Making changes to how you currently handle credit can help you get approved the next time you apply.
If you have been declined for credit, it's best to not make another application immediately. Rather ask the credit provider why you weren’t given credit and work towards fixing the problem. The main reasons, and their solutions, are discussed below.
The South African Fraud Prevention Service (SAFPS) may have spotted something suspicious on your credit profile. Credit providers can’t ignore this and have to wait for the matter to be cleared up.
Credit providers are worried that you won’t be able to afford more credit with your current income and existing financial obligations.
Your credit history shows that you have either overspent or didn’t make a scheduled payment at some point.
If the credit bureau report shows negative credit behaviour, your application won’t be approved.
Credit providers base their decision to approve or decline your credit application on the reports they get from credit bureaus. Credit bureaus themselves don’t make any decisions.
Apart from the credit reports, providers also take into account their own policies and procedures.
Ultimately, the way you treat your existing credit will determine whether you are good for more credit in the future.
