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| What is Refused Credit?
Refused Credit means the a creditor has refuse to give you a loan or a credit card. Banks and lenders have the option to refuse a customer if they consider him a risk. They was how they consider the risk of giving out the money for the borrower is by checking the credit history and the credit score. These two most times go hand in hand as in if the credit history is bad then the credit score won't be better either. Of course there are cases when the credit history is good but the score isn't this might be that the customer moved house or got divorced. The financial institutions have the right to refuse a customer if they feel that the loan is to risky however they are not allowed to refuse based on race, gender or address.
For example your applying for a loan or credit card and the lender refused granting it, you shouldn't be disappointed because there are many different creditors to apply. Keep in mind that credit history and credit score are the most important factors in receiving or not the loan. As creditors are versatile as they can be you may not get what you want even though you have a good credit history. Some creditors require that you be employed in the same job for at least six months. So if your refuse you have the right to know why and don't feel down cause there are many lenders who would give you the loan. | | | | |
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