It is most likely because you have no credit history for the loan firms to refer to. There is no reason why you shouldn’t ask why you have been declined. It also could be that someone with the same name, or previously from your address is blacklisted. Ask them. It will do no harm.First check your credit reports with the three bureaus: TransUnion, Experian, and Equifax. You can do this for free for each bureau no more than once per year. After that, you have to pay a fee.

Although you may not have any data in the reports, there’s a chance that your service-providers that you pay bills to may have reported your payment record to one or more of the bureau. Furthermore, there may be erroneous data in your credit reports: things such as wrong or misspelled name, wrong address, credit accounts that don’t belong to you, etc.

If upon checking your reports, you find errors, you need to dispute them immediately by following the instructions provided by the bureau for disputes.

If your reports have no errors and show consistent on-time bill payment, there’s no reason you shouldn’t be able to open a credit account. But there’s a further catch.

Without a well-established credit history, lenders may still be leery to extend credit. You will need to work "closer to home."

Go to your local bank and open a savings account for say, $500 to $1000. Then, find out from the bank if you can open a credit card with them. They may have some restrictions such as keeping your savings account balance above a certain minimum for say six months or a year, etc. Ask them.

After you establish a good relationship with your bank, including a solid savings account, there’s no reason they shouldn’t extend credit or a credit account for an amount that DOES NOT EXCEED your savings balance. This is how many are able to establish their first credit record, and therefore open credit with other credit providers.

Be sure to check your credit reports at least once per year for all three credit bureaus, thereafter.

If you’re not in the US, you probably have different credit bureaus, but the same principles apply. Not only is it always difficult to get lenders to trust you initially, we’re also in a tight lending environment with the continuing "credit crunch." Be patient! Lending never goes out of style. Lenders just need to be sure they have a REASONABLE chance of getting their money back, somehow.The sad reason you are not credit worthy is because you have no credit history. Some people get over this by taking out a catalogue like Littlewoods. Once you have been making payments for 6 months you then start to have a credit history. You should also write to Experian and Equifax and ask for your credit report, I believe its still £2 each. If there is nothing there you will have to keep trying. Addresses are not blacklisted only people.

 

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