{"id":37367,"date":"2019-02-22T19:07:48","date_gmt":"2019-02-22T11:07:48","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=37367"},"modified":"2021-12-24T17:53:14","modified_gmt":"2021-12-24T09:53:14","slug":"rejected-with-good-credit-score","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/rejected-with-good-credit-score","title":{"rendered":"This Is Why Your Loan Is Rejected Despite A Good Credit Score"},"content":{"rendered":"

You make the effort to pay your bills on time every month and have tried hard to keep your credit limit under control to improve your financial health.<\/p>\n

All the hard work has paid off and you\u2019ve finally improved your credit score. Imagine after getting your finances in order, you apply for a personal loan only to get rejected.<\/p>\n

After the shock subsides, you might find yourself wondering why your application was denied despite having a great credit score.<\/p>\n

<\/span>A high credit score doesn’t guarantee automatic approval<\/span><\/h2>\n

This is because banks and financial institutions are not necessarily looking at the same credit score when they assess your credit application, as banks also have their own internal credit scoring methodology.<\/p>\n

A respectable credit score can help you achieve many things financially, but it is still only a guide. Banks have different ways to assess loan applications and the importance of your past financial history, whether good or bad, will vary.<\/p>\n

Their own benchmarks on risk tolerance differ and these criteria will affect how they implement their credit policies when you apply for a loan or to increase your credit facilities.<\/p>\n

Even if you have purchased houses and cars without any problems in the past, a new application for a line of credit today might still get rejected.<\/p>\n

Remember, your score is just one of many factors a bank will use to decide if they should extend you credit you just applied for, whether it is to buy a car, house or even a personal loan.<\/p>\n

<\/span>Top reasons people with high credit scores still get rejected<\/span><\/h2>\n

Here\u2019s why an excellent credit score doesn\u2019t guarantee automatic approval.<\/p>\n

Watch out for these four areas in your financial profile that can still lead to rejection:<\/p>\n