Credit of any sort - from bank loans to mortgages and credit cards - has never been handed out freely. You have to show lenders that you are in control of your finances and are likely to make repayments on time and in full. If you do, you have a much better chance of getting the deals you need.
If you are among the people who have been refused credit recently or if you are thinking of applying for credit soon, don't panic - take action instead.
A good place to start is your credit report, which is essentially an overview of your personal finances. There's information that confirms your identity - such as electoral roll details - information about previous credit applications you've made, and there's financial information, such as a list of your credit accounts and repayments.
Lenders check it when they decide whether to make you an offer and what terms - such as interest rates - to set. It's crucial that your credit report is up to date and accurately reflects your circumstances, because a better credit history makes you more likely to get a better deal.
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