If you've been turned down by us or another lender, it can be frustrating and disheartening. However, there are steps we suggest you take to increase your chances of getting approved in the future.
- Check your credit report: The first step is to check your credit report. You can get a free copy of your credit report from any of the three main credit reference agencies in the UK - Experian, Equifax, and TransUnion. Review your report for any errors or inaccuracies, and if you find any, ask the agency to correct them.
- Pay your bills on time: This is one of the most important things you can do to improve your credit score. Make sure you pay all of your bills on time each month, including your credit card payments and loan payments. Late payments can stay on your credit report for up to seven years and can have a big impact on your score.
- Reduce your debt: If you have a lot of debt, it can be hard to get approved for credit. Try to pay off as much debt as you can, and avoid taking on any new debt until you've paid off your existing debt.
- Use credit responsibly: If you do have a credit card or loan, make sure you use it responsibly. Don't spend more than you can afford to pay back each month, and try to keep your balance below 30% of your credit limit. This shows lenders that you're responsible with credit and can help improve your score.
- Build credit history: If you don't have any credit history yet, it can be difficult to get approved for loans or credit cards. You can start building your credit history by getting a credit card or a loan with a small limit and paying it off on time each month.
Improving your credit score takes time and effort, but it's worth it. By following these steps, you can show lenders that you're responsible with credit and increase your chances of getting approved in the future. If you're still having trouble, consider speaking to an independent source of advice (such as Citizens Advice or National Debt line) for more personalised suggestions.