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Up to 18,000 credit card applications rejected daily
21/04/2008 12:14:00
Applications for credit cards from 3.24 million consumers have been rejected during the past six months, one financial expert has claimed.
Findings from MoneyExpert showed that an estimated 18,000 applications for credit cards are rejected every day.
This works out as one in fourteen people who have had an application refused.
Sean Gardner of MoneyExpert.com, said: "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 their applications are going to be accepted as a rejection could lead to a black mark on credit reports, he added.
The research showed that younger consumers were more likely to be rejected with ten per cent of consumers aged between 25 and 34 being turned down in the last six months, more than any other age group.
Previous research from the firm showed that the average standard APR on credit card purchases has increased by 0.56 per cent in the past six months.
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