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'Be sure of success' before applying for a credit card
06 May 2008
Consumers are being asked to think twice before applying for a credit card due to the negative consequences a rejection can have, claims a finance company.
With thousands of credit cards applications being rejected every day, people should only apply if they are confident they will be successful, advised Fool.co.uk.
According to research by MoneyExpert.com, 18,000 applications for credit cards are being rejected every day, with seven per cent of the population being refused a credit card in the last six months.
Applicants are urged to examine their finances and credit history as a refusal will adversely affect their credit reference.
David Kuo head of personal finance at Fool.co.uk, said: "What people need to do is to have a look at their own credit record and look at it from the eyes of a banker or whoever is providing the credit card."
Research by MoneyExpert.com revealed that four per cent of the population had their credit card limit reduced in the last six months.
