Check Your Credit File’s Health
Any lender decides whether to offer you a loan, give you a credit card or extend any form of credit based on their view of your ability to repay that borrowed money plus whatever interest they charge.They do this by referring to their own records if they have them and searching your Credit File or Credit Report.This is a record of all your past credit held by Credit Reference Agencies like Experian, Equifax or Call Credit. Generally, a higher score suggests that you are less likely to have problems repaying credit,
You may suspect that you have a bad credit rating and have been turned down for a credit card.Just because one company rejects you doesn't automatically mean another one will because your credit score is determined by each separate lender using their own criteria. They will all score you differently even though the information they use from your Credit File to reach that judgment is the same for everyone. Credit cards for people with bad credit are available, but are only issued after the provider has checked your credit history and while you are not guaranteed to be accepted, they are the best hope you have of getting a credit card if your credit score is poor.
Even though the likelihood of being accepted for a “bad credit” credit card is reasonably good, it's a good idea to check your credit rating before you apply and do so regularly. You’ve a legal right under the Consumer Credit Act to see your credit file held by these Credit Reference Agencies (Experian and Equifax are the agencies most lenders use).You can do this quickly online or you can write to them.When you’ve paid the required £2 fee and got your Credit Report, make sure the information is accurate and up-to-date. If you think anything in your credit history is wrong, repair credit information by alerting them to the fact that the entry is incorrect.They may ask you to contact original lender who supplied the information, explain the problem and ask them to remove or change the entry.If it really is wrong, they are required by law to alter or remove it.
Tags: bad credit credit cards, credit cards for bad credit, credit cards for people with poor credit, repair credit