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How To Minimise The Risk Of Rejection For Finance

Sep 5, 2008
Whilst the UK has enjoyed many years of easy credit, with even those with damaged credit often able to get finance without any problems, things have changed radically in the financial markets over the past year. Just a year ago the thought of ever being rejected for any form of finance may never have crossed your mind, and indeed were it not for the global credit crunch you may never have experienced any problem when it came to getting credit.

However, unfortunately the global credit crunch struck like a giant hurricane last summer, wreaking havoc in all the financial markets and making it far more difficult for consumers to get finance as a result of lenders tightening their eligibility criteria. It is therefore more important than ever to be cautious when applying for finance in order to avoid the pitfalls of rejection.

When you are applying for loans or any other sort of finance you always need to check the eligibility requirements. You should bear in mind that the eligibility requirements have changed for many lenders over the past year, and whereas you may have fitted in with the criteria twelve months ago this may no longer be the case because of the tighter rules that lenders have put into place. By ensuring that you read up on the eligibility criteria for each lender you are thinking of applying to you can ensure that you do not risk rejection simply because you do not match the requirements.

Something as simple as making mistakes or leaving information off the application form can result in your applications for finance being rejected, so make sure that you are vigilant when you complete the form, and double check it to ensure that you have answered all questions. Also, no matter how tempted you may be to leave information out or tell a white lie or two do not! Lenders can quickly pick up on things like this, and not only will you face rejection but you could find that your changes of getting finance with any other lender are ruined for a long time to come.

Another thing that you can do that might help you to avoid rejection for finance is keep a regular eye on your credit file, which is what lenders use when deciding whether to give your credit. Make sure that the information on the file is correct and up to date, and if not get any outdated information or inaccurate information rectified otherwise this could have a negative impact on your credit file and rating.

If you are rejected for finance this does not mean that you will not get finance with another lender, but you need to make sure that you don't wade straight in and start sending out applications to a range of other lenders, as each rejection you get makes it that bit harder to get finance again in the future. Instead, consider using the services of a broker, who may be able determine which lender is most likely to cater for your needs based on the information that you provide.
About the Author
Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Personal Loan and Credit Cards
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