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Loan rejection

Why was I declined credit?

There are a number of reasons why a credit provider may reject an application for credit.

Each credit provider has their own lending criteria and these are the basis for their credit decisions. Your loan may have been rejected because:

  • The credit provider may be concerned that you will not be able to keep up with the repayments based on your income and current debts and financial obligations
     

  • The amount of money in your savings account/s is not enough to prove that you will be able to meet the loan repayments
     

  • The credit provider has checked your credit report and found that you have a default or other negative information
     

  • Your employment history. If you are unemployed, change jobs frequently or are working your way through a probationary period, you may not be able to demonstrate you can service your loan
     

  • Residential situation. Moving house on a regular basis can be a potential reason for a credit application refusal

 

Make sure you obtain a free copy of your Equifax Credit Report or you may consider subscription plans that include Credit Alerts and Credit Scores that can help you manage your credit profile.

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