You may be wondering why the lender made this decision if you have applied for credit for the first time and been refused. When you yourself have a credit that is bad – e.g. You have missed repayments or defaulted on debts, then it might make more feeling that the lender wouldn’t normally would you like to provide you with credit. Nevertheless, you credit if you’ve never borrowed money before, why would a lender refuse? We discuss this below and also explain the way you can begin to construct a credit score.
Exactly why is a credit score crucial whenever getting credit?
You are to repay the loan and how much interest they should charge you when you apply for credit a lender has to make a decision on how likely.