Applications for new credit go through an approval process. The prospective lender has criteria that is considered when reviewing a credit application.\u00a0 Factors such as the items listed below may have been examined:<\/p>\n
–\u00a0 \u00a0Your credit and payment history<\/strong> While specific qualification criteria may vary from one creditor to another, a determination is made whether to extend or deny the application. When a credit application is denied,\u00a0the applicant will receive a letter from the creditor with an explanation of why the credit was declined. Here are some possible reasons behind your credit denial:<\/p>\n Errors on your Loan Application Errors on your Credit Report Employment History Credit Payment History Public Records Financial Problems Flitter Milz is a nationally recognized consumer protection law firm representing victims of credit reporting privacy and accuracy issues, abusive debt collection contact and wrongful repossessions.\u00a0 Contact Us<\/a> to discuss your consumer credit concern.<\/p>\n","protected":false},"excerpt":{"rendered":" Applications for new credit go through an approval process. The prospective lender has criteria that is considered when reviewing a credit application.\u00a0 Factors such as the items listed below may have been examined: –\u00a0 \u00a0Your credit and payment history –\u00a0 \u00a0Your income –\u00a0 \u00a0Your total debt to income ratio –\u00a0 \u00a0Multiple applications for credit within … <\/p>\n
\n–\u00a0 \u00a0Your income<\/strong>
\n–\u00a0 \u00a0Your total debt to income ratio<\/strong>
\n–\u00a0 \u00a0Multiple applications for credit within a short period<\/strong>
\n–\u00a0 \u00a0Had you filed for bankruptcy<\/strong>
\n–\u00a0 \u00a0Your age<\/strong>
\n–\u00a0 \u00a0Do you need a co-signer<\/strong><\/p>\n
\n<\/strong>Your application had errors.\u00a0 Review your loan application to see whether information was incomplete or misspelled.\u00a0 Check your identifying information closely for your full name, address, social security number, and birth date. Remember that multiple applications in a short amount of time could also hurt your ability to be approved.<\/p>\n
\n<\/strong>Within 60 days of a credit application denial, you may request a free credit report from each of the credit bureaus\u00a0 —\u00a0 Transunion, Experian and Equifax. Write to the bureaus for a new report<\/a>.\u00a0 Review them for listings that may be inaccurate.\u00a0 If you see errors, such as duplicate negative listings, accounts that you do not recognize, or incorrect reporting, you must send written disputes<\/a> to the credit bureaus.\u00a0 Your dispute letter should include documents that illustrate why the error should be corrected.\u00a0 Send your letter by Certified Mail, Return Receipt to the credit bureau.\u00a0 They have 30 days to respond to your dispute.\u00a0 If the bureaus continue to list the error, you may need to send a second dispute.<\/p>\n
\n<\/strong>Review your employment information. Make sure the listings for your employer(s) are accurate.\u00a0 If there has been a lapse in employment, it could be a factor that was considered for the credit denial.<\/p>\n
\n<\/strong>Erratic payment history can also lead to credit denial. Late or missed payments and charged off accounts reflect negatively on your payment history. High balances, collection accounts, and repossessions could also lead to denial.\u00a0 Also, no credit history could be reason for denial. Creditors may be unwilling to offer credit if you don\u2019t have a well-established credit score.<\/p>\n
\n<\/strong>Review your report to see if there are public records listed for bankruptcy, judgments, or tax (or other) liens.\u00a0 If any of these items have been satisfied, you will need to dispute the listing with the credit bureau and provide documentation showing the obligation has been paid.<\/p>\n
\n<\/strong>Financial struggles can also be the root of credit denial. Collection accounts and a high debt to income ratio will reflect negatively on your credit history. A high number of credit inquiries are another negative.<\/p>\nSeek Legal Help<\/h3>\n