In the current financial climate it may seem like a good idea to try and get finance, with household finances so strained and living costs rapidly rising. Many people may feel that taking out a credit card or a loan is the ideal solution, at least in the short term, but there is something that consumers need to be aware of and careful of, and that is the fact that there is now a far greater chance of getting refused credit.

Over recent months lenders have had to really tighten up on their lending criteria, and this means that many of those that may have been eligible for a credit card, loan, mortgage, or car finance last summer may now find that they encounter real difficulties when it comes to getting the credit that they need. Eligibility criteria has been changed, and those with damaged credit stand even less of a chance of getting finance.

It is important to remember therefore that if you apply for credit these days there is a higher risk of rejection. However, if you are rejected for the finance that you apply for you need to ensure that you do not start applying elsewhere right away. It is also important to avoid making mass applications to a number of lenders, as this could damage your credit and could make it even more difficult to get finance in the future.

Each time you re rejected for credit your credit rating will be left with a black mark, and obviously the more rejections you get the worse the state of your credit rating will be. It is important that if you are rejected for finance you wait around three months before you make another application, as otherwise your credit rating will keep taking a battering, and this will damage your chances of getting finance further.

Another point to remember is that when you apply for finance the lender will look at your credit file and do a credit check. It will be clear to the lender if you have made a number of finance applications in rapid succession, and this will be frowned upon – once again hampering your chances of getting future credit.

Remember that if you are turned down for credit by one lender there is very little chance that you will be accepted by another lender right away, which is why you need to steer clear of making another application for finance right away. Make sure that before you make your application you check the lender's eligibility criteria to reduce the chances of that initial rejection, and avoid making applications for finance on a whim – make sure that you really do need to take out finance before you apply, otherwise you could ruin your chances for the time when you really do need to take out credit.

As soon as you are turned down for credit immediately request a copy of your credit rating file and check for any discrepancies. Simple faults like not being on a voters register can have a diverse effect on your chances of getting some credit. Once these checks are done wait for a while or even get something like a poor credit credit card in order to build up a sounder credit history.