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After the joys of the festive period, January can be a right bummer. Science types tell us that the third Monday of the month is the most depressing, due to a heavy combo of the weather, debt and lack of motivation.

Over Christmas it can be as easy to fall into debt, as it is to have cake for breakfast. Many people turn to credit to get them out of the hole, but what happens if you’ve been refused credit in the past? Fear not – let me guide you.

First up, if your application for a loan or credit card has been rejected, you can ask the reason why. Lenders and providers don’t have to give you a detailed answer, but at the least you should be informed if the rejection was due to your credit score and which credit agency made the decision.  

Sometimes people are unfairly refused credit. Mistakes do happen, so make sure to check your report and contact the agency who provides your report if you spot any errors. If everything is right and you’ve been refused a loan or credit card because of your credit score, it’s time to stop and consider your next steps:

Stop. In the name of cash.

My most important piece of wisdom is simple: stop and chill for a minute. It’s time to cool your boots on the credit applications. Each one you make is recorded on your credit file, whether successful or not. Making multiple applications in a short space of time could lead to lenders believing that you are in financial difficulty. This is not a wise move and will be bad karma for your credit rating even if your applications are accepted.

Reach out.

If you’ve been knocked back for credit, it’s a good time to review your money situation. If you want to clear other debts or help to pay bills or living expenses, then talking to a free debt adviser could be wise. Try to find one with a luxurious beard. They can advise you on savvy ways to avoid getting into deeper trouble, like consolidating your debts to avoid high interest rates.

Come see me about your credit rating

Knowledge is power. If you’re borrowing to fund a big purchase, such as buying a car or a fully-furnished meditation room, then you should definitely check out your credit rating. A wise thing to do is review your credit report before making any application for credit. Potential lenders can access your credit report to decide whether they will offer you a loan and at what interest rate. In terms of accessing your credit rating you have two options: either buy a one off report, or subscribe to a credit report service. I can totally help with this bit – have a look at my Credit Reports section.


There are other methods of borrowing that you can look at, but think carefully before using them. Loan sharks and other species of sharks are no long-term solution to your financial situation. Using a payday loan provider, pawnbroker or home credit are all options, but research is key to check that these services are reputable and that you aren’t getting ripped off.

Remember, don’t despair – there’s always help and support out there. If your New Year’s resolution is to cleanse your financial aura, allow me to help. My wisdom section is heavily stuffed with tips, ideas and guidance.

Peace and loans,

The G.