Question

I took out a loan a few years back and paid it off, but now cannot seem to get any credit. The loan was the only loan I ever had, and as I stated I paid it off in full as agreed. But now when I apply for a credit card, I am always being rejected.

Answer

Hi,

I understand your frustration, and there can be a few reasons why you can get accepted for new credit.

How long ago did you pay off the loan? If over 6 years, it may no longer show on your credit history.

My advice would be to review your credit history to see what is reported on it, and also your credit score. Next, you can use eligibility checkers before applying for a credit card. These will let you know if you may be approved for a loan or credit card, before applying. If you try to apply for too much credit in a short period of time, this can lower your credit score.

Regards,

Jon

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