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A Helping Hand

Credit problems

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It's good to know that there is help available when you need it. Particularly with something as personal as your own finances and debt problems. In this section you will find information about some of the common problems people face with credit, including payment difficulties, declined applications and credit scores.

But the help available to you doesn't stop here, there's lots more useful and easy to understand information throughout the Credit Made Clearer site and also in our Frequently Asked Questions.

Improving your credit score

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Whatever type of credit you're applying for, whether it's a credit card, loan or mortgage, they all have one thing in common, the chances of being accepted rely on your credit score.

When you apply for a credit card, the credit card provider will look at your credit rating, credit report and other information to create your credit score. This helps them decide whether to accept your application, what your credit limit will be and in some cases the interest rate you will be charged.

Declined credit card application

Rejection is never nice but when it comes to credit card rejection there's usually a good reason for it. Sometimes a credit card may not be the right fit for you so your application may be rejected. This isn't because someone didn't like you personally; it will simply be because you didn't meet the credit card application criteria required.

Also, bad credit can raise its head at this point so even though you may feel you're on the right path, a credit provider may reject you for something from up to six years ago so it pays to ensure you do all you can to improve your credit rating.

Credit card payment problems

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Late payments, debt problems? How to get out of debt

If for any reason you find yourself in a position where you're struggling to keep up with your credit card payments, don't bury your head in the sand and give up, grab hold of the opportunity to do something positive about it.

The best way to get to the root of the problem and solve your debt problems is to talk to someone about it. First, call the companies that you have credit with, in most cases they can offer you help and information on paying off your debt.

If you are a Capital One customer, make sure you talk to us as soon as possible. We have trained advisors who can help you find the right solutions to help you repay your debts. Call our freephone number on 0800 952 4966 (lines open Monday to Friday 8am - 9pm, Saturday and Sunday 8am - 5pm).

Once you've spoken to someone it's also important to look closely at your finances. How much can you afford to pay? Are you spending too much? Paying whatever you can towards your credit card payments will show you're taking your circumstances seriously.

There are lots of organisations that can help you make sure you are getting any benefits you are entitled to and advise you which debts you should treat as a priority.

Some will also put together a financial statement for you and work out how much you can actually afford to pay to each of the companies you owe money to. Some will also help you talk to these companies about how much you can afford to pay.

There are two types of debt advice organisations:

Your credit rating

You can check the information that credit reference agencies have about you. To do this, you will need to write to each agency asking for the information, along with:

  • A cheque for £2
  • Details of your full name, date of birth, current address including postcode and any other addresses you have lived at during the last six years

Equifax  opens in a new tab | TransUnion  opens in a new tab | Experian  opens in a new tab

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