Heard about a credit blacklist? Worried your name appears on it, stopping you getting credit?
Well, we have some good news for you. There’s no such thing. It’s absolute rubbish. It’s completely made up. It’s codswallop. Balderdash. Baloney. Get the picture?
So you can stop worrying! It doesn’t matter how you’ve managed credit in the past, there’s no secret blacklist with your name on that tells lenders to say no to you. We promise.
Why is there no such as a credit blacklist?
The truth is that each lender makes their own decision about whether to say yes or no to you, based on a range of information. This includes:
- the details you give to them on your application form
- information provided by the credit reference agencies
- their own lending policies.
This is more good news for you! Why, we here you ask…
Well, picture the scene. You’re in a bar and you spot the man or woman of your dreams. You go over to them with your very best chat up line, only for them to laugh in your face before walking away.
It might knock your confidence a bit, but you can pick yourself up and try again - there are plenty more fish in the sea, including ones that’ll love your cheesy chat up lines!
And it’s the same with credit applications. If you’re rejected by one lender, it doesn’t necessarily mean you’ll be rejected by another. Their criteria may be completely different.
What can I do to improve my chances of being accepted then?
Don’t take a blanket approach – if you’re rejected once, make sure you try and find out why before applying again.
That’s because each application can leave a mark on your credit report, and you don’t want to get lots of marks, otherwise you might look a bit desperate (same applies when trying to find your dream man or woman – play it cool!)
What should I check?
Next, make sure your name and addresses match up on your application, passport and driving licence. Read more about that here.
Also make sure you’re signed up to the electoral register so lenders can check the details you’ve given them are right. Register here.
Doing all of these things should give you a better chance of being accepted. Good luck!
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