Credit Card Watch Blog

If you’ve been turned down for credit and you think yourself financially secure enough to obtain it, don’t panic, it isn’t always you, and you certainly don’t have a bad credit rating and you haven’t been black listed; this is because these two things don’t exist…

You can read a little more about the credit rating myth in a previous post on this blog, but for the meantime let us consider why you may have been turned down when you are perfectly capable of repaying your loan or credit card.

Have you ever heard a member of the opposite sex say, “it’s not you it’s me”?  Well if you’ve heard that before then you’ll know just how frustrating it is.  However, you’ll also know that it doesn’t matter what you do, or how good you are at this or that, you are not going to change their mind!

This is how it can be with lenders.  Put quite simply, you may not be the customer they want.  Why?  Well you have to consider that lenders are not benevolent organisations, and they are not here to make our life easier.  They are here to make money, and they want people to borrow money and obtain credit who are not entirely able to pay it off very quickly.  That might sound really daft, but it’s true.  If you are the perfect customer (in your mind) who will pay off their loan and / or credit card promptly then you are unlikely to make the lender a lot of money are you?  You will not pay much in interest; thus they will not be interested in you.

Just look for another lender.