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If you have applied for a loan or credit card or some other form of credit in the UK and have been refused, it is probably because you have a bad credit history. Having a poor rating can be due to a number of different reasons, from defaulting on credit card repayments, having CCJs in your name, or simply because you are not on the electoral role.

The good news is that whilst some companies will refuse you based on your credit history, others specialise in borrowers in this particular financial situation, and so it is still possible to get a loan. What is more, by repaying an approved loan back on time each month, your bad credit status should eventually improve.

I have always paid my bills on time but am still being refused credit - why?

Some companies simply set very high 'pass' scores, and although you have never defaulted on repayments, you may not meet their requirements for other reasons. One possibility is that the lender believes you already have too many financial commitments, and that adding to this may result in difficulties with repayments. If you think this may be the reason for your application being refused, you could try reducing the amount you wish to borrow. Whilst this may well make no difference to your status at all, there is equally a chance that it will just tip the balance and qualify your scoring. Another reason for being refused credit could be that you have CCJs (County Court Judgements). These will be recorded on your file for six years, and can only be removed if you genuinely did not receive a court summons.

I have been turned down for credit - is there anything stopping me applying with a different lender?

You can apply for credit with as many companies as you wish, but bear in mind that each and every application that you make will be noted on your credit file. If lenders see that you are making numerous applications, this could adversely affect your chances of being approved.

What can I do if I have a bad credit rating?

The easiest way to work out where your weaknesses lie is to get a copy of your credit file from a credit reference agency. These agencies are used by all lenders to establish whether or not you qualify for a loan. If there are any incorrect information held on your file you should be able to have it amended.

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