When you apply for Credit you may feel the Lender is going to look at your Credit Report and make the decision. If you have a Good or Excellent Credit Report you could still be declined for Credit…
Firstly, We should all be totally aware that when we apply for Credit we have no right to be approved. There are lot's of factors that can affect your application for credit.
Today we are looking at the new Affordability Checks. Affordability checks will consider your Income V your outgoings, this means, even if you have an excellent record of repaying credit each and every month, the Lender will consider what changes will happen if they approve your Credit application.
Due to the financial crisis of 2007/2008, Lenders have been under great pressure to ensure Responsible Lending. This applies to Loan companies, Credit Card companies and anyone else lending money. So if you apply for Credit and get declined despite a good credit rating, ensure your Credit Utilisation is low. You can check this at all of the Credit Reference agencies.
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