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Am I on a credit blacklist?

There is no such thing as a credit blacklist

Credit blacklists do not exist. There is no such list which would prevent anyone or any household from getting credit. A bank or financial institution uses your credit report and the information you give them in your application form to make a decision about whether or not to lend you credit.

Your credit report is made up of information gained from public records as well as banks and financial institutions. You can see all of this information in the credit report section of your membership.

Some lenders will say ‘yes' to a credit application when others would say ‘no'. Nobody tells a bank or financial institution whether or not to lend to a person, and there is no list of people who shouldn't be lent money or must be refused a credit card.

A credit application from someone whose credit report shows they have, or have had, arrears on credit accounts, defaults, or court judgments against them will negatively affect the decision. Based on this information the bank or financial institution may or may not approve your application.

So, why am I getting declined for credit?

When you apply to a bank or financial institution for credit, their decision is based on a wide range of things that are in your credit report and in the application form you filled out. Essentially, they want to feel confident that they can easily identify you, that you are seen to be responsible with your finances and that you will reliably pay them back according to the agreement.

It’s worth taking a good look at your credit report to see what is affecting your Experian Credit Score, as this can give you an idea how you can improve your chances.

Also, it’s worth doing some research before applying for credit – If you have applied for the credit card with the lowest current rate on the market, it’s likely that they will only accept the best applications that they get, so make sure you’re applying for credit that you’re more likely to be accepted for.

Remember – repeatedly applying for credit decreases your Experian Credit Score and could further affect your ability to get the credit you want.