Has it ever occurred to you as to why your loan application was rejected even after regular repayment of your existing debts? It might be a cause of obtaining too many debts or no loans at all. Credit scores are a key element in gathering loans, however, too many loans may be portrayed as “hunger for credit”. On the other hand, no loans depict that you have no credit history. Hence, there is a fine line between too much credit and no credit history.
Delegates from credit rating bureaus state that non application of a loan for a few years in a stretch leads to insufficient information about an individual’s credit transaction activities in the rating agency’s database which means a negative score. Here are a few reasons why your loan application might be rejected:
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