I received a letter today informing me my application for a credit card was declined and was wondering if this will go against my credit history in the future? I’m concerned as I am looking into gaining a mortgage, which I have already been accepted for, and thought this may now go against that. Many thanks.
I assume you sent your query in while on holiday and someone opened the letter for you! Well I hope you had a lovely time, in spite of the credit refusal. Don t worry about the refusal affecting your credit rating. While your credit report will show that you applied for a credit card (a credit-application footprint will appear on your report for one year), it will not show the outcome of that application. What you must do though is take the opportunity to review your credit report and investigate the credit refusal with the card company. While lenders are understandably wary of revealing too much about their decision-making processes, they should be able to tell you the main reason far saying no certainly whether the information on your credit report played a significant part. Then you can take any opportunities to improve things before you finalise your mortgage. If you access your Experian credit report using the CreditExpert free trial you ll also get your Experian Credit Score. This will not only give you an excellent summary of your current credit history, but will also give you guidance on the things you might be able to do to build a better credit history to help you in the future. (July 2014)
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