More Credit Cards being refused

According to a recent survey, it is found that in the past six months, the ratio of refusing credit has been turned to 1:10 due to the strict lending rules.

70% of people are turned down for issuing credit while remaining 30% have been refused for issuing loans to them.

13% of people have been declined for credit if other forms of credit are also included.

6.25million applications are rejected in the last 6 months, meaning thereby that 33,600 applications rejected per day.

A senior director concluded that poor credit rating is resulting in providing a good excuse to lenders for declining applications and encouraging other lenders to further refuse borrowers. There seems to be a credit famine in the monetary industry around.

News Categories