Credit card rejections increase
Published On 21 April 2008
New research has indicated that 3.24 million people have had credit card applications rejected in the past six months.Figures from MoneyExpert.com showed that an average of 18,000 credit card applications have been rejected every day over the last half year.
As a result, one in 14 people have now had a credit card application turned down.
The site's Sean Gardner commented: "For years borrowers have had the upper hand in the credit card game but the rules have now changed.
"People with debts who thought they could keep shuffling their cards to stay ahead are now running into trouble.
"Card applicants need to be confident that they are going to be accepted in the current lending environment as a rejection could lead to black marks on credit reports."
The research also found that people aged between 25 and 34 were most likely to have their credit card application turned down.
Recent research from Moneysupermarket showed that just 25 per cent of consumers opted to use direct debit to pay their credit card bills.
