How to Stop Getting Turned Down For Credit

Are You Getting Used To The Word No On Your Credit Applications??

Is Your Credit Rating So Bad You Cant Get Credit Anywhere??

I was speaking with a friend Carol, recently who had recently answered yes to the above questions. She told me that when she was younger she didn’t really pay much attention to the effect her out of control borrowing was having.

As soon as she was old enough the credit applications starting arriving in here inbox and through her door. She received applications for credit cards,loans and store cards. What she didn’t receive however was an explanation of what would happen as a result of falling behind on a few payments. In fact it didn’t take that long before Carol has already maxed out a credit card on a recent shopping trip with her friends. She was paying back the agreed amounts but even after a few weeks her balance didn’t reflect here payments because of the high interest rates that she had already agreed to.

It wasn’t long until Carol was unable to keep up with all of her payments and quickly sought the help of a financial advisor. He offered her the following advice.

1. Write to your creditors and ask if its possible to start a repayment scheme with less amounts getting paid as to the ones that were previously agreed, and also to freeze the interest until the balance was at a comfortable amount.

2.Once you have your payments under control, don’t default ever again. As soon as you default on any type of payment your credit report often reflects this, and creditors don’t like lending to anyone that has a bad history of repaying.

Once you start taking this advice and putting it into action you’ll soon notice that the lenders will be more likely to help you out when you ask them instead of getting the door slammed in your face when you make a credit application the next time.

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