1. No credit history – Having no credit history is almost comparable to having a poor credit history. Lenders are hesitant to loan out money without knowing about how you have previously handled loans before.
2. Too many credit applications – Making a number of applications in a short period of time will probably set alarm bells ringing in the ears of creditors. They’ll think that you keep getting denied and are desperate for money fast.
3. Financially unstable – Length of employment, how long you’ve been with your bank and how long you’ve lived in your current address are considered. The more stable you are the better chance you have.
4. Too much credit available – If you have credit cards with a high amount of available credit and are taking out a loan, your lender will be fearful because you could get yourself into trouble. If your current credit cards have outstanding balances you could consider taking out a balance transfer credit card.
5. Not on the electoral roll – Creditors use your presence on an electoral roll as a confirmation of residence.
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I also always recommend buying a car on credit. Have a solid down payment and make your monthly payment on time every time. This will look great on a credit report.
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