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These days, though many lenders are now relaxing their existing credit standards to allow more consumers access to new loans and credit cards, a large number of people are still having trouble qualifying.

As a consequence, those consumers who applied for a loan or credit card only to be rejected may be left wondering what to do. The trick in most cases is to simply be patient and responsible about how they proceed. One mistake many might make is repeatedly applying for similar lines of credit from a number of different lenders, but this will only serve to lower their credit score. That’s because 10 percent of their overall rating is made up of factors related to new credit, including the number of credit checks that have been run for them within the last six months or so.

For this reason, the smartest thing a borrower who has been rejected for a new line of credit can do is take advantage of a law that allows them to obtain a free copy of their credit report after being turned, and go over the document closely. This will help them to determine what areas of their credit history are causing them trouble, and therefore give them a better idea of how to go about fixing their rougher patches.

One issue many consumers may struggle with is making late payments. This is the single largest factor in determining a credit score, and so any misstep at all can have a negative impact. The further behind you fall on payments, the greater the impact to your scores. Unfortunately for those looking for a quick fix, the only way to deal with this aspect of their credit is to make future payments on time every month. With time, the late payments become older, and on-time payments carry more weight when credit scores are calculated.

Another area a borrower with rocky credit may have more control over is their credit utilization, basically the amount of money they’re borrowing versus their existing credit limits. The more they’re borrowing, the lower this second-largest aspect of their score will be, so reducing debts significantly can have a huge positive impact.

Fortunately for consumers who saw their credit ratings slip during the recent recession, credit standards are softening for most types of credit, making it easier for even those with subprime scores to obtain loans and credit cards.

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