Bad Credit Rating Question- Default?

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I had a default against my name, which meant I couldn't borrow anything for 5 years. The default came off my credit file August last year. And banks still wont approve loan applications.

I had a job (permanent) and was getting $45,000 when I last applied some time last year...and it was still declined. But the bank never tells you the real reason why the loan hasn't been approved.....

Anyone know?

Bad Credit Rating Question- Default?

Any institution that provides credit must by law provide you in writing the reason for their denying you your credit applicaton.

Under the Equal Credit Opportunity Act, you must be notified within 30 days after your application has been completed whether your loan has been approved or not. If credit is denied, this notice must be in writing and it must explain the specific reasons why you were denied credit or tell you of your right to ask for an explanation. You have the same rights if an account you have had is closed.

If you are denied credit, be sure to find out why. Remember, you may have to ask the creditors for this explanation. It may be that the creditor thinks you have requested more money than you can repay on your income. It may be that you have not been employed or lived long enough in the community. You can discuss terms with the creditor and ways to improve your creditworthiness.

If you think you have been discriminated against, cite the law to the lender. If the lender still says no without a satisfactory explanation, you may contact a Federal enforcement agency for assistance or to bring legal action.

Hope this helps you

Bad Credit Rating Question- Default?

First I'd advise you to pull all 3 credit reports and see exactly what is on there. It could be something as simple as needing to add more positive credit, or something more like incorrect listings and maybe ID theft.

Next, I'd press the bank for answers. You have a right to know why you are being declined.

Bad Credit Rating Question- Default?

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