In the last few years it has become much harder to get any type of credit and many consumers who were used to obtaining credit are facing difficulties because they can’t get credit anymore. The reason is usually not because there is something wrong with them, but the stricter credit criteria lenders have applied to make sure they keep themselves safe.
If you have tried and you can’t get credit anymore the regular way, there are some shortcuts that can be used to bet your finances back on track and obtain credit the unconventional way. You might still need a credit card, as you are used to using it, or the odd short term credit if you are facing financial difficulties, and there are proven ways to get credit even if loan companies or credit card providers have refused your application.
Check your credit rating
It is a common mistake to blame others for not making the right decision without checking if there is something we can change. The first thing you need to do is to check your credit rating to see if it has been decreased in the past few months, and what is the reason for that.
Ask the lender
There is always a way to find out the reasons behind the decision of the lender and why you can’t get credit from them. It is their obligation to provide you with the information they used and if you are putting your request in writing, they have to provide you with further information and explanation.
Repair your credit rating
Once you managed to establish if it was your credit rating or the bank’s lending criteria that prevented you from getting credit, you can start working on a solution. If you found out why you were declined credit, you can work on improving those aspects that influenced the decision. If it was simply down to your low credit score, you can start working on improving it.
You can still get credit but with different conditions
If you can’t get a loan or an unsecured credit card it does not necessarily mean that you cannot get any credit. There are some easy ways to get credit like applying for secured payday loans. Unfortunately the interest rates on these products are not quite the same as the ones on regular credit products, but if you really need the money and can repay them in a short period of time they can provide you with a quick solution.
Credit repair products for future credit
If you have been declined a credit card or a bank account, it is advisable that you do apply for credit repair secured credit cards that can be turned into an unsecured credit card with time provided you are making the payments on time. The same applies to a basic bank account that can help you a great deal to build up your credit rating and turn the account into a normal credit account.