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A
friend who has recently
been on the hunt
for a 0% credit
card deal was a
bit annoyed to be
turned down for
the first one he
applied for. It
was from the same
bank as his mortgage
lender and they
were kind enough
to tell him that
it was because they
thought he was a
bit overstretched
on the mortgage
front so it wasn't
because he had a
bad credit record.
In
this instance, they
told him why - they're
under no legal obligation
to do so but many
of them will if
you ask nicely.
But if you're ever
refused credit,
your first action
should be to get
hold of your credit
files to see what
the problem might
be.
Whenever
you apply for a
credit card, personal
loan or mortgage,
the prospective
lender will run
a credit check on
you through one
of the two main
credit reference
agencies: Experian
and Equifax. Your
file includes information
about your other
credit cards, your
mortgage, your bank
accounts as well
as facts and figures
on any unpaid bills,
failure to pay hire-purchase
debts and County
Court Judgements.
>From
today, you can view
your report instantly
online via MyEquifax.
Considering
it usually costs
£2 to apply
for your files by
post, the online
version is a pretty
steep £8.25.
But, as you can
wait for up to seven
working days if
you order by post,
then you might consider
it worth the price
for instant access
if you're in a hurry.
You'll also be able
to view it for up
to 30 days afterwards
(or print it off)
and you can ask
for corrections
to be made.
As
I said, I think
£8.25 is quite
a lot so if you
can wait a few days,
then use the cheaper
postal method.
Find
out more about How
your Credit Score
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