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Help When
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If you haven't been a good debtor in the past, that
may not be a problem. There are numerous companies out there who will
still consider applicants with a blemished credit record.
Because you are a bigger risk, you will be charged a higher interest rate.
But if it is a credit card, you can pay the balance off in full at the end
of the month and not pay any interest at all. Some credit cards offer you the chance to rebuild your credit rating. This actually applies to all credit cards in reality. If you are a good customer, your transaction history will be on file, thus building a new credit profile which will go some way to counteracting previous misdemeanours. It will take a good while, but if you build up a good profile over a period of time, eventually, your past errors may be all but forgotten. All credit providers assess you in different ways. Therefore, if one provider rejects you, another one may not. A word of caution though. Too many applications for credit in a short space of time may itself stand against you. So....think hard about who you will apply for credit with, if they reject you, one or two more applications may be OK, but don't overdo it. If you are rejected by three credit providers - then call it a day for at least six months!! Trying to find out why you have been rejected can be tricky. You can ask for a copy of your credit file from credit checking companies who will also give you a credit report. Sometimes, though these can just confuse you. However, they can tell you if you are being muddled with a member of your family (or a person previously at your address who has the same surname - yes it does happen!). Sometimes, it is impossible to tell, a credit company may simply turn you down because your income is not high enough, yet they may not have mentioned a minimum salary requirement in their information. (You generally can borrow up to 1/2 your salary for a personal loan). So sometimes, you may be rejected for a really simple reason, rather than that you are considered un-creditworthy. If you are really having problems, do some detective work. There is a lot of help out there on the internet. DO NOT pay someone to investigate your credit problems on your behalf unless you know them to be reputable. They could end up doing more harm than good!! Eventually, nearly all of us can undo our past credit blunders - so be patient and most important....BE GOOD!! |
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