Each refused application sits on your credit rating, lowering it, I'm afraid. This lasts for twelve months.

Try going with your own bank – that's what I did. Also, try to have as much credit in your account as possible when you apply.Banks have suddenly become a lot more fussy about who they lend money to. 6 months ago, they'd lend to anyone. Now they want to be paid back.

If you want to improve your credit rating, get your bank account in credit as quickly as you can and stop applying for loans. Wait until the autumn and make an appointment to see a financial adviser at your bank (or at another one) and negotiate.As blunt as it sounds, banks are at last being responsible. They used to give people credit cards whether they could afford them or not. Now they aren't.

Imagine if a friend said he is in debt and asked you to lend him money. Would you just give him the money? This is what the bank has decided not to do.everytime you apply for credit whether it being a loan, catalogue, credit card, over draft etc etc it automatically lowers your credit rating (hence being refused credit). You need to wait at least 6 mths without applying for any credit what so ever. Also may be best to check your credit rating on credit expert.You answered your own question in the first sentence !

Due to changes in the way credit scores are worked out – and the current financial crisis – lenders are more wary of giving credit to people. You need to :-

(a) repay the £1500 overdraft ASAP !
(b) show you can manage your account responsibly
(c) show credit companies you're in a secure job and
(d) convince them you will be able to meet the repayments on the credit card you're applying for !Take out a free 30 day trial with experian, then you can talk to an advisor about repairing your credit history, it is because too many searches have been done. Even if you have to pay the £5.99 fee for one month it will be worth it.Companies look at you as a high risk investment. It looks like you will have to either get a secured credit card, company credit card or be added on to someone else's account. The secured card's limit is the amount of money you already have in a particular account. Get one from your bank, use it everywhere you can and make payments early. If an offer arises where you can get a credit card, regardless of the rate, get it, use it sparingly but most importantly, make your payments early. You can hit freecreditreport.com and get a bigger picture of who is owed what. The best part is that you can do it for a week or so just to get names, phone numbers and debt owed. After that print out your findings and cancel. Tap out the smaller amounts you owe and make sure to follow up to make sure that your credit report information is updated.Always accept the first offer!
Every application lowers your credit rating meaning your subsequent applications are more likely to be refused. Only by using credit regulalry and responsibly will your credit rating improve.

I doubt you can appeal any decisons. I would wait and apply for a low credit limit card and use it to build up your rating.

 

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