Declined Due To Credit?

If you are being knocked back due to bad credit, things aren’t going to get any easier or better until it is repaired. Did you know that bad credit can affect borrowers beyond the denial of a loan?

Other things Bad Credit can have an effect on include:

Getting a job – Some employers have started reviewing potential employees credit history

Insurance – Certain companies may provide a discount to those with a good credit history or higher premiums

Renting a home – Those with a bad credit history can find it hard to rent a home/unit, especially when going up against a person with good credit.

Purchases – Getting a contract for a mobile, gym membership, store card, etc can be difficult

Unfavorable terms on credit – If you do qualify for credit, the terms attached to them will be strict and come with excessive fees and interest rates…often time putting the borrower in a worst position.

If you are reviewing this page, there is a high probability that credit is an issue and the sooner it is addressed the better. Putting it off will only continue the negative aspects of having impaired credit.

Learn more about credit and recent changes to credit law which were implemented on March 12, 2014 – Read more

This Post Has 10 Comments

  1. Hi I am currently facing a personal financial crisis at the moment, I have been unemployed for 6 weeks, am living at a hostel and shortly to be homeless. Any services available fpr this situation.

  2. Any advice on what to do when the answer is as simple as a debt consolidation but no one will approve or even try to put it through even though the only issue is falling behind in repayments which is why a consolidation is needed in the first place?

    1. Hi Ashley,

      You may not want to here it, but a strict budget might be the best way to help you get on top of the debt. Debt consolidation is really just restructuring your current debt and can lead to further debt if not managed properly. Here is a great list of debt elimination techniques, both DIY and professional assistance. If you still need assistance, try speaking to your local free financial counsellor.

  3. I’m a single mum of 2 and as of late have hit a stone wall. I suffer from depression and am medicated, my ex had a car crash 6 weeks ago and due to that lost his job so I have not received any child support from him, I have a bad credit due to my divorce, have had my phone restricted due to late payments and am about to receive a notice to leave as I have been unable to pay rent led alone put food on the table. Help me please.

  4. Hi there
    Iam in rent arrears and have already spoken to the Real estate but i have to at least come up with some money. On parent payment and cannot advance any payment due to me paying $60 back to centrelink.
    What do i do if i cannot come up with money today, Real estate is taking me to the tribunals.

  5. Will I be able to make a loan I am fulltime at the moment but my work contract will finish end of this month and I need to clear my loans before I have 2 income protection policy I can clear

  6. Hello,

    Hi, I was wondering if you could give me help getting out of the mess I put myself in. I have a good job but recently I accumulated some debt and now I cannot seem to get ahead.

    I declared myself half bankrupt 6 years ago and that stop me for getting a personal loan to pay off. Instead I have been going through cash loan which costing me a fortune to repay.

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