Why can’t I get credit?

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What's stopping you from getting credit?

Every lender has their own system for identifying who they will and will not accept for a credit card. This list may help explain why you haven’t been able to get credit.

Common reasons for credit refusal are:

  • You may have County Court Judgements (CCJs) against you.
  • You have been declared bankrupt.
  • You are unable to prove a regular or high enough salary. This may suggest to the lender that you can’t afford the credit you’re applying for.
  • You have been late in making payments or missed them altogether on existing credit agreements. This will be noted on your record.
  • If you’ve moved home recently or changed addresses frequently, the lender may not be able to verify the address details you’ve given them.
  • Similarly if you have not registered to appear on the electoral roll, this could create problems for you as lenders won’t be able to find you.
  • You may also have made multiple applications when you were turned down by one lender but decided to re-apply with another lender straight away. This can be damaging to your credit score. Every time you make an application for credit, a credit search is conducted by the potential lender and this search is recorded as part of your credit report.
  • You may have been the victim of identity theft. Someone may have used your personal details to obtain credit cards using your name.

You may be able to find out why you’ve been refused credit by checking your Credit Report. For more information on how to do this, go to the ‘Checking My Credit Record.’ section. Your Credit Report will show you the information that lenders can see when they check your Credit Record. If the information is wrong you can demand that it is changed or removed.

You can check your own credit file as often as you like, but any third party doing the same will leave a record of that search.

If you have applied for a number of credit cards recently, your credit rating will suffer. So stop applying for cards for 3 to 6 months to give you time to repair your credit rating. In the meantime, continue paying your bills and making your repayments on time, stay within your credit limits and your credit rating will start to recover.

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