Walt Disney was once rejected from a job because he ‘lacked imagination and had no good ideas’.
And publishers said no to JK Rowling 12 times before one took on her Harry Potter books.
That shows that even some of the most successful people are rejected at one point or another. So if you’ve had a ‘no’ recently, don’t beat yourself up about it too much.
Whether it’s not getting that job you really wanted, being turned down for a date, or getting rejected when you applied for a credit card or loan that you really needed, you shouldn’t give up. Walt and JK didn’t, and look at them now!
When it comes to applying for credit, the good news is that things can change. So, even if a lender’s rejected you in the past, it doesn’t necessarily mean they’ll say no if you apply again.
Really? What can change?
It could be your situation – for example, you could have a new job or had a pay rise (congrats!), you might have cleared some of your debts or your credit rating may have improved for another reason.
Remember, your credit history lasts for 72 months (6 years), and every month that passes sees a new one added and an old one drop off.
Even if it hasn’t improved, the lenders' criteria may have changed in line with what’s going on in the financial world, so it’s worth a check.
But I don’t want to risk being rejected again – it’ll impact my credit rating, won’t it?
If you dive straight in and apply, it could, yes. This is because when you officially apply for credit, lenders will run a hard credit check, which will leave a mark on your credit history (read about why these marks can be a negative thing here).
However, if you’re clever about it, you don’t need to worry.
A lot of lenders these days now offer eligibility checkers. These can tell you if you’re likely to be accepted before you apply.
And, they won’t have an impact on your credit rating, no matter how many times you use them.
How do they work?
They’re pretty simple. You just pop a few details into an application form and then the lender does a quick pre-check of your application with the credit reference agencies.
This is a ‘soft search’, so no one but you will be able to see it on your credit report, and that’s why it won’t be impacted at all.
The lender can then give you a ‘yes’ or ‘no’.
If you get a ‘yes’ you can go ahead and apply knowing that it’s highly likely you’ll be accepted.
If you get a ‘no’, you don’t need to go any further with the application and you can avoid getting a mark on your credit report.
Can I keep on checking?
Yes. You can use these tools as many times as you like with absolutely no impact on your credit rating, so you’ve got nothing to lose.
Like we said, things are always changing, so, if you checked a few months ago and were rejected, it’s worth checking again to see if anything has changed. Likewise, if you check today and get a no, work on improving your credit score (find out about that here) and try again in a few months’ time.
Now, can someone invent something that’ll tell us if that hot date will say yes if we ask them out…
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.