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PPI: 'Unprofitable' consumers could be declined credit cards

UK consumers could be declined a credit card if they are not deemed profitable by providers, according to a financial expert.

Justin Modray of claimed that credit cardholders who pay off their monthly balance in full could be rejected by banks as they will not have to pay interest on their account.

He said: "If your credit history is OK then the usual reason for being declined for a credit card is that the card company doesn't view you as being profitable.

"For example, if you repay your balance in full each month they’ll make very little money out of you."

Mr Modray advised consumers to go to one of the main three credit agencies - Callcredit, Equifax and Experian – and check out their credit history to ensure all the information is correct.

His comments came as comparison website launched a new credit card checker tool which will allow customers to calculate their chances of being accepted for a specific credit card before making a full application.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800161936-ADNFCR

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