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Thousands are refused credit daily

时间:2018-12-15 20:17来源:未知 作者:admin
It a sign of these credit crunch times that recent figures have revealed that 18,000 people are refused credit daily.

A spokesperson for financial advice resource Fool has said that there are limits on the amount that banks can loan in a tightened economic environment.

According to David Kuo, head of personal finance at the firm, today banks are operating in a more cautious economic environment and as a result are more reluctant to lend.

Offering advice to those looking to obtain a loan or credit, Mr Kuo commented that it was important to assess objectively whether a loan is likely to be successful, with likely causes of rejection such as poor credit history or high levels of personal debt identified as an important factor to consider when making applications.

淨uite often you will know why youe been turned for a credit card and the answers are quite straightforward. [It could be] because you have excess amounts of debt compared to your income; that you have previously defaulted on credit card payments and maybe you have defaulted on payments other than your credit card bills,?he explained.

He added that it is important to find ways of repaying the debt before making a credit card application, with credit reports noted to be a valuable tool in assessing the health of personal finances and the likelihood of being accepted for a credit card.

Advising those looking to make an application, he stated that it is beneficial to think about personal finance from the perspective of the lender, with poor repayment history and large levels of personal debt said to be particular areas of concern for financiers.

Concluding, Mr Kuo commented: 淧eople need to be very mindful of because every time you are turned down for a credit card application it counts against you on your credit reference. If people are going to be applying for a credit card then they need to make sure that they are almost certainly going to get it before they apply for it.?

Darren has more articles covering , credit cards and other personal finance related articles

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