18,000 credit card applications rejected 'a day'
21st April 2008
More than 3.24 million people in the last six months have been turned down for credit cards, according to new research.
A study, conducted by MoneyExpert.com, has revealed that as many as 18,000 applications are rejected by card companies every day, with seven per cent of adults saying that they had been turned down.
The age group most likely to be rejected by credit card companies were young adults, with ten per cent of people aged between 25 and 34 being turned down.
"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," said Sean Gardner from MoneyExpert.com.
"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."
He added: "Given the turmoil in the mortgage markets the options are running out for people with problem debts. They need to take control of their borrowing and crucially to reduce their debts."