Do you need a credit card or a loan and you are unable to get credit. Banks and financial institutions are careful while accepting clients for credit requests. The reason is obvious; they have to release money and they want to make sure they get it back.
They need to verify their clients’ credit history by looking at their credit score and their job history or employment record. That is why when applying for credit you have many forms to fill out and many questions to answer before the lender will give you credit.
There are many reasons people do not qualify for credit. If you are young and have only a month or a two of job history, or no credit than you will most likely be unable to get credit from these banks. Credit card companies are less likely to give a credit card to a teenager because they have not established credit yet. You can get a joint credit card with your parents. That way you will be able to build your credit and get a card of your own in the future.
Another reason people are unable to get credit is because they have fallen behind on their bills. If you have debt collectors calling you trying to get their money you should know that your credit score is going to drop and you will be unable to get credit in the future.
So if you are one of the many people who have fallen behind you can try calling the credit company and asking them to adjust the interest rate. Or you can work out a payment plan so you can start paying off your debt and building your credit. You may also be unable to get credit if your income level falls below a certain predetermined amount. Banks want to know that they will be able to get back the money they lend out. If your income level is too low they may feel as though you will be unable to pay them back. You are considered a risk.
There are high interest loans and credit cards available for people who are unable to get credit. However, these types of loans are becoming harder and harder to find because of the economic recession. If you are having trouble getting credit you should contact your local bank and see if they can help you.