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Here’s a list of possible reasons why your Mr Price account application was declined.

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  • You have a limited credit history –  When you apply for a loan, lenders look at your borrowing history listed on your credit reports at credit bureaus. Having a credit history of positive and consistent payment behaviour is a good indication that you are credit responsible. If your credit history is very thin it will not work in your favour
  • Not enough income – If you’re unable to afford the new debt against your already existing expenses, your application will be denied.
  • You have a judgment or other legal notices against your name – Serious delinquencies are a sign to the lenders that you don’t have enough money to meet your financial obligations. It’s important to prevent this by ensuring you pay your instalments in full and on time and if you’re in arrears, catch up as soon as possible.
  • If you have negative or adverse bureau information on your credit report – Adverse information, such as late payments or defaults, indicates to lenders that you may not be able to pay your debt back responsibly. The lender may find you do not meet their requirements and decline your application.
  • A lender may have additional requirements – Your credit score and credit report are not the only factor lenders take into consideration assessing your application. They often their own additional business rules that apply.