The impact of the recent recession on consumer credit has resulted in almost half of credit card applications being turned down last year, up by more than 10 per cent on the previous twelve months.
But many people don’t realise exactly what can impact on their credit rating and their likelihood of securing credit.
Not being on the electoral register can have more of an impact on a credit score than simply making a few late payments on existing cards. And not having any cards at all is not always the best tactic as getting a good credit score depends on being able to show that you make regular payments.
Even arrears and county court judgements can have a small impact if clients have kept on top of paying back money. And perhaps best of all credit card ‘blacklists’ are a myth; each case is considered on its own merits, James Jones of Experian told the Daily Star this week.
Consumers looking to take out credit or find out why they might have been refused should check out their credit report online – and then take action to fix it.
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