i have just applied for a car loan with 3 different banks to see which bank would give me a loan.. then find out i have been declined because i havent been in my new job long enough... thought fine i will wait.. then find out they have now marked me with a bad credit rating.. i dont under stand this as im not in any debt at all and always pay my bills on time.. does some one have an explanation for me as i need to sort it out????
this is why the credit system of rating stinks. If you have no credit history you have a low score, if someone checks it and refuses you that is also recorded and it goes even lower. You usually only have a high credit rating if you owe alot of money but manage to pay at least minimum every month. Backwards isn't it. Try your local credit union, if you have an account there (open one if they are willing to give you a loan) they will often not take the score that serious as your money is with them. LOL:)
You don't have a bad credit rating because of bad history, you have a LOW credit rating because of NO history.