Being refused credit can be an unsettling, anxious and frustrating time. You might be trying to get finance to buy the car or home of your dreams or simply to help you get by.

If you have been declined credit it is best not to make another loan application straight away. You should first find out why your application was rejected. The lender or credit provider you applied to should communicate with you and outline the reason you have been refused credit.

In many cases credit refusal may be due to an item on your credit report. Find out why applications can be rejected, what to do if you’ve been declined for credit and some ways you can improve your credit worthiness.

Denied Credit Topics

Get my Equifax credit report

If you’ve been denied credit, find out what to do next. The first step is to get a copy of your Equifax credit report.

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Loan rejection

Find out what lenders look for when assessing applications for credit and the reasons why applications can be denied.

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Credit reporting and loan rejection

What role does credit reporting play in the provision of credit by lenders?

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What items look bad on a credit report?

What items on your credit report can contribute to a loan being rejected.

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Denied Credit Trending Questions

If you have been denied credit it is best not to apply for credit again until you find out why. There are a number of factors that may result in an application for credit being refused, but this depends on the lending criteria of the credit provider. Nevertheless, reasons may include :

  • Level of income and savings to meet the loan repayments;
  • Number of other loans and other financial commitments you have;
  • How secure your employment is;
  • Details on your credit report which can include information such as previous bankruptcy, defaults, serious credit infringements, high number of credit applications and poor repayment history.

If you have been declined credit and the information on your credit report was a factor, the lender, phone or utility company will give you details of the credit reporting body they used.

If it was Equifax, the first step in understanding why your credit report has contributed to you being declined credit, is to obtain a free copy of your Equifax credit report. If you have been declined credit you are entitled obtain a free credit report if you apply within 90 days of being declined and provide evidence that a credit provider has declined your application for credit.

By getting a copy of your Equifax credit report you can better understand what information may have contributed to your application refusal. It is important to check your credit report regularly to ensure it is accurate.