Adverse Credit Increase

Even though all we seem to get through our letterboxes, are leaflets and letters offering us credit cards and loans, getting credit has never seemed so easy. But the fact of the matter is that the amount of people who are being refused when applying for credit has been rising over the last few years.

The reasons for this maybe down to higher levels of redundancy, divorce and with credit being so easy to obtain, more and more people feel they are guaranteed to get it when they apply for credit cards and loans.

Though the fact that many of us who apply for these special offers that fall on the doormat, don’t get to benefit from the better of the APR’s that are put in front of us by the credit card issuers, who are trying entice us into debt.

This is because the credit card companies are searching out customers that are in no need to take out any credit, by offering them better rates to get them on board, as other wise those customers would not see the need to take the chance of paying interest on purchases that they could easily afford, thus leaving the rest of us who require credit, picking up the higher scale of interest charges on credit cards.

None of us has the divine right to get credit, but there are certain lines that credit card issuers have to abide to, these being not discriminating on the grounds of Race, Religion, Gender, Address or Sexual preference. Though they can still refuse 60% of all applicants to credit cards the chance to get credit.

So why have you been refused credit then? Well there are a number of avenues that the card issuer that you are applying to, will go down to find if you will be a viable customer for them. They will check out your credit rating using credit agencies, such as Experian and Equifax, to give them the answers that they will need to let you have a credit card. If you have been refused a card, then you can contact those agencies yourself to find out what sort of information that they have on you, to see what you can do to get yourself a better credit scoring.

Some of the information that the credit agencies might be wrong and can be addressed and fixed, but if it is seen as correct and getting credit is going to be a problem, well don’t be too despondent as there are still some lenders who will help you get credit. It is called “Sub-Prim Lending”, which means that if you don’t fit the stereotypical customer that credit card companies are looking for, then some lenders will let you borrow under this heading.

It all seems to be worked under that old saying of, “Money goes to Money” with the more money that you have, the less it costs you to borrow and with the less you have the more it costs to get your hands on some, it just doesn’t seem right does it?

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