Getting approved for a credit card has never been more difficult, especially considering the current economic climate. The financial crisis and recession means that banks have changed the way they decide to lend money. Lenders have become more selective regarding whom they grant loans and credit to, unfortunately this has resulted in more and more people being turned down for the products that they want. Anyone who has had any credit problems in the past will struggle to have access to normal credit cards. A bad credit history will mean you are likely to have a low credit rating and will affect whether or not you are approved. However, no credit history at all will also stand in your way as well as a low income or being self employed.
Your credit file contains all your financial information. Anytime you apply for a loan or credit card, lenders and credit card providers will look at your credit history and credit score when deciding on whether or not to approve you for a loan or grant you a line of credit. Providers will assess how much of a risk you are considered to be. With this in mind, as your credit file is so pivotal in the decision process, it might be worth checking over your report. You can use a credit reference agency to get access to your file. Make sure the information inside it is correct and up to date.
Unfortunately, you can easily damage your credit report. If you have had serious financial problems in the past such as having been declared bankrupt, defaulted on loans, have had any county court judgements, then you will definitely struggle. Things like this can stay on your file for six years. Even minor mistakes like missing payments on credit cards or personal loans will be used against you.