Why Am I Turned Down For A Loan?

There are different reasons for being turned down for loan: your credit score may have been below the cut-off point for that company (each company has different views on credit ratings), you may have just moved home or changed jobs.

If you have had credit problems in the past, then this is usually a good indicator and in this case, you should refer to reputable companies who specialise in bad credit loans.

However, if you have been turned down and you don’t know why (i.e. you haven’t moved home, changed job, had credit problems) then you can request a copy of your credit report from a credit reference agency, such as Equifax or Experian. Sometimes mistakes are made and these agencies will rectify mistakes if pointed out.

It is also important to note that the people who live with you, even if they are not your partner, mother, father etc can affect your credit rating. This is because your address is taken into account too, so if for example, your flatmate has had credit problems, this could be why you have been refused.

Another point worth noting is that sometimes companies can decline your application for no apparent reason. In these cases, it is best not to take this personally, as they do have the right to decline applications.