If you havent been a good debtor in the past, that may not be a
problem. There are numerous companies out there who will still consider
applicants with a blemished credit record.
Because you are a bigger risk, you will be charged a higher interest rate.
But if it is a credit card, you can pay the balance off in full at the
end of the month and not pay any interest at all.
Some credit cards offer you the chance to rebuild your credit rating.
This actually applies to all credit cards in reality. If you are a good
customer, your transaction history will be on file, thus building a new
credit profile which will go some way to counteracting previous misdemeanours.
It will take a good while, but if you build up a good profile over a period
of time, eventually, your past errors may be all but forgotten.
All credit providers assess you in different ways. Therefore, if one provider
rejects you, another one may not. A word of caution though. Too many applications
for credit in a short space of time may itself stand against you. So....think
hard about who you will apply for credit with, if they reject you, one
or two more applications may be OK, but dont overdo it. If you are rejected
by three credit providers - then call it a day for at least six months!!
Trying to find out why you have been rejected can be tricky. You can ask
for a copy of your credit file from checkmyfile.com
will also give you a credit report. Sometimes, though these can just confuse
you. However, they can tell you if you are being muddled with a member
of your family (or a person previously at your address who has the same
sirname - yes it does happen!). Sometimes, it is impossible to tell, a
credit company may simply turn you down because your income is not high
enough, yet they may not have mentioned a minimum salary requirement in
their information. (You generally can borrow up to 1/2 your salary for
a personal loan). So sometimes, you may be rejected for a really simple
reason, rather than that you are considered uncreditworthy.
If you are really having problems, do some detective work. There is a
lot of help out there on the internet. DO NOT pay someone to investigate
your credit problems on your behalf unless you know them to be reputable.
They could end up doing more harm than good!!
Eventually, nearly all of us can undo our past credit blunders - so be
patient and most important....BE GOOD!!
Click here to go to our Bad Credit
Credit Card shortlist
|
