Credit of any sort – from bank loans to mortgages and credit cards – has never been freely given by lenders. You have to prove you are in control of your finances. If you do, your chances of getting a loan when you need one will be greatly increased.

It’s always been the case that lenders are choosy. Back in 2006 one survey showed some 3.5 million credit applications had been refused, with a similar number rebuffed last year, according to another. And an analyst’s study last year found that up to 60 per cent of applicants for any form of credit have been refused.

If you are among those who have been refused credit recently or if you are thinking of applying for credit soon, don’t panic – take action instead. A good place to start is your credit report, which lists your borrowings and how well you’re managing your repayments. It gives you a snapshot of your credit history, what credit accounts you’ve had in the last few years and how you have coped.

Your credit report can also help you to see where you could cut back and whether you could close some accounts altogether. Lenders check it when they decide whether to make you an offer and what terms to set – such as interest rates. It is crucial that it’s up to date and accurately reflects your circumstances. It pays to manage your money well because a better credit history makes you more likely to get a better deal.
Click the image above and it will take you to Experian’s Credit Expert Website where you can apply to obtain a free copy of your credit report, often immediately.
Please contact us with any queries that you have or you do not understand the information obtained.