Credit History?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Why is it that if you you get turned down for a credit card or loan or whatever, it brings down your credit rating?
Just been looking into getting a credit card, just for emergencies due my bank having IT problems and couldnt access my money.
My credit history is flawless and I dont want that ruined.
Why does this happen and how can you prevent it? I realise I could probably get 99% of cards, but what happens if I get turned down for one. How do I know what the criteria are?
Credit History?The fact that you get turned down for credit, is not recorded at the UK Credit Reference Agencies. It is the search requests that the company you are applying with, that is recorded. Thus, if you make several applications within a short time frame, this is likely to result in a further application being declined. The number of applications and the time-frame these are measured in, will vary with each lender. This particular check is primarily to prevent fraud. The criteria used to approve lending, are many and complex. They are also most usually done by a computer first and only in exceptional circumstances is a human decision necessary! The company I work for are constantly changing the business rules used to determine whether or not to approve lending. If you have a flawless credit history, and do not intend to apply for several cards in a short time period then you don't really need to worry.
Credit History?Stop applying for multiple cards ...
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