Being rejected for finance

If you need a loan, mortgage, or even a bank account, being rejected by the bank can be both disheartening and confusing...why won't they give you the money you need? How will the rejection impact my credit file now?

Like many other people across the UK, you may have been rejected by a bank after the recession because they might consider you a "risk." You shouldn't feel alone. There are many people in the same boat as you.

The rejection might be for a number of reasons. Your credit file might have a lot to do with it- one simple blemish such as an unpaid credit card bill a few years ago might have been enough to make the bank reject your whole application.

However, being rejected by a bank shouldn't put you off applying elsewhere. For example, you could apply online for bad credit bank accounts or bad credit homeowner loans which will not take your credit file into consideration when judging your application. This can give you the chance to rebuild you credit file and get back onto your feet.