If you recently applied for credit and was denied even though you have one or two active and current accounts, you may have been denied for…

"Insufficient monthly payment obligations"

Usually means that you don't have enough monthly bills (whether they be from credit cards,  mortgage or a car loan) for the lender to judge how well you manage the accounts. But a meager credit history is rarely the sole reason for a thumbs down.

Probably what happened is that you have a borderline credit score, then the lender reviewed your record and turned you down, stating a sparse credit history as the reason. If there were other reasons, the lender doesn't have to give you all the details.

Your credit score ( Get your FREE 3-in-1 Credit Report & Triple Credit Score with trial ) is the result of a complex calculation that weighs various factors (such as number of accounts, debt-to-income ratio and length of time on the job, even for the self employed) based on how frequently each one correlates with late payments from the creditor's current customers.

When a lender gets a credit score for you, the lender also gets up to four codes explaining why you didn't score higher. If the number is close to the cutoff, lenders will usually review your credit report before making a decision. What is your credit score? Find out NOW!

Paying your bills on time is usually the most important factor in qualifying for credit, followed by the size of your outstanding debt, length of credit history and types of credit in use, according to Fair Isaac, a firm that provides credit-scoring calculations for lenders.

A bad rap on a credit report can come from many things.

Most lender’s loan approval process is credit score driven. As a small business owner measuring up to Fair Isaac’s expectations to secure desperately needed financing can leave you sadly disappointed and breathless.  

The good news is, if you score big on the bottom line of your business income and expense statement, much of credit report concerns can be forgiven. We can accommodate many adverse credit circumstances. The few credit histories we can not accommodate, in many instances, could be improved if you undertook a flag ship program to Repair Your Credit  

Not everyone with a low Fair Isaac score is deserving the “Not Worthy of a Good Loan” classification, nor is everyone that finds themselves overwhelmed with financially correctable circumstances not permitting them to make mortgage payments. We understand that life, as in business matters, isn’t all ways predictable or within our control.  

It may be a good idea to check your credit yourself before leaving it to some one else to tell you about it? You are entitled to an annual Free Credit Report.

You may want to try a quick Credit Repair if you have really low scores and are in need of a high loan to value. Credit repair could be the solution to high loan amount disappointments. Secure a copy of your credit report to find out if you need credit repair or, if you’ve been turned down or suspect you may have a credit problem.