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Loan protection: One in four credit applicants rejected

One in four people applying for credit in the UK are rejected, research has revealed.

Price comparison website Moneysupermarket.com has found that almost 4.5 million Brits have been turned down for a credit card or loan over the last year.

By being rejected for credit, these people are putting their credit profile at risk.

Kevin Mountford, head of banking at moneysupermarket.com, said: "It's worrying to see such a huge number of people being rejected for credit cards or loans.

"Rejected applications can have a damaging affect on your credit score and further reduce the chances of you qualifying for another credit product in the future."

He added that people can avoid being declined by spending time researching the best card for their specific needs.

The research showed that 36 per cent of people aged between 18 and 34 have been turned down. It also revealed that men are more likely to be rejected than women, with 28 and 23 per cent being declined respectively.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800368673-ADNFCR



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