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Credit card claim: Understanding financial history 'essential'

People currently applying for a credit card claim should make sure they understand their financial history.

Price comparison website moneysupermarket.com has said it is essential that people understand their financial history before applying for credit.

It also revealed that a poor credit history means paying thousand of pounds in extra interest compared with consumers with a good credit history.

Kevin Mountford, head of banking at moneysupermarket.com said: "The difference between a good and poor credit history can add up to hundreds and sometime thousands of pounds in additional interest.

"It is therefore vital that consumers understand their credit profile before applying for a new credit card or loan, because getting rejected could damage their profile further, making it harder to secure credit in the future."

He added that people who have a good or excellent credit history should do all they can to protect it.

Mr Mountford said that people should never apply for credit without checking their credit profile first because any errors could lead to rejection - which results in a black mark against their name.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

 ADNFCR-2776-ID-800503846-ADNFCR



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