Consumers who are turned down for credit should take control of their borrowing rather than applying for more according to Chiltern Debt Management.
Figures released by price comparison website, moneysupermarket.com revealed more than 2m Britons are consistently applying, and being turned down for credit.
“The likelihood is that if you’re turned down for credit it’s for a very good reason,” says Jackie Newton general manager of Chiltern Debt Management. “What we’d suggest is that rather than pursuing credit through other avenues, people should take the rejection as a warning and look at their income and outgoings to see whether they can really afford additional credit facilities.” You can check your credit file online for free by following this link: free credit report
Overall more than 10m Britons have been declined for credit cards and of those, 72 per cent applied again, with a further 27 per cent reapplying once their second application had been declined.
“These figures clearly show that a large number of people are intent on getting credit no matter how many times they are turned down,” warns Ms Newton. “This is a worrying behavioural trend, especially when you consider the problems people can face when they finally get credit and find they don’t have the means of paying it back.”