Most Common Reasons You’re Being Denied New Credit

Being denied credit can be discouraging and confusing but don’t give up just yet.

You may be denied credit for many reasons but still, have options. Here is a list of common reasons people get denied credit:

• Lack of credit. Believe it or not, not having enough credit can prevent consumers from obtaining new credit. There are two ways that you can overcome this challenge. The first is that you can ask someone to co-sign on your credit application and then have them removed once you’ve determined your trustworthiness with the creditor. Second, you can apply for credit building lines of credit to build up your creditworthiness.
• Too much credit can be the culprit for being denied new credit, especially if your accounts are maxed out or carry a balance 30% above your credit limit. The obvious answer is to pay down credit lines before requesting new ones.
• Short work history can also be a reason for denial. Lenders must see a steady employment history; without it, they will be concerned with how you will fulfill your obligations of meeting your payments. The best thing to do here is find a job you can stick to and build a work history.
• Horrible payment history can deter new lenders from loaning to a new borrower. If you feel over your head and cannot keep up with debt payment obligations, it is best not to apply for new credit. Instead, work on creating a budget and plan to keep current and eventually pay off existing debts.
• Incorrect information is a primary culprit of new credit denial. The inaccurate information could result from a minor error that was left unchanged. You should monitor your credit report regularly to ensure proper reporting.

If you have mistakes on your credit report and would like help correcting them, contact Credit Repair Enforcers, and we will help you determine which mistakes are negatively affecting your score and help you resolve them quickly so that you can qualify for the credit you deserve.

About CreditRepairEnforcers.com:
Get the benefits and experience of a firm that concentrates on helping people with credit problems without paying huge setup fees. Credit Repair Enforcers has successfully removed erroneous, unverifiable, outdated, and inaccurate information from our client's three credit reports for over 20+ years. We assist with all things credit repair and credit building. We have helped people who need assistance with personal, business, and corporate credit repair and credit building. Credit Repair Enforcers fight for your credit rights!