I’ve Been Refused Credit & Need Help Consolidating My Debt

Struggling with your credit can feel like an endless loop of frustration. 

If you’ve had a credit card application denied or exhausted all your available credit options, Debt Busters are here to help. With over 15 years of experience, we’ve developed the most effective process for consolidating your bad credit finance into manageable fixed repayments. With our effective debt consolidation strategies, we’ll get rid of your debt and bad credit.

At Debt Busters, we believe you deserve the chance to get your bad debt under control so you can take control of your finances and live a happier life. By working directly with your creditors, our team will strive to minimise your outgoing payments and reduce your minimum monthly amount.

Don’t just take our word for it. Take a look at Glenelle’s success story to see how our effective processes will help you start your journey towards a debt-free life. If you’re struggling to get approved for a personal loan, you have options. 

The friendly team at Debt Busters is here to help you every step of the way. 

  • Why Credit Applications Are Rejected

    Why are credit applications rejected in the first place?

    It comes down to a few common factors:

    • Poor credit – Poor credit history is a sign to lenders that you’re risky to lend to.
    • Low income – Having a low income hints that you can’t afford to repay your loan, at least, not on time.
    • High debt – High debt makes it seem that you’re unable to afford the loans you already have, so you can’t afford more.
    • Incorrect details – If there are incorrect or inconsistent details on your application, this could lead to a rejection because of untrustworthy information.
    • Employment history – Lenders want to see that you’re reliable. That means having a solid work history that can be trusted and a reliable source of income.
    • Low value of assets – Lenders use collateral for secured loans. If your asset doesn’t qualify as high-value, you might not have enough financial backing.
    • Loan purpose – Finally, there are sometimes restrictions on what you can use certain loans for.

    If you’re struggling with any of the above (or a combination, as many people are), it’s hard to get accepted for new lines of credit. This is because banks use your credit score and debt-to-income ratio to determine your “creditworthiness.” In simple terms, they want to know if they can trust you to repay your debts.

    You can tell the bank that you’ll pay your bills on time and that you can afford the loan all you want, but at the end of the day you need the evidence to back it up. If you’ve been refused credit due to your credit score, income, or so on, you’ll need to reconsider your debt strategy.

  • How to Consolidate Debt with Bad Credit

    If you have bad credit, consolidating can feel impossible. You know that consolidating is an effective way to get out from under large interest rates and multiple payments, but you feel trapped by your credit rating. What can you do?

    Luckily, you have options.

    First, there are a variety of consolidation loan options for borrowers depending on their credit scores. To get better rates, of course, you’ll need a higher score. That being said, there are consolidation credit options for those with lower credit scores.

    Here are some tips for how to consolidate debt with bad credit:

    • Online lenders – There are more and more online-only lenders popping up in Australia. These are able to save big on fees by cutting out the middle-man of in-person banks. These are more likely to approve you even with bad credit compared to a brick-and-mortar bank.
    • Repair your credit – Another important step is to work on repairing your credit in the meantime. By working with your existing lenders and creating a modified payment schedule, you can achieve big strides.
    • Home refinance – Instead of a traditional consolidation loan or credit card, you might be able to take out a home equity loan or refinance your mortgage if you own property. Because this loan is secured by your home, you can usually land a better rate.
    • Shop around – It’s usually not a good idea to accept the first lending offer you receive. Instead, compare options and shop around. This can help you find a solution that will work with your financial situation.
    • Short-term solutions – Many lenders offer short-term assistance for those facing temporary hardship. Leaning on these when consolidating debt can protect your credit and help you catch up financially.

    However, borrowers beware. There are a number of predatory lenders that seek out those in difficult financial situations. These predatory lending practices can quickly get you in greater trouble. Not all debt consolidation lenders are trying to help people. Things like payday loans and other quick-fix options are usually not as good as they appear.

    Because all of these options can be confusing, working with a debt specialist will give you greater insight into your next steps. Being declined for debt consolidation doesn’t mean it’s the end of the road.

  • How Debt Busters Can Help

    Debt Busters are experienced with helping Aussies of all financial backgrounds recover from debt. With our proven processes, we’ll create a plan that works not only short-term but into the future. We have over a decade of experience helping people recover from debt, no matter your credit situation.

    For effective debt consolidation help for credit cards or personal loans, please contact a friendly member of our team at Debt Busters today. We’ll craft a positive financial solution based on your unique circumstances.

    When it comes to having a personal loan or credit card application denied, starting your debt consolidation process can be challenging without expert assistance. Our team at Debt Busters will tailor you with a unique debt management program to address your individual financial situation.

    While we always consider every option at the start of your journey to financial freedom, 3 of our most effective options include Debt Agreements, Bankruptcy Assistance, and Informal Payment Arrangements. For effective and straightforward debt consolidation help, call Debt Busters now on 1300 368 332.

Speak to us today

Debt Busters is an Australian owned business which was founded in 2005 - since then we have been able to help thousands regain financial control.

Debt Busters prides itself on providing a dedicated Client Service Manager to work closer with you and provide a higher level of customised service about your situation.