If you have been refused credit, there is a reason as to why the company chose that action. In many instances, banks or other financiers may not necessarily explain to you why they rejected your application. Good news is that you can be able to know why your applications are rejected. This is by digging deeper to know why. One major reason in the UK leading to declined applications is a bad credit history. However, the cause for rejection usually varies since different organizations or companies weigh risks using different financial aspects.
The best action
Once one application has been rejected, try to find out why this was the case. The best step is to stop making applications until you uncover the reason why your application had been declined. This will help prevent tainting your credit history as all the companies make reference checks on your account before declining the credit application.
Take time and review your past credit. Could you have missed in making timely payments on a credit obligation? Could you have defaulted in a past loan? Have you taken a loan or a credit card payment that went bad? Have you registered on the electoral roll? Do you have financial ties to someone with a bad credit history? Or maybe could it be that be that you have no credit history at all? These are just some of the reasons as to why your loan was declined. If there is a yes to any of the questions, why not look up your credit position over the internet. The credit reference agencies will allow you to check up such details online at a very low cost. The report will let you look into your credit past with details of all your credit obligations and how they were met.
Knowing the problem is half solving it. Once you know where your problem really lies then it will be easy to solve it. If your problem was late payments, default or no credit history; then Fife Red Phones is the right place for you. We will help you access bad credit mobile phone contracts as you work on building or rebuilding your credit history.