed that payment on your debt that one time. Having a solid credit history can actually make or break the application process, which can leave many applicants disappointed. Make sure you pay on time and avoid going past the deadline so you have the best chance of going ahead with your application for credit.

   3. You didn’t check your credit history beforehand

Related to the previous point; ordering your credit history reports before you fill in the application form is a good way to determine if you will be accepted in the first place. You can also check from there if companies will possibly bring up a red flag, especially if you’ve enquired about credit several times. It’s important to think logically about your options at this stage, and figure out what is the best option for you.

   4. You have several cards already

Of course this signals a lot of worry for credit card companies alone, but you shouldn’t panic and start cancelling your credit cards in an effort to be approved for a new credit card. One of the problems with application for credit is that applicants often can damage their credit history even more.

   5. You still have outstanding bills to pay on your existing cards

Still having bills to pay doesn’t impress credit card companies very much, which is an obvious reason why there are so many problems with application for credit. Remember that you’re selling yourself throughout the process, and if there are many problems with your application for credit you can be rejected instantly.

   6. You haven’t shopped around enough for your credit card

You might actually be wasting your time applying for a certain credit card, because it might not be the best thing for you after all. Make sure you shop around as much as you can so you get the best rate, the best service and also ensuring you’ll be approved. If you know the benefits to a certain application inside out, you’ll be guaranteed approval.

Want to know more?

Discover what information is stored on your credit report file by visiting our credit file explained page, learn about credit repair, or request your free credit history report.

If you find yourself rejected for credit, struggling with personal loans, credit cards and other unsecured debts, give our team a call for free consultation. We have loan-free solutions that will help you pay off debt faster. There are some debt solutions that will negatively affect your credit history for a limited time, while others leave a permanent notation on the National Personal Insolvency Index (NPII).

Our Personal Insolvency Specialists will walk you through your options, and any relevant consequences. We’ll provide you with the information you need to make an educated decision regarding which solution meets your financial situation and future goals. It takes less than 10 minutes for us to design a plan that could see you debt free in three to five years.

There is no pressure or obligation to take up debt management, and the personal budget we design for you is yours to keep.

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