People who have had their credit card applications turned down should re-evaluate their lifestyles and have a close look at their finances, Fool.co.uk has said.
David Kuo, head of personal finance at Fool.co.uk, said that people are often refused credit because they have too much debt compared to their income or because they have previously defaulted on credit card or other payments.
Earlier this month, MoneyExpert.com reported that 18,000 credit card applications are being refused every day and one in 14 people (seven per cent of the population) have had a credit card application rejected in the last six months – a total of 3.24 million applications.
According to a new survey by Citizens Advice, record numbers of people are seeking help with financial difficulties and many are struggling to pay their essential household bills.
“People need to re-evaluate their own lifestyles at the moment, have a look at their own finances and if someone turns you down for a credit card then ask yourself: ‘Why?’ The answer is in your credit report,” says Mr Kuo.
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